【Daily】9 July Brief of Pakistan BizNews

-Daily Market-

KSE 100 48,053.2  ▲ 1.70%

KMI 30 78,601.0  ▲ 2.08%

KASB Tech Index 462.9 ▲ 4.90%

After four days of consistent decline, the Pakistan bourse turned bullish on Thursday and crossed the 48,000-point barrier as the US State Department appreciated Islamabad’s support in matters pertaining to Afghanistan.

KASB Market View

Reduction in automobile prices through tax adjustments, in tandem with the low interest rate environment, in expected to keep vehicle sales on the higher side. The kick off for the result season can bring in select surprises.

National News

Forex reserves cross $24bn mark

Pakistan’s total liquid foreign currency reserves crossed the $24 billion mark during last week supported by the arrival of healthy inflows from China and the World Bank.

https://www.brecorder.com/news/40106125/forex-reserves-cross-24bn-mark

Rupee loses another 41 paisas against dollar

The Pakistani Rupee lost another 41 paisas against the US dollar in inter-bank trading on Thursday, ending at Rs 159.33 against previous day’s closing of Rs 158.92.

https://www.brecorder.com/news/40105939/rupee-loses-another-41-paisas-against-dollar

Official explains how sell-off proceeds being spent

A parliamentary forum was informed Thursday that 90 percent of the amount received from privatisation of public sector entities was being spent on retiring government’s debt and 10 percent for poverty alleviation.

https://epaper.brecorder.com/2021/07/09/1-page/892718-news.html

Indian Covid-19 variant can trigger fourth wave in Pakistan, warns PM

Prime Minister Imran Khan has warned the nation that fourth wave of the novel coronavirus could hit the country if people continue to flout Covid-19 SOPs issued to stem the spread of contagious virus.

https://tribune.com.pk/story/2309459/indian-covid-19-variant-can-trigger-fourth-wave-in-pakistan-warns-pm

Umar rules out imposition of complete lockdown

NCOC Chief Asad Umar, Thursday, while ruling out imposition of complete lockdown during the fourth wave of coronavirus, said the government would not impose complete lockdown during the fourth wave of coronavirus pandemic, which he feared would start in the current month of July.

https://www.brecorder.com/news/40106134/umar-rules-out-imposition-of-complete-lockdown

Circular debt rose by Rs260b this year, panel told

The power division on Thursday informed a Senate panel that the circular debt had increased by Rs260 billion this year and K-Electric was a defaulter of Rs61 billion.

https://tribune.com.pk/story/2309509/circular-debt-rose-by-rs260b-this-year-panel-told

Pak Suzuki Announces Reduction in Car Prices

The much-welcomed wave of vehicle price cuts continues as the Pak Suzuki Motor Company (PSMC) also announced a reduction in its prices. Following the concessions given to the auto industry under the new auto policy, all the automakers are reducing the prices of their vehicles, and PSMC has just followed suit.

https://propakistani.pk/2021/07/08/pak-suzuki-announces-reduction-in-car-prices/

Toyota IMC Officially Announces Huge Price Cut for All Local Cars

In another promising development, Toyota Indus Motor Company (IMC) has reduced the price of all of its locally assembled vehicles. Out of all the automakers, Toyota IMC has been the first to publically reveal the information of price reduction for its lineup. The new prices can be verified on Toyota IMC’s official website.

https://propakistani.pk/2021/07/08/toyota-imc-officially-announces-huge-price-cut-for-all-local-cars/

Hyundai Nishat Motor limited announces booking of 8th generation

Prime Minister Imran Khan has launched Pakistan’s first-ever indigenously manufactured electric motorcycle. The electric bike was approved by the government last year.

https://pakobserver.net/hyundai-nishat-motor-limited-announces-booking-of-8th-generation/

Oil and Ghee manufacturers’ come under CCP radar

The Competition Commission of Pakistan (CCP) on Thursday carried out search and inspection of the office of Pakistan Vanaspati Manufacturers Association (PVMA) located in Islamabad, Lahore and Karachi to authenticate the suspected collusion between the oil and Ghee manufacturers.

https://thenewsers.com/oil-and-ghee-manufacturers-come-under-ccp-radar/

GST assessment: FBR withdraws fixation of sugar price at Rs60/kg

The Federal Board of Revenue (FBR) has withdrawn the fixation of the domestic price of sugar at Rs60 per kg, which is considerably below the actual market price of the commodity for sales tax assessment.

https://www.brecorder.com/news/40106122/gst-assessment-fbr-withdraws-fixation-of-sugar-price-at-rs60kg

Pakistan, Afghanistan extend APTTA for another six months

With differences over revised draft of transit trade agreement between Pakistan and Afghanistan remaining unaddressed even after the passage of months, the two countries have signed a protocol for extending the Afghanistan-Pakistan Transit Trade Agreement (APTTA), 2010 by another six months.

https://profit.pakistantoday.com.pk/2021/07/08/pakistan-afghanistan-extend-aptta-for-another-six-months/