【Daily】27 Oct. Brief of Pak BizNews

-Daily Market-

KSE 100 45,256.0 ▼ 0.4%

KMI 30 72,930.3▼ 0.2%

KASB Tech Index 464.2 ▼ 1.1%

·        Appointment of new DG ISI and Saudi Arabia’s agreement to provide assistance to the country would re-ignite investor’s interest in the market.

·        We expect currency to strengthen today on the back of USD 4.2bn support to Pakistan.

·       We think that earnings surprise in result season can also garner interest in particular stocks for the day. Important result announcements include MCB, CHCC and LUCK.

National News

Saudi Arabia provides $4.2b lifeline to Pakistan

Saudi Arabia has agreed to provide a $4.2 billion lifeline to Pakistan on an annual basis in shape of cash assistance and oil on deferred payments, Information Minister Fawad Chaudhry said on Tuesday.

https://tribune.com.pk/story/2326522/saudi-arabia-provides-42b-lifeline-to-pakistan

Lt-Gen Nadeem Anjum notified as new DG ISI

Prime Minister Imran Khan Tuesday approved the appointment of Lieutenant General Nadeem Ahmed Anjum as the new Director General of Inter-Services Intelligence (ISI) with effect from Nov 20, putting an end to speculations and guessing games on the matter. “The prime minister has seen and approved the appointment of Lt-Gen Nadeem Ahmed Anjum as DG ISI, with effect from November 20, 2021, from the panel of officers at para-6 of the summary.

https://www.thenews.com.pk/print/903360-lt-gen-nadeem-notified-as-new-dg-isi

Rupee dives to another historic low of Rs175

Rupee on Tuesday descended to yet another historic low of Rs175/ dollar that dealers partly pinned on the uncertainty prevailing over the release $1 billion tranche under IMF’s Extended Fund Facility (EFF).

https://www.thenews.com.pk/print/903403-rupee-dives-to-another-historic-low-of-rs175

Pakistan’s real effective exchange rate stands at 95.9 in September

Country’s Real Effective Exchange Rate (REER) index fell to 95.9 in the month of September 2021, deprecating by 0.7 percent compared to the month before, State Bank of Pakistan (SBP) reported on Tuesday.

https://www.thenews.com.pk/print/903405-pakistan-s-real-effective-exchange-rate-stands-at-95-9-in-september

Punjab finance dept releases Rs47bn for 3,605 projects

The Punjab Finance Department has released Rs47 billion earmarked for 3605 development projects under District Development Programme across the province for the financial year 2021-2022.

https://www.brecorder.com/news/40129260/punjab-finance-dept-releases-rs47bn-for-3605-projects

Govt plans 6.9m tonnes coal production in FY22

The government has set a target to produce around 6,900,000 tonnes of coal during the current fiscal year (FY22) to meet national energy needs as elevated coal prices in the international market, which have been hovering around $230 per metric tonne.

https://profit.pakistantoday.com.pk/2021/10/26/govt-plans-6-9m-tonnes-coal-production-in-fy22/

KE allowed paisa 69 raise in July tariff

National Electric Power Regulatory Authority (NEPRA) has allowed Karachi Electric (KE) to increase its tariff by paisa 69 per unit for July, 2021 under monthly Fuel Component Adjustment (FCA) to be applicable to all categories of consumers except lifeline consumers.

https://www.brecorder.com/news/40129346/ke-allowed-paisa-69-raise-in-july-tariff

Dhabeji SEZ a top priority project under ICP of CPEC: SACM

Special Assistant to Chief Minister Sindh for Investment Department and Public Private Partnership, Syed Qasim Naveed Qamar Tuesday said that Dhabeji Special Economic Zone is a top priority project under the Industrial Cooperation Phase of China Pakistan Economic Corridor (CPEC).

https://www.brecorder.com/news/40129307/dhabeji-sez-a-top-priority-project-under-icp-of-cpec-sacm/

Commodities and Currency: 1-Day Change