【Daily】13 Oct. Brief of Pak BizNews
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KSE 100 43,829.35 ▼ 1.46% KASB Tech Index 502.93 ▼ 5.91%
· The week started with another lackluster performance by the market dropping around 647pts as investors remained concerned over bleak macro-economic conditions. · The uncertainty remains over talks with IMF, alongside possibility of hike in electricity tariffs. The market may be able to stabilize once some clarity is established over talks with IMF. · Going forward, the investors will focus more on defensive and high-yield stocks as macro-economic volatility continues to persist.
National News SECP simplifies mutual-fund investors’ on-boarding KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has specified a swift and simplified on-boarding framework for customers of the asset management companies (AMCs) and pension fund managers (PFM). https://www.dawn.com/news/1651532/secp-simplifies-mutual-fund-investors-on-boarding
NA body wants wheat support price fixed at Rs2,200 per 40kg ISLAMABAD: The National Assembly Standing Committee on National Food Security and Research has recommended to the government to announce Rs2,200 per 40kg as the minimum support price for 2021-22 wheat crop. https://www.dawn.com/news/1651530/na-body-wants-wheat-support-price-fixed-at-rs2200-per-40kg
PLL gets no bid for eight LNG cargoes for winter ISLAMABAD: Amid unprecedented skyrocketing global LNG prices, no bidder responded to Pakistan LNG Ltd (PLL)’s tender for eight cargo deliveries in peak winter — four each in December and January — leaving a shortfall of about 400 million cubic feet each month. https://www.dawn.com/news/1651534/pll-gets-no-bid-for-eight-lng-cargoes-for-winter
ECC fails to garner support for draft textile policy 2020-25 ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet failed to muster support for the much-awaited draft Textile and Apparel Policy 2020-25 and constituted a sub-committee to resolve the issues before its next meeting. https://www.dawn.com/news/1651528/ecc-fails-to-garner-support-for-draft-textile-policy-2020-25
Special Economic Zones: PM for fully facilitating Chinese cos Prime Minister Imran Khan on Monday directed the authorities concerned to take all possible measures to provide land; electricity and gas connections; and tax incentives to attract more and more Chinese companies to invest in Pakistan and populate the Special Economic Zones (SEZs). https://www.brecorder.com/news/40126152/special-economic-zones-pm-for-fully-facilitating-chinese-cos
Urea fertilizer plants: Ministry reluctant to supply LNG ISLAMABAD: Ministry of Energy (Petroleum Division) is reportedly reluctant to supply LNG to two urea fertilizer plants due to pricing issues. https://www.brecorder.com/news/40126148/urea-fertilizer-plants-ministry-reluctant-to-supply-lng
WB estimates external debt stocks at $108.53bn ISLAMABAD: The World Bank has estimated Pakistan's total external debt stocks at $108.530 billion by end 2020 compared to $100.831 billion by end 2019. https://www.brecorder.com/news/40126147/wb-estimates-external-debt-stocks-at-10853bn
Body to probe 'inflated' contracts of past govts ISLAMABAD: The Federal Cabinet has constituted a three-member Ministerial Committee to investigate road infrastructure and energy projects' contracts awarded allegedly at inflated rates during the previous governments https://www.brecorder.com/news/40126150/body-to-probe-inflated-contracts-of-past-govts
ECC Approves Rs. 6 Billion for PSEB to Strengthen IT Sector & Incentivize Exports In order to promote the IT sector of Pakistan, the Economic Coordination Committee (ECC) has approved an allocation of Rs. 2 billion, as a single line budget, to Pakistan Software Export Board (PSEB) in addition to giving a nod to Rs. 4 billion for disbursement of cash rewards to incentivize IT exports and encourage documentation of exporters and exports.
PM to chair Cabinet meeting on economic, political issues today ISLAMABAD: The federal cabinet, which is scheduled to meet today (Tuesday) with Prime Minister Imran Khan in the chair, will discuss the country's economic and political issues.
Switch to EVs: Country can save $2bn in less than 10 yrs, Senate body told ISLAMABAD: Pakistan can save up to $2 billion in less than 10 years, by 2030, by switching to electric vehicles (EVs) that would drastically reduce oil imports, the Ministry of Industries and Production briefed the Senate Standing Committee on Climate Change, on Monday.
Transformer blast: Nepra imposes Rs26m fine on HESCO ISLAMABAD: National Electric Power Regulatory Authority (Nepra) has imposed a fine of Rs 26 million on Hyderabad Electric Supply Company (Hesco) on account of transformer blast at Latifabad, Hyderabad in which ten people had died and around 12 others injured. https://www.brecorder.com/news/40126117/transformer-blast-nepra-imposes-rs26m-fine-on-hesco
Punjab's Finance Dept releases Rs221bn for development works LAHORE: The Punjab Finance Department has released Rs221 billion funds for development activities across Punjab for the first quarter of this fiscal year. As per the details shared by the department here on Monday, this year's releases are almost double to the funds released last year during the first quarter which stood at Rs135 billion. https://www.brecorder.com/news/40126103/punjabs-finance-dept-releases-rs221bn-for-development-works
Tarin to become adviser to PM? ISLAMABAD: Finance Minister Shaukat Tarin is likely to be appointed as Adviser to Prime Minister on Finance on October 16, following the expiry of his constitutionally mandated term of six months as Minister. https://www.brecorder.com/news/40126151/tarin-to-become-adviser-to-pm
Renewable Energy Refinancing Scheme: SBP eases conditions for solution providers KARACHI: To promote investment in renewable energy solutions by companies, the State Bank of Pakistan (SBP) has eased the conditions for renewable energy solution providers under its Refinance Scheme for Renewable Energy.
Important meeting to address wild speculations A breakthrough seems to be on the cards to end days of rumours and gossiping flooding the social media fueling the impression of a deepening crisis engulfing the country, sources say. https://www.thenews.com.pk/print/899700-important-meeting-to-address-wild-speculations
Pakistan's rupee falls to 170.74 after back-to-back gains last week After back-to-back gains in the previous week, Pakistan's rupee suffered a drop against the US dollar, depreciating to 170.74 in the inter-bank market on Monday. International News Aluminium hits highest since 2008 as power shortages escalate LONDON: Aluminium prices rose on Monday to their highest since 2008 due to increase in costs of energy and raw materials used to make the metal and output cuts by the biggest producer, China.
Oil spikes to fresh multi-year peaks LONDON: World oil prices vaulted Monday to fresh multi-year pinnacles on strong demand and tight supplies, sparking inflation woes and weighing on most European stock markets. https://www.brecorder.com/news/40125948/oil-spikes-to-fresh-multi-year-peaks Commodities and Currency: 1-Day Change
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