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【Daily】25 Aug Brief of Pakistan BizNews

By Staff Reporter | Gwadar Pro Aug 25, 2021

-Daily Market-

KSE 100 47,828.7 ▼ 0.59%

KMI 30 77,788.9 ▼ 0.93%

KASB Tech Index 479.9 ▼ 0.93%

 

KASB Market View

·     The Pakistan Stock Exchange snapped its three-day winning streak on Tuesday and the KSE-100 index dropped 284 points despite a host of positive triggers.

·     Refinery sector may witness a slight pressure during the day as the government has decided to block incentives proposed for the existing and new refineries.

·     Diminishing geo-political noise caused investors to revert their focus back towards attractive valuations offered by the market. We expect this trend to continue with particular interest towards cyclical stocks including cements, steels and automobiles.

 

National News

Global liquidity booster: Pakistan gets its share

Pakistan has received inflows amounting to US 2.75 billion dollars from the International Monetary Fund (IMF) for economic support in the wake of Covid-19 pandemic. In the first week of this month, the IMF board approved allocation of new funds for Pakistan and other member countries to help them for combating the challenges arising from the Covid-19 pandemic and to support for sustainable economic growth.

https://epaper.brecorder.com/2021/08/25/1-page/898124-news.html 

 

PKR continues to lose ground against USD, closes at Rs165.2 in inter-bank market

The Pakistani rupee continued to falter against the US dollar, dropping to Rs165.2 in the inter-bank market on Tuesday after another 0.47% decrease. As per the State Bank of Pakistan (SBP), the PKR depreciated to 165.20 against USD at close, a 10-month low. The rupee last went beyond 165 back in October 2020.

https://www.brecorder.com/news/40115319/pkr-continues-to-lose-ground-against-usd-closes-at-rs1652-in-inter-bank-market

 

PSDP projects hamstrung by lack of funds

In just the second month of the current fiscal year, the Federal government is facing shortage of funds for development projects under Public Sector Development Programme (PSDP) 2021-22 and it has written letters to concerned ministries and departments to exclude nonessential projects approved by Central Development Working Party (CDWP).

https://epaper.brecorder.com/2021/08/25/1-page/898123-news.html 

 

Criminal proceedings likely: SECP to conduct Hascol's forensic audit

The Securities and Exchange Commission of Pakistan (SECP) Chairman Aamir Khan Tuesday said the SECP will conduct an investigation and forensic audit into the financial matters of Hascol Petroleum Limited and criminal proceeding may be initiated if required.

https://www.brecorder.com/news/40115531/criminal-proceedings-likely-secp-to-conduct-hascols-forensic-audit 

 

Incentives proposed for refineries in new policy blocked by ministers

Minister for Planning, Development and Special Initiatives, Asad Umar and Minister for Maritime Affairs, Ali Zaidi are said to have “blocked” incentives proposed for the existing and new refineries in the new Pakistan Oil Refining Policy 2021, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2021/08/25/3-page/898140-news.html 

 

Stimulus measures; Tarin for reducing cement, steel prices

Finance Minister Shaukat Tarin Tuesday underlined the need for providing industrial inputs such as cement and steel at affordable prices to carry forward the momentum of economic recovery amid Covid-19 as well as in post-Covid scenario.

https://epaper.brecorder.com/2021/08/25/1-page/898125-news.html 

 

Govt release Rs 6b under DLTL schemes for: Razak

Adviser to Prime Minister on Commerce and In-vestment Abdul Razak Dawood on Tuesday has released Rs 6 billion under Drawback on Local Taxes and Levies (DLTL) schemes. This includes Rs. 5.6 billion for Textiles sector and Rs. 400 million for Non-Textile sector, the Ad-viser said this on his official twitter account. “I hope this will contribute to improving the liquidity issues of our exporters and enable them to enhance Pakistan’s exports” he said.

https://pakobserver.net/govt-release-rs-6b-under-dltl-schemes-for-razak/ 

 

German fashion brand Hugo Boss comes to Pakistan

Hugo Boss, an international German clothing brand, has opened its first store in Pakistan, at the Centaurus Mall in Islamabad, on August 23rd. The company sells clothing, accessories, footwear, fragrances and is best known for its men’s suits and other formal wear. Hugo Boss is one of Germany’s biggest fashion brands, with worldwide sales of up to €2.9 billion in 2019.

https://pakobserver.net/german-fashion-brand-hugo-boss-comes-to-pakistan/ 

 

PM to launch Roshan Apna Ghar on Friday

According to local media reports, State Bank of Pakistan (SBP) with the support of eight major banks in the country is leading the project under which Pakistani diaspora are able to avail the banking facility from a digital payment system and the consumers are able to open their bank accounts without visiting bank, embassy or consulate.

https://profit.pakistantoday.com.pk/2021/08/24/pm-to-launch-roshan-apna-ghar-on-friday/ 

 

No public transport for unvaccinated from Oct 15

The National Command and Operation Centre (NCOC) Chairman Asad Umar Tuesday said that people not fully vaccinated against coronavirus will not be allowed to use public transport from October 15.

https://epaper.brecorder.com/2021/08/25/1-page/898126-news.html 

 

FBR gets 6th head in three years as PMs aide on finance quits

In yet another major reshuffle in its economic team, Pakistan Tehreek-i-Insaf government on Tuesday removed the chairman of the Federal Board of Revenue (FBR) while the special assistant to the prime minister (SAPM) on finance and revenue said he had resigned.

https://www.dawn.com/news/1642497/fbr-gets-6th-head-in-three-years-as-pms-aide-on-finance-quits 

Commodities and Currency: 1-Day Change

 Gold: 

USD 1,796 ▼ 0.93%

Silver: 

USD 23.17 ▼ 0.73%

Crude Oil

USD 67.17 ▼ 0.73%

USD-PKR: 

Rs 165.4/USD ▲ 0.00%

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