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【Daily】8 Oct. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Oct 8, 2021

-Daily Market-

KSE 100 44,586.04 ▲ 0.48% 
KMI 30 71,649.69 ▲ 0.31% 

KASB Tech Index 532.34 ▲ 0.79% 

 

·         The KSE-100 gained 213 points and closed at 44,586 points with bulls having the upperhand over bears as the market reacted positively on reduced international coal prices.

·         After being in continuous pressure due to rising coal prices, the cement sector was able to catch a breath and led the rally alongside Banks.

·         SBP’s imposition of controls on flight of dollars to Afghanistan and requirement of a biometric verification for all forex transactions equaling $500 and above may ease some pressure on declining local currency.

 

National News

Extended Fund facility review: IMF demands raise in Income tax, sales tax, RD

ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan to take additional taxation measures in the shape of Income Tax, Sales Tax, and Regulatory Duty (RD) for jacking up the annual tax collection target from Rs5.8 trillion to Rs 6.3 trillion.

https://www.thenews.com.pk/print/898409-extended-fund-facility-review-imf-demands-raise-in-income-tax-sales-tax-rd 

 

$5bln textile industry investment in pipeline: adviser

ISLAMABAD: Abdul Razak Dawood, Adviser to Prime Minister on Commerce, on Thursday said an investment of around $5 billion was in the pipeline in one hundred new textile units, which was expected to generate 500,000 jobs.

https://www.thenews.com.pk/print/898467-5bln-textile-industry-investment-in-pipeline-adviser 

 

ECC restricts cash redemption on remittances

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Thursday empowered a committee led by Finance Minister Shaukat Tarin to ban or allow export of onions and tomatoes based on actual data and decided to restrict cash redemption of reward points on remittances to only those overseas Pakistanis who return to the motherland permanently.

https://www.dawn.com/news/1650752/ecc-restricts-cash-redemption-on-remittances 

 

World Bank lowers GDP forecast, projects higher inflation
ISLAMABAD: The World Bank has lowered the GDP growth projection for Pakistan by 0.1 percent, i.e., from estimated 3.5 percent in fiscal year 2021 (against Pakistan's claim of 3.94 percent) to 3.4 percent for fiscal year 2022, while inflation is projected to edge up with expected domestic energy tariff hikes and higher oil and commodity prices.

https://www.brecorder.com/news/40125349/world-bank-lowers-gdp-forecast-projects-higher-inflation 

 

Cotton production likely to show nearly 20pc increase

ISLAMABAD: The government, on Thursday, set wheat production target at 28.9 tons for Rabi season 2021-22 on an area of 9.2 million hectares of land

https://www.brecorder.com/news/40125341/cotton-production-likely-to-show-nearly-20pc-increase 

 

Foreign exchange: SBP reserves fall $125m to $19.2b

KARACHI:The foreign exchange reserves held by the central bank fell 0.65% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

https://tribune.com.pk/story/2323716/foreign-exchange-sbp-reserves-fall-125m-to-192b 

 

Pakistan's rupee strengthens against US dollar

A day after registering its weakest level, Pakistan's rupee recovered against the US dollar in the inter-bank market on Thursday.

https://www.brecorder.com/news/40125148/pakistans-rupee-strengthens-against-us-dollar 

 

PM for provision of targeted subsidy on essential items

ISLAMABAD: Prime Minister Imran Khan, on Thursday, directed government officials to expedite preparations for the provision of targeted subsidy on essential food items to the deserving population under Ehsaas Targeted Commodity Subsidy Programme.

https://www.brecorder.com/news/40125343/pm-for-provision-of-targeted-subsidy-on-essential-items

 

Basmati GI rights: Reap has successfully worked against Indian plea in EU court

KARACHI: Rice Exporters Association of Pakistan (Reap) has successfully worked against Indian application of Basmati Geographical Indicator (GI) rights in EU court.

https://www.brecorder.com/news/40125309/basmati-gi-rights-reap-has-successfully-worked-against-indian-plea-in-eu-court

 

TAPI project agreement: NA body for removing obstacles

ISLAMABAD: The National Assembly Standing Committee on Foreign Affairs, on Thursday, asked the government to take stringent measures through effective diplomacy to remove obstacles in the agreement on Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, so that it could be completed without further delay.

https://www.brecorder.com/news/40125313/tapi-project-agreement-na-body-for-removing-obstacles

 

International News

Russia says will invite Taliban to global talks

MOSCOW: Russia will invite the Taliban to international talks on Afghanistan scheduled for October 20 in Moscow, the Kremlin's envoy to Afghanistan, Zamir Kabulov, said Thursday.

https://www.brecorder.com/news/40125342/russia-says-will-invite-taliban-to-global-talks

 

IMF urges govts to make fiscal plans to tame pandemic debt

WASHINGTON: Governments should start planning a return to more sustainable budgets with policies that win the trust of investors, after unprecedented fiscal stimulus to fight the COVID-19 pandemic, the International Monetary Fund said on Thursday.

https://www.brecorder.com/news/40125347/imf-urges-govts-to-make-fiscal-plans-to-tame-pandemic-debt

 

Commodities and Currency: 1-Day Change

Gold: 

USD 1,759.45 ▲ 0.01%

Silver: 

USD 22.51 ▼ 0.63%

Crude Oil

USD 79.42 ▲ 1.46%

USD-PKR: 

Rs 170.875/USD ▲ 0.37%

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