【Daily】27 Sept. Brief of Pakistan BizNews
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KSE 100 45,073.52 ▼ 0.50% KASB Tech Index 528.76 ▼ 1.19%
KASB Market View · Pakistan’s market has been witnessing considerable downside pressure because of concerns of external account imbalances. Investors believe the economy will likely be cooled off through interest rate hikes and import duties. · The automobile sector was the first industry to come under scrutiny as the government is expected to enhance import duties and increase taxation. Moreover, the SBP has already added restrictions on car financing to slow down vehicle growth and alleviate the import bill. · All eyes will be on the upcoming staff-level talks with the IMF for the resumption of the IMF program. Attached conditions for the program would likely include power tariff hikes and increased taxation. · Rising oil prices are expected to exacerbate external account and inflationary concerns. The domestic E&P sector, however, exhibits low correlation with global oil prices because of the circular debt. National News
Rising CAD a big concern: RD will be imposed on EVs, raised on other imported cars Worried with sudden increase in Current Account Deficit (CAD), the government has decided to impose regulatory duty on electric vehicles and increase on other imported vehicles, well-informed sources told Business Recorder.
Proposal floated to shut 3 refineries The partial approval of refinery policy is followed by another controversy in the sector as the chairman of Expert Group on Petroleum has suggested to the government to shut down three refineries, namely Pakistan Refinery, National Refinery and Byco Petroleum. https://tribune.com.pk/story/2321817/proposal-floated-to-shut-3-refineries
Paris Club extends Pakistan’s debt payment deadline The Paris Club of creditor countries said on Friday it was giving Pakistan another extension to service its debt so that it can dedicate its resources to combating the Covid-19 pandemic. https://www.dawn.com/news/1648251/paris-club-extends-pakistans-debt-payment-deadline
PSO chief eyes 50pc market share in petrol, diesel soon Pakistan State Oil (PSO) Managing Director Syed Taha has said he’s actively trying to bring the focus of the company’s sales efforts back to the retail segment. https://www.dawn.com/news/1648439/pso-chief-eyes-50pc-market-share-in-petrol-diesel-soon
Pakistan seeks trade deals with Saudi Arabia, UAE, Oman Pakistan will pursue individual trade deals with Saudi Arabia, the United Arab Emirates and Oman, Abdul Razak Dawood said on Sunday, as talks with the Gulf Cooperation Council remain stalled. https://www.brecorder.com/news/40122823/pakistan-seeks-trade-deals-with-saudi-arabia-uae-oman
Power projects: Banks are put off financing by rising circular debt The country's commercial banks have reportedly refused to finance power projects due to historic energy sector circular debt, which has reached Rs2.327 trillion as of August 31, 2021.
Govt to intervene in market to reduce food prices: Tarin At a time when inflation is hitting all segments of society, Finance Minister Shaukat Tarin says the government has decided to intervene in the market to partially reduce prices of essential food items, including sugar, flour and pulses. https://www.dawn.com/news/1648431/govt-to-intervene-in-market-to-reduce-food-prices-tarin
Cash margin for LC opening to go up Rising pressure of import bill is expected to increase the cash margin for opening Letter of Credit (L/C) for imports soon, said sources in the banking sector. https://www.dawn.com/news/1648441/cash-margin-for-lc-opening-to-go-up
Kapco seeks renewal of power generation licence The National Electric Power Regulatory Authority (Nepra) has provisionally allowed Kot Addu Power Company (Kapco) to keep producing and supplying electricity to the national grid until the regulator arrives at a final decision whether to renew the company’s power generation licence. https://www.dawn.com/news/1648259/kapco-seeks-renewal-of-power-generation-licence
NEPRA approves IGCEP 2021-30, envisions RE share of 60 percent NEPRA has approved the first ever Indicative Generation Capacity Expansion Plan 2021-30 (IGCEP-2021) under provisions of the National Transmission & Despatch Company (NTDC) grid code, and envisions increasing renewable energy share in total mix to 60 percent.
Urea demand rises 13pc in August The country’s urea demand grew by nine per cent in 8MCY21 to 4.169 million tonnes from 3.814m tonnes in the same period last calendar year, while August production posted a growth of 13pc to 649,000 tonnes from 573,000 tonnes in August 2020. https://www.dawn.com/news/1648258/urea-demand-rises-13pc-in-august
SBP orders banks to report FX requirements of $500,000 and above for overseas purchases The State Bank of Pakistan (SBP) issued new regulations, requiring banks to report $500,000 and above future foreign currency requirements for overseas buying, apparently in a move to step up monitoring of money flows and to make rupee less volatile.
ECNEC gives go-ahead to Rs20.715bln infrastructure projects for KCR The Executive Committee of the National Economic Council (ECNEC) on Friday approved infrastructure for elimination of level crossings for the loop section of Karachi Circular Railway (KCR).
LNG terminal to suspend gas supply Pakistan’s industrial, commercial and household customers were set to face partial suspension of gas supplies from Saturday in the wake of emergency shutdown of Pakistan GasPort LNG import terminal for repair and maintenance. https://tribune.com.pk/story/2321824/lng-terminal-to-suspend-gas-supply
Guaranteed sum for depositors increased to Rs500,000 The State Bank of Pakistan (SBP) on Friday announced that the Deposit Protection Corporation (DPC) has increased the guaranteed amount for all eligible depositors of banks from Rs250,000 to Rs500,000. https://www.dawn.com/news/1648255/guaranteed-sum-for-depositors-increased-to-rs500000
Steel rebar prices soar again Steel rebar prices have continued to rise owing to depreciation of Pakistani rupee coupled with increase in energy tariffs. https://tribune.com.pk/story/2321827/steel-rebar-prices-soar-again
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