【Daily】6 Sep. Brief of Pak BizNews
-Daily Market-
KSE 100 46,957.47 ▲ 0.12%
KMI 30 77,115.78 ▲ 0.28%
KASB Tech Index 548.16 ▲ 2.41%
Market View
- All focus will be on the upcoming MSCI’s review, which can potentially downgrade Pakistan to frontier markets. The market will be expecting foreign outflows from the three constituents of the index, namely HBL, MCB and LUCK.
- Surging coal and LNG prices may have an inflationary impact of many cyclical industries, particularly cements.
- The finalization of the payments to the 2002 policy IPPs may reinvigorate interest in the sector on expectations of a higher payout.
National News
Cement sales jump 23pc in August
Cement sales grew 23 per cent to 4.336 million tonnes in August as compared to 3.531m tonnes in August 2020.
https://www.dawn.com/news/1644396
Payments to IPPs: PD may submit report in upcoming meeting of CCoE
The Power Division is likely to submit the report of the implementation committee headed by Minister for Finance on Independent Power Producers (IPPs) established under Power Generation Policy 2002 in the forthcoming meeting of the Cabinet Committee on Energy (CCoE).
Pakistan books pricey LNG cargoes
Pakistan is set to import two cargoes of liquefied natural gas (LNG) for October at a price, which is almost 65% more expensive compared to furnace oil available in the country, unnecessarily adding to the soaring import bill and inflation.
https://tribune.com.pk/story/2318656/pakistan-books-pricey-lng-cargoes
Customs values of iron, steel scrap & others revised
Directorate General of Customs Valuation (DGCV) has revised the customs values of iron, steel scrap, and others under section 25(9) of the Customs Act 1969.
https://www.brecorder.com/news/40118054/customs-values-of-iron-steel-scrap-others-revised
Additional spectrum to be auctioned on 16th: IT minister
Federal Minister for Information Technology and Telecommunication Syed Aminul Haq has said that the auction of additional spectrum for the country is scheduled for Sept 16, however no new entrant has applied to participate in the auction.
https://www.dawn.com/news/1644597/additional-spectrum-to-be-auctioned-on-16th-it-minister
Exports of services up 6.39pc in first month of FY22
Exports of services increased by 6.39 per cent to $483 million in the first month of the current fiscal year (FY22) as against $454m over the corresponding period last year, Pakistan Bureau of Statistics (PBS) reported on Saturday.
https://www.dawn.com/news/1644573
Govt eyes $3bln from freelancing IT exports by 2024
The government on Saturday forecast the freelance IT sector’s export revenues to touch $3 billion mark in next three years.
Gas shortage after Sept 11-12 imminent
In a major development, the Board of Directors (BoDs) of Sui Southern Gas Company (SSGC) here on Friday night unanimously rejected the retention of FSRU Sequoia having re-gasification capacity of 780mmcfd, refusing to give a two-year waiver on buyout rights on its old FSRU (Floating Storage Regasification Unit) Exquisite as was demanded by Engro Elengy Terminal Private Limited (EETPL) a day before.
SPI inflation up 12.53pc year-on-year as food prices rise
Sensitive price indicator (SPI) for the week ending September 2 witnessed a jump of 0.67 percent week-on-week and 12.53 percent year-on-year with the prices of chicken and onion witnessing a significant hike.
Govt to borrow Rs4.5trln from MTBs, PIBs auctions in Aug-Oct
The government aims to borrow Rs4.5 trillion from the domestic market in the three months (September to November) to fund the budget deficit, the central bank’s auction calendar showed on Friday.
Cotton stockpiling reaches 1.79 million bales by Sept 1
The country stockpiled 1.79 million bales up till September 1, 2021, a report showed on Friday, with 100 percent increase expected by the mid of this month.
Govt mulls low tariff to boost power usage in winters
Encouraged by higher electricity consumption by industry and emerging gas shortages, the government is planning to offer a cheaper electricity tariff for domestic and commercial consumers in coming winters to shift space heating to power instead of gas.
https://www.dawn.com/news/1644402/govt-mulls-low-tariff-to-boost-power-usage-in-winters
Diamer Bhasha Dam: 32,073 acres of land acquired
The government has so far acquired 32,073 acres of land for important Diamer Basha Dam project which is expected to be completed by April, 2029 and would meet growing water and power needs of the country.
https://www.brecorder.com/news/40118213/diamer-bhasha-dam-32073-acres-of-land-acquired
24 districts face tougher Covid curbs from today
More restrictions have been placed on 24 districts of the country as the government continues to take measures to stem the spread of Covid-19.
https://www.dawn.com/news/1644350/24-districts-face-tougher-covid-curbs-from-today
Daily Change: 1-Day Change
Gold: USD 1827.13 ▼ 0.04%
Silver: USD 24.73 ▲ 0.09%
Crude Oil: USD 71.80 ▼ 1.12%
USD-PKR: Rs 167.00/USD ▼ 0.01%
