【Daily】28 Sept. Brief of Pak BizNews
KSE 100 44,817.8 ▼ 0.6%
KMI 30 71,819.7 ▼ 0.1%
KASB Tech Index 527.1 ▼ 0.3%
KASB Market View
· Elevated international oil prices amidst peak demand and supply constraints would continue to exacerbate external account concerns.
· Hike in international coal prices along with PKR depreciation would keep the cement sector under pressure.
· Approval of IPP payment scheduled is likely to restore the interest in Power sector.
Govt may increase petroleum levy to boost revenue
The government is expected to gradually increase petroleum levy on petrol and other petroleum products to improve revenue collection as targeted under the 2021-22 federal budget and IMF programme.
US official to visit Pakistan, India
US Deputy Secretary of State Wendy Sherman will travel next month to Pakistan and India that have clashed on the way forward in Afghanistan, the State Department announced Monday.
Govt fully committed to programme, IMF official told
Finance Minister Shaukat Tarin said he assured the new resident representative of the International Monetary Fund (IMF) that the government is committed to the Fund programme, and hopes to successfully complete the upcoming review as well as Article IV consultations.
Govt to raise Rs100bn thru sukuk auction
The federal government will raise Rs100 billion through auction of Ijarah Sukuk against three identified assets including Islamabad-Peshawar highway, Pindi Bhattian-Faisalabad motorway and Hassanabdal-Mansehra highway.
Pakistan's rupee ends at historic low against US dollar
Pakistan's rupee ended at a historic low against the US dollar in the inter-bank market, closing at 169.6 on Monday to surpass the level it registered just earlier this month.
Govt likely to approve payment to IPPs today
The Federal Cabinet which is scheduled to meet on Tuesday (today) with Prime Minister Imran Khan in the chair, is likely to approve payment of Rs 131 billion, 40 per cent of the total amount payable to 11 Independent Power Producers (IPPs of 2002 policy), import of 50,000 tons of sugar and Kamyab Pakistan Programme (KPP).
TOMCL gets $1m contract for supply of frozen meat to Saudi Arabia
The Organic Meat Company Ltd. (TOMCL) said that it has been awarded a $1-million contract for the supply of frozen meat to Saudi Arabia. In a notice sent to the Pakistan Stock Exchange (PSX) on Monday, TOMCL said that it has been contracted to supply frozen boneless deglanded meat to Global Developing Food Industries Company, Saudi Arabia.
FF Steel to be listed on PSX
Frontier Foundry Steel (FF Steel), one of Pakistan’s leading and fastest growing steel manufacturers and Financial Advisory Consortium held a signing ceremony for the award of mandate for the upcoming listing of FF Steel on Pakistan Stock Exchange (PSX).
SERF to invest Rs650mn in Kilowatt Labs Technologies Limited
The shareholders of Service Fabric Limited (SERF) in an extraordinary general meeting held on September 25, 2021, have approved the investment of Rs650million in Kilowatt Labs Technologies Limited for the setup of the super capacitor project.
Raising money for entering into M&A deals; Rs10m minimum paid-up capital fixed for PLCs to work as SPAC
The Federal Board of Revenue (FBR) has fixed a minimum paid-up capital of Rs10 million for public limited companies (PLCs) to work as a Special Purpose Acquisition Company (SPAC) to raise money through public offering for entering into merger or acquisition transactions.
Financing under e-pass book system; Govt seeks amendments to loans law
The government has proposed amendments to the Loans for Agriculture, Commercial and Industrial Purposes Act 1973 to safeguard the financing of the banks/development finance institutions (DFI) provided under digitalised/e-pass book system.
Commodities and Currency: 1-Day Change
Gold: USD 1,752 ▲ 0.05%
Silver: USD 22.63 ▼ 0.25%
Crude Oil: USD 75.83 ▲ 0.50%
USD-PKR: Rs 169.7/USD ▲ 0.00%