【Daily】23 Aug. Brief of Pak BizNews
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KSE 100 47,599.82 ▲ 0.75% KASB Tech Index 474.56 ▲ 0.36%
KASB Market View · Concerns of regional instability appear to have placated amidst a softer tone of global leaders over the new Afghan regime. Optimism over enhanced trade between Afghanistan and Pakistan has been revitalized. · The US Fed’s comment over potential scaling back of the QE program has impacted the global commodity’s market. Oil prices are already down 15% from their peaks witnessed a couple months back. Cheaper commodities are expected to push the cyclical sector’s growth trajectory. · The cement sector is projected to continue its momentum over the potential of enhanced exports to Afghanistan, following a high likelihood of rehabilitative efforts post the new regime. News reports also highlighted that Afghanistan has reduced custom duties in several items, including cements.
National News
Current account deficit widens to $773mln in July Pakistan posted a current account deficit of $773 million in July compared to the surplus of $583 million a year ago, the central bank data showed on Friday based on higher trade deficit and fall in remittances. https://www.thenews.com.pk/print/880772-current-account-deficit-widens-to-773mln-in-july
PSO yet to take decision on LNG purchase Pakistan State Oil (PSO) has yet to take a decision either to award a bid of $25 per million British thermal unit (mmbtu) for one Liquefied Natural Gas (LNG) cargo for mid-September delivery or go for re-tendering. https://www.brecorder.com/news/40114761/pso-yet-to-take-decision-on-lng-purchase
CCoE directs re-submission of oil refinery policy The Cabinet Committee on Energy (CCoE) on Friday asked the Petroleum Division to resubmit in its next meeting the draft of the Pakistan Oil Refinery Policy 2021 for approval after detailed deliberation and consensus with the stakeholders. https://www.dawn.com/news/1641770/ccoe-directs-re-submission-of-oil-refinery-policy
Industrial consumer categories: KE to charge Rs12.96/unit rate Karachi Electric (K-Electric) will charge the rate of Rs 12.96 per unit to industrial consumer categories (B1, B2, B3, B4 & B5 ) from July 1, 2021 to October 31, 2023, on off-peak incremental consumption basis over their consumption in corresponding months of period March 2019 to February 2020. https://www.brecorder.com/news/40114762/industrial-consumer-categories-ke-to-charge-rs1296unit-rate
LNG terminals’ capacity to be increased to meet demand The increasing demand for gas in the country has forced the government to get the re-gasification capacity of the two private liquefied natural gas (LNG) terminals in Karachi increased to 1,500 million cubic feet of gas per day from 1,200mmcfd to ensure uninterrupted supply to domestic consumers on priority. https://www.dawn.com/news/1641932/lng-terminals-capacity-to-be-increased-to-meet-demand
Efforts aimed at broadening tax base: Nadra may be allowed access to FBR database The government is planning to provide access of Federal Board of Revenue data of taxpayers to the National Database and Registration Authority (Nadra) for broadening the tax base, and accurate declaration of assets/income by the existing filers and non-filers of income tax returns based on their expenditure patterns.
ADB approves $235mln to upgrade a national highway The Asian Development Bank (ADB) has approved a $235 million loan to further upgrade a national highway in Pakistan that is crucial to regional connectivity and strengthen the government’s operation and maintenance of its national highway network. https://www.thenews.com.pk/print/880774-adb-approves-235mln-to-upgrade-a-national-highway
Use of RLNG as GDMO: EPQL seeks PD support to push for PPIB approval The Engro Powergen Qadirpur Limited (EPQL) has reportedly sought the Power Division's support to push the 'reluctant' Private Power& Infrastructure Board (PPIB) to approve the use of RLNG as Gas Depletion Mitigation Option (GDMO).
Auto assemblers gear up to tap export markets Motorcycle and rickshaw assemblers have been striving to tap African markets besides aiming to boost their exports to Afghanistan after business environment gets normal following takeover of Kabul by the Taliban. https://www.dawn.com/news/1641935/auto-assemblers-gear-up-to-tap-export-markets
Forex reserves rise to $24.668bln Pakistan’s foreign exchange reserves slightly rose to $24.688 billion in the week that ended August 13 from $24.644 billion a week ago, the State bank of Pakistan (SBP) said on Friday. https://www.thenews.com.pk/print/880783-forex-reserves-rise-to-24-668bln
NTDC commissions all-new load dispatch system National Transmission & Despatch Company Limited (NTDC) has awarded a project for an all-new Load Dispatch System (LDS) to support the country’s sustainable energy goals, it said on Friday. https://www.thenews.com.pk/print/880779-ntdc-commissions-all-new-load-dispatch-system
$3 bn PSGP Project: Pakistan, Russia to hold three-day technical talks on August 24-26 Pakistan and Russia are scheduled to hold three-day talks on crucial technical issues regarding their flagship project ‘Pakistan Stream Gas Pipeline’ (PSGP), of $3 billion on August 24-26, both sides will discuss the project implementation and set out the 1040 pipeline’s specification.
International News
Afghan GDP may slump 20pc after Taliban takeover Afghanistan’s economy could shrink by as much as 20 per cent this year and its currency may slide further than it already has following the Taliban’s takeover, Fitch Solutions said on Friday. https://www.dawn.com/news/1641768/afghan-gdp-may-slump-20pc-after-taliban-takeover
Daily Change: 1-Day Change
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