【Daily】10 Sept. Brief of Pakistan BizNews
KSE 100 46,625.12 ▲ 0.49%
KASB Tech Index 571.37 ▲ 2.29%
KASB Market View
· The Market closed on a positive note gaining ~228 points as Bulls got an upper hand over bears after 3 days. The Volumes were down by 17%.
· Technology and Banking sector led the rally, positively contributing 57.4 and 42.5 points respectively while Cement sector was again the worst performing sector.
· The IPO of Octopus Digital proved to be a huge success on its first day of book building reaching the offered volume in just half an hour showing investors positive sentiments and interest in Technology sector.
Tarin describes food inflation as 'major' challenge
ISLAMABAD: Finance Minister Shaukat Tarin while terming food inflation a major challenge for the government has said that every possible effort is being made to tackle the problem.
Forex reserves fall by $125m
KARACHI: The total liquid foreign exchange reserves held by the country declined by $125 million during last week. According to the State Bank of Pakistan (SBP) Pakistan's total liquid foreign exchange reserves stood at $ 27.106 billion at the end of the week ended September 3, 2021 compared to $27.227 billion a week earlier.
Addition of 900MW a gift for Karachiites: Khusro
KARACHI: Industries and Production Minister Makhdum Khusro Bakhtiar has said that addition of 900MW in power generation capacity for Karachi is a gift for people and the industries.
New hydrocarbon discovery in Sindh
KARACHI: Pakistan Petroleum Limited (PPL) has announced hydrocarbon discovery from exploratory well, Jugan-1, in the Latif Block which is situated in the province of Sindh.
ECC approves tender to import of wheat
ISLAMABAD: A meeting of the Economic Coordination (ECC) of the cabinet has approved the tender for import of 120,000 metric tons of wheat besides exemption from taxes and duties on import of auto disable syringes and raw materials/products for local manufacturing of auto disable syringes.
Call for removing policy hiccups to boost farm exports
ISLAMABAD: Fearing that prevailing food inflation would derail the prospects of the country’s economic growth, members of a parliamentary committee urged the government on Thursday to holistically address the structural, operational and policy issues to accelerate the country’s agricultural exports.
OMCs say unending audits harm investments
ISLAMABAD: The Oil Marketing Companies (OMCs) have decried their ‘unending audits’ ordered by the government as anti-investment and demanded improved security and better vigilance to check the menace of oil smuggling reportedly causing over Rs250 billion per annum revenue loss.
Only Ufone in race for additional spectrum
ISLAMABAD: The country’s top three mobile companies — Jazz, Telenor and Zong 4G — have decided to stay away from the Sept 16 auction of additional spectrum, leaving only Ufone in the field as the last date to submit the bids in this regard expired on Thursday.
Development projects: Umar for using P3A mode of financing
ISLAMABAD: Minister for Planning, Development and Special Initiatives Asad Umar has urged his Cabinet colleagues to use P3A mode of financing for development projects for their respective Ministries/ Divisions.
Upcoming policy: There will be incentives for refineries: experts
KARACHI: The government is planning to table a new refinery policy after a gap of almost 23 years to provide incentives – removal of 2.5 percent customs duty on crude oil import and 2.5-10 percent margin protection on high-speed diesel (HSD) and motor spirit (MS) – for local refineries to upgrade product specifications to meet Euro-V standards, experts said.
KKHPP tenders: Wapda allows Power China to join in
ISLAMABAD: The Water and Power Development Authority (Wapda) has reportedly allowed Power China to participate in its tenders despite terminating the contract of 128 MW Keyal Khwar Hydro Power Project.
NA Panel Directs Commerce Ministry to Revisit Livestock Export Policy
The National Assembly Standing Committee on Commerce has directed the Ministry of Commerce to revisit the country’s livestock export policy while expressing grave concerns over the ban on livestock, especially poultry and its allied products.
IMF for more cautious approach to structural reforms
ISLAMABAD: The Independent Evaluation Office (IEO) of the International Monetary Fund (IMF) stated that case studies highlight the need for more cautious assumptions on feasibility and growth payouts of structural reforms in Pakistan.
Utility Stores: Only Ehsaas beneficiaries may get targeted-subsidy
ISLAMABAD: The government has planned for making targeted subsidy at the Utility Stores only to the Ehsaas beneficiaries by linking their cards/national identity cards with the sales points.
ECB trims emergency support
FRANKFURT: The European Central Bank will trim emergency bond purchases over the coming quarter, it said on Thursday, taking a first small step towards unwinding the emergency aid that has propped up the euro zone economy during the coronavirus pandemic.
Daily Change: 1-Day Change