【Daily】22 Sept. Brief of Pakistan BizNews
KSE 100 46,528.21 ▼ 0.23%
KASB Tech Index 578.38 ▼ 0.46%
KASB Market View
· SBP’s announcement of hike in Interest rate by 25bps to be the major factor affecting the market today with cyclical and leveraged stocks likely to take a hit.
· Banking Sector stocks are expected to lead the rally, while Cement, Steel and Autos may witness a sell-off.
· MCB emerged as the best performer when market closed yesterday contributing 42 points, while Technology sector led the volumes chart.
CAD, inflation: Interest rate hiked by 25 bps to 7.25pc
KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has announced to raise the key policy rate by 25 basis points (bps) to 7.25 percent to curtail the rising current account deficit and higher inflation expectations.
Pakistan GDP to grow at 4.2pc: Fitch
ISLAMABAD: With some subdued downward risks, Fitch Ratings on Monday forecast Pakistan’s economic growth at 4.2 per cent — against the government’s target of 4.8pc — in the current fiscal year (FY22) owing to supportive monetary and fiscal conditions and improving vaccination rates.
FPCCI slams ‘unfair’ tax laws ordinance
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday termed ‘The Tax Laws (Third Amendment) Ordinance 2021’ unfair and called upon the government to hold it in abeyance until all stakeholders were consulted.
ISLAMABAD: The decision to raise the discount rate by 25 basis points may have been taken to appease the International Monetary Fund (IMF) ahead of the forthcoming sixth review meeting that the authorities are taking mitigating action to suppress excess demand.
ISLAMABAD: Pakistan has planned to raise upto $1.5 billion with an international issue of Islamic bonds as soon as October to bolster finances hit by the coronavirus pandemic, officials said on Monday.
Chinese firms to invest $15b in petrochemicals sector
ISLAMABAD: Federal Secretary Board of Investment (BoI) Fareena Mazhar on Sunday said Chinese companies were ready to invest the $15 billion in Pakistan's petrochemicals sector, a venture which also includes the project of constructing an energy pipeline from Gwadar to China.
KARACHI: The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has signed a memorandum of understanding with its counterpart association in Mexico to pave a future for mutual understanding and cooperation.
GST on petrol maintained at 10.54pc
ISLAMABAD: The Federal Board of Revenue (FBR) has maintained sales tax rate of 10.54 percent on petrol from September 18, 2021.
Tractor industry in 'crisis': PAAPAM demands govt clear over Rs6bn tax refunds
LAHORE: The auto parts vending industry has been closed partially because majority of the units are now running just on a single shift, moving to a complete shutdown position amidst serious blockage of cash flow due to non-payment of billions of rupees sales tax refunds.
Number of 3G, 4G users reaches 103.12m: PTA
ISLAMABAD: The number of 3G and 4G users in Pakistan reached 103.12 million by end-August 2021 compared to 101.59 million by the end-July 2021, registering an increase of 1.53 million, revealed the Pakistan Telecommunication Authority (PTA) data.
‘Govt increased average power tariff by over 40pc in 3 years’
ISLAMABAD: The PTI government has increased average power tariff by over 40 percent (Rs 4.72 per unit) to Rs 16.44 from Rs 11.72 per unit during the last three years.
ISLAMABAD: Central Development Working Party (CDWP) in a meeting on Monday cleared one development project worth Rs2.66 billion and referred another Rs51.29 billion project to the Executive Committee of the National Economic Council (ECNEC) for further consideration.
Govt expects cotton to surpass 8.46 million bales target
ISLAMABAD: The government is expecting cotton production to surpass 8.46 million bales target in view of an uptrend in the cotton arrivals, country's top agriculture executive said on Monday.
Urea sale likely to increase 5% in Rabi Season
Islamabad: The sale of urea fertilizer is likely to increase 5 percent over the average of the last three years during Rabi season 2021-22.
Daily Change: 1-Day Change