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【Daily】27 Aug Brief of Pakistan BizNews

By Staff Reporter | Gwadar Pro Aug 27, 2021

-Daily Market-

KSE 100 47,363.27 ▼ 0.57% 
KMI 30 76,826.90 ▼ 0.74% 

KASB Tech Index 484.00 ▲ 1.87% 

 

KASB Market View

·         KSE-100 closed at a negative level of 47,363.27 and was down by 273pts at closing of the second last day of roll over week.

·         Rupee depreciation against USD remains a threat to the cyclical stocks as cement sector emerged as the worst performer yet again.

·         Technology sector was the best performer and increased by 51.5pts by the day end.

 

National News
IGCEP: Long-term expansion plan approved by CCoE
The Cabinet Committee on Energy (CCoE) approved the long-term Indicative Generation Capacity Expansion Plan (IGCEP) 2021-2030. The generation mix of 2022, which is dominated by fossil fuel, will shift to clean energy (hydel, solar, wind, nuclear) by the year 2030.

https://www.brecorder.com/news/40116115/igcep-long-term-expansion-plan-approved-by-ccoe

 

Textile exports rise 15pc in July

Pakistan’s textile and clothing exports posted double-digit growth in the first month of this fiscal year increasing by 15.61 per cent to $1.471 billion compared to $1.272bn in July 2020.
https://www.dawn.com/news/1642865/textile-exports-rise-15pc-in-july

Food import bill up 22pc in fiscal year’s first month
Pakistan’s food import bill grew by 22.24 per cent to $647.036 million in July compared to $529.311m of the first month of last financial year. The total import bill inched up by 52.46pc to $5.601bn in July as against $3.673bn over the corresponding month of last year.

https://www.dawn.com/news/1642864/food-import-bill-up-22pc-in-fiscal-years-first-month

TAPI gas pipeline project: Afghanistan to get $1bn transit royalty: Qureshi
Foreign Minister Shah Mahmood Qureshi on Thursday said implementation of Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project was beneficial for the entire region, with Afghanistan alone to get $1 billion as transit fee and royalty
https://www.brecorder.com/news/40116112/tapi-gas-pipeline-project-afghanistan-to-get-1bn-transit-royalty-qureshi

PM summarises 3 years of ‘Naya Pakistan’
Prime Minister Imran Khan presented the Pakistan Tehreek-e-Insaf (PTI) government’s three years’ performance after assuming power in 2018, and stated that exports and foreign exchange reserves have been increasing despite Covid pandemic
https://www.brecorder.com/news/40116114/pm-summarises-3-years-of-naya-pakistan

Foreign exchange: SBP reserves fall $47m to $17.58b
The foreign exchange reserves held by the central bank declined 0.3% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
https://tribune.com.pk/story/2317243/foreign-exchange-sbp-reserves-fall-47m-to-1758b

Technical talks on $3bn  PSGP project conclude

Talks between Pakistan and Russia on the Pakistan Stream Gas Pipeline (PSGP) project to be laid down from Karachi to Kasur ended here on Thursday with Moscow seeking clarity if the government owns or disowns the viewpoint of Special Assistant to Prime Minister (SAPM) on Petroleum Tabish Gauhar, opposing the two countries’ flagship project mentioned in his letter to Energy Minister Hammad Azhar.
https://www.thenews.com.pk/print/883971-technical-talks-on-3-billion-psgp-project-conclude

Sindh reports 1,423 new coronavirus cases, 24 deaths
Another 1,423 coronavirus cases were reported in Sindh in the last 24 hours while 24 additional fatalities were confirmed, according to a handout from the Chief Minister's Office. The province's tally of infections has increased to 426,993 while the death toll has risen to 6,766.Sindh's positivity rate was recorded at seven per cent in the last 24 hours.
https://www.dawn.com/live-blog#1642765

WB brings rising food inflation in Pakistan under the spotlight
Pakistan has seen a higher rate of food inflation in the region which is partly linked to global trend due to Covid and partly to domestic policies. There could be three reasons for food inflation including supply side issues, demand side issues and domestic and international market shocks that affect food prices.
https://www.brecorder.com/news/40116056/wb-brings-rising-food-inflation-in-pakistan-under-the-spotlight

Jan-July 2021: Number of locally-produced mobile phones surpasses number of imported ones: PTA
The production of mobile phones by local manufacturing plants has surpassed the number of mobile phones imports in the country during Jan-July 2021 as the local production was recorded at 12.27 million compared to the imported mobile phones of 8.29 million..

https://www.brecorder.com/news/40116031/jan-july-2021-number-of-locally-produced-mobile-phones-surpasses-number-of-imported-ones-pta

Exports to reach record levels by 2023: Razak
The government would take exports to record levels by 2023 by providing a better business environment for the industrial sector in the country, Commerce Adviser Abdul Razak Dawood said on Wednesday
https://www.dawn.com/news/1642696/exports-to-reach-record-levels-by-2023-razak

 

Daily Change: 1-Day Change

Gold: 

USD 1,799.45 ▲ 0.24% 

Silver: 

USD 23.613 ▲ 0.27% 

Crude Oil

USD 68.03 ▲ 0.90% 

USD-PKR: 

 Rs 166.75/USD ▲ 0.45% 

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