【Daily】8 Sep. Brief of Pak BizNews
KSE 100 46,730 ▼ 0.4%
KASB Tech Index 553 ▼ 0.2%
MSCI has decided to reclassify Pakistan to MSCI Frontier Markets from Emerging Markets. This includes addition of four securities in MSCI Frontier Market Index with an index weight of 1.9%. This development would improve Pakistan’s visibility as the weight in Emerging Markets was 0.02%.
· Continuous PKR depreciation is likely to put cyclical sectors namely cement and autos under pressure.
· Furthermore, rising coal prices further raises concerns over the margins sustainability for cement sector.
MSCI to reclassify Pakistan as Frontier Market
Pakistan was downgraded from its status as an emerging market, a little over four years after it was reclassified from the Frontier Markets (FM) Index by Morgan Stanley Capital International (MSCI).
RDA reaches $2.114 bn in 12 months
Foreign Exchange inflows through Roshan Digital Accounts (RDA) reached $2.114 billion by end of August. It took six months to reach the first $500 million, and two for the next $500mn.
FY21 exports stand at $27.209bn: FBR
Pakistan’s total exports stood at $27.209 billion in 2020-21 compared to $21.476 billion in 2019-20, according to the data compiled by the Federal Board of Revenue (FBR). The FBR’s (city-wise) export data available with Business Recorder further revealed that 15,648 companies exported $27.209 billion in 2020-21 compared to 14,747 companies exported $21.476 billion.
OGDC discovers gas, condensate in KP
Oil and Gas Development Company (OGDC) being the operator of Wali Exploration Licence with 100 percent working interest has made a gas and condensate discovery over Hangu Formation from its exploratory efforts at Wali#01 well which is located in FR Lakki, Khyber Pakhtunkhwa.
‘New technology’ to reduce power consumption by 40-60pc: Faraz
Science and Technology Minister Shibli Faraz, on Tuesday, claimed that the government was working to develop a ‘new technology’ that would help reduce power consumption by 40 to 60 percent and result in significant reduction in electricity bills.
Import of ‘stolen’ vehicles: FBR accused of running illegal ‘scheme’
The Federal Tax Ombudsman (FTO) has unearthed an illegal scheme being run by the Federal Board of Revenue (FBR) for the last 15 years regarding promotion of illegal import of stolen vehicles and facilitating international criminal activities.
Asia’s coal prices hit new highs as global utilities scramble for fuel
Thermal coal prices across Asia hit new highs this week as China and India restock critically low inventories to meet robust power consumption, industry sources said. The most-traded thermal coal futures contract on the Zhengzhou Commodity Exchange jumped more than 4% on Tuesday to a record high of 979 yuan ($151.63) a tonne.
IMF advice: Government scales down Kamyab Pakistan Program
In the aftermath of objections raised by the IMF over the limit of guarantees for doling out small loans scheme under the Kamyab Pakistan Program (KPP), the government has scaled down KPP, which will be launched in two smaller provinces in the first phase.
Rupee dealt more blows by surging dollar demand
Rupee on Tuesday suffered more losses versus dollar in the open market, pushing investors to take refuge in the greenback safe haven ahead of a deadline on encashment of prize bonds worth Rs40,000, this month, dealers said.
Govt eager to adopt risk hedging for oil, petroleum products
Finance minister on Tuesday hoped that the embattled government has enough reform zeal to allow oil options trade and hedge more of its fuel needs further into the future, though fears of anti graft body undermines any such move.
Taliban announce interim government; Mohammad Hasan Akhund to be PM, Baradar deputy PM
Taliban spokesperson Zabihullah Mujahid on Tuesday announced 33 members of the "acting" government, saying that it will be led by Mohammad Hasan Akhund while the group's co-founder Abdul Ghani Baradar will be the deputy Afghan leader.
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