【Daily】30 Aug. Brief of Pakistan BizNews
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KSE 100 47,136.53 ▼ 0.48%
KASB Market View · OPEC+’s decision to potentially discuss oil output has caused global oil prices to increase back to USD 73/bbl, a rise of 12% of last week. While Pakistan’s E&P stocks have exhibited very little correlation with oil prices, the impact of higher crude is largely felt by Pakistan’s economy and cyclical stocks. · Shaukat Tarin’s announcement of a long-term economic program focuses on sustainable growth. Under the program, 14 sectors will be under special consideration including IT and Construction. · PDM’s planned long march towards the state capital may cause some investors to remain wary of the political unrest.
International News
OPEC+ could reconsider output increase: Kuwait The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on Sept. 1, Kuwait's oil minister said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months. https://www.brecorder.com/news/40116630/opec-could-reconsider-output-increase-kuwait
National News
Tarin unveils economic plans for 14 key sectors With the commitment not to exit the International Monetary Fund (IMF) programme and instead take it to face-to-face talks in Washington in October, Finance Minister Shaukat Tarin on Friday unveiled another short-, medium- and long-term economic programme for 14 key sectors to ensure sustainable growth. https://www.dawn.com/news/1643027/tarin-unveils-economic-plans-for-14-key-sectors
RLNG share in total supply surges to 55pc: SNGPL The Sui Northern Gas Pipelines Limited (SNGPL) has said that its Re-gasified Liquefied Natural Gas (RLNG) consumption accounts for 55 per cent of the total supplies due to a massive decline in the indigenous supplies, which is increasing its dependence on RLNG. https://www.dawn.com/news/1643052/rlng-share-in-total-supply-surges-to-55pc-sngpl
Car financing soars to record high in July Car financing by banks in Pakistan soared by a staggering Rs99 billion (or 46%) in the past one year to an all-time high of Rs314 billion in July, as the financing became affordable for more people in the wake of a significant reduction in the benchmark interest rate under the Covid-19 pandemic. https://tribune.com.pk/story/2317425/car-financing-soars-to-record-high-in-july
Primary balance clocks in at -1.4pc in FY21 Failing to meet the performance criteria set by the International Monetary Fund (IMF), the country ran a primary budget deficit of Rs653.6 billion in 2020-21, according to a summary of consolidated federal and provincial fiscal operations that the Ministry of Finance released on Thursday. https://www.dawn.com/news/1643057/primary-balance-clocks-in-at-14pc-in-fy21
RLNG prices to be determined after court’s verdict: Ogra The provision of fixing provisional RLNG pricing by the Oil and Gas Regulatory Authority (Ogra) on a monthly basis has landed before the Public Accounts Committee (PAC). https://www.brecorder.com/news/40116473/rlng-prices-to-be-determined-after-courts-verdict-ogra
Trade with Afghanistan under way without any hurdle: Razak Commerce Adviser Abdul Razak Dawood on Saturday said that Taliban takeover of Afghanistan had not affected trade activities which were going on without any issue. https://www.dawn.com/news/1643251/trade-with-afghanistan-under-way-without-any-hurdle-razak
Pakistan to seek 2 years extension in GSP plus status Pakistan will seek two years extension in Generalized Preferential System (GSP) plus status, set to expire in 2022, from the European Union, a minister said on Saturday. https://www.thenews.com.pk/print/884697-pakistan-to-seek-2-years-extension-in-gsp-plus-status
Cotton prices hit 11-year high on panic buying Dwindling supplies and delayed imports lifted cotton prices to a fresh 11-year high of Rs14,500/40kg this week, traders said. As textile and spinning mills went on a stockpiling spree, cotton prices picked up by Rs200-300/40kg to Rs14,300/40kg, while Balochi cotton was sold at Rs14,500/40kg, the highest in over a decade. https://www.thenews.com.pk/print/884702-cotton-prices-hit-11-year-high-on-panic-buying
Weekly inflation up 0.22pc as food prices climb Weekly inflation for the combined group accelerated by 0.22 percent in the period ended on August 26 as food prices rose at a higher pace, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday. https://www.thenews.com.pk/print/884152-weekly-inflation-up-0-22pc-as-food-prices-climb
OCAC demands separate policy for OMCs The Oil Companies Advisory Council (OCAC) has demanded the formulation of a separate policy for oil marketing companies (OMCs) to address issues of periodic margins and investment in infrastructure. https://tribune.com.pk/story/2317418/ocac-demands-separate-policy-for-omcs
July: Over Rs65bn GST on crude oil import collected The Federal Board of Revenue (FBR) has collected over Rs65 billion sales tax on the import of crude oil during July 2021 against the projected revenue of Rs38 billion following withdrawal of sales tax exemption on the import of the commodity. https://www.brecorder.com/news/40116320/july-over-rs65bn-gst-on-crude-oil-import-collected
PSM inches closer to privatisation as PC accords key approvals A Privatisation Commission (PC) Board meeting on Friday accorded a number of key approvals furthering the process of Pakistan Steel Mills Corp (PSMC) denationalisation.
Political News
Toppling govt: PDM to march on Islamabad Even after the departure of Pakistan People’s Party, the anti-government Pakistan Democratic Alliance (PDM) on Sunday succeeded in organising a power show in the metropolis, where the PDM leaders announced to march towards Islamabad to topple the Pakistan Tehreek-e-Insaf (PTI) government. https://www.thenews.com.pk/print/885189-toppling-govt-pdm-to-march-on-islamabad
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