【Daily】1 Nov. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Nov 1, 2021

-Daily Market-

KSE 100 45,587.4  ▲ 0.59%  
KMI 30 73,397.8 ▲ 0.62%  

KASB Tech Index  455.26 ▼ 2.96%


·      The long deadlock between the IMF and Pakistan is expected to come to a conclusion soon as per the central bank governor. Majority of the conditions of the program have largely been met and the resumption may improve investor sentiments.

·      Positive news regarding the tax collection continues to flow as the FBR has, once again, exceeded its target.

·      Coal prices continued to ease and we expect the cement sector to benefit in light of the recent hikes in cement prices

National News

Next review: Govt about to announce agreement with IMF: Dr Reza

Dr. Reza Baqir, Governor, State Bank of Pakistan on Friday said that the government is about to announce the agreement with the International Monetary Fund (IMF) for next review.



PM rejects hike in petroleum prices

Prime Minister Imran Khan on Saturday turned down the Oil and Regulatory Authority (Ogra) proposal of increasing petroleum products’ prices, and announced that the prices would remain unchanged for the first fortnight of November 2021.



FBR collects Rs1.8tr in July-Oct, exceeds target by Rs232bn

The Federal Board of Revenue (FBR) collected Rs1.840 trillion in the first four months of the current financial year exceeding the target of Rs1.608tr by Rs232 billion, provisional data compiled by the FBR showed on Saturday.



Economy to grow by around 5pc in FY2022: Reza Baqir

The State Bank of Pakistan (SBP) is optimistic about the prospects for the country’s economic growth, expecting the economy to grow around 5 percent this fiscal year.



Govt plans to curtail circular debt by Rs425bn in FY22

The Power Division on Friday said it was targeting curtailing circular debt by about Rs425 billion during the current fiscal year (FY22) to Rs1.856 trillion chiefly through Rs230bn prior year recoveries from consumers through base tariff.



Govt plans to borrow Rs6.75trln in Nov-Jan

The government planned to borrow Rs5.750 trillion from banks in three months (November-January) to bridge gap in revenue and expenditures, the central bank’s auction calendar showed on Saturday.



Pakistani consortium, Qatar Petroleum to build LNG terminal

A trio of Pakistan-based firms has struck an agreement with Qatar Petroleum (QP) to establish a "merchant model" imported LNG (liquefied natural gas) terminal in the country, officials said on Friday.



Saudi Arabia plans to raise light crude prices to Asia in December

Top oil exporter Saudi Arabia may raise prices of light crude grades to Asia in December, supported by a rebound in distillate margins and spot premiums for Middle Eastern oil this month, trade sources said on Friday. After cutting prices for two straight months, state oil giant Saudi Aramco may raise the official selling price (OSP) for flagship Arab Light crude by 30 cents to 90 cents in December, six respondents said in a Reuters survey.



Gas firms told to ensure steady supply to fertiliser plants till January

The government on Friday asked the gas companies to maintain uninterrupted supply of domestic gas and imported Liquefied Natural Gas (LNG) to fertiliser plants until January next year to ensure enough production for the ongoing Rabi crops.



Supply to fertilizer plants: Ministry seeks Rs1.096bn LPS for payment to SNGPL

The Ministry of Industries and Production (MoI&P) has sought Late Payment Surcharge (LPS) of Rs 1.096 billion, to be paid to Sui Northern Gas Pipelines Limited (SNGPL) against supply of gas to fertilizer plants.



SBP slaps Rs465mln fines on 4 banks for AML noncompliance

State Bank of Pakistan (SBP) imposed Rs465 million penalties on four banks in Q3 of 2021 for noncompliance with instructions on anti-money laundering (AML) and combating the financing of terrorism, general banking operations, and customer due diligence, the SBP said on Friday.



External debt, liabilities increased to $125.876bn by end Sept

Pakistan’s external debt and liabilities increased from $122.199 billion by end June 2021 to $125.876 billion by end September 2021, i.e. registered an increase of $3.677 billion, revealed the Ministry of Economic Affairs in an in-camera meeting.



Circular debt reaches Rs2.379trn mark in Q1

The country’s circular debt has reached Rs 2.379 trillion during the first quarter (July-September) 2021-22 as compared to Rs 2.253 trillion in the same period of 2020-21.



NBP hit by outages in cyber attack

National Bank of Pakistan (NBP) on Saturday said it was responding with urgency to a cyber attack on its services that failed to steal funds or any costumer’ data but affected bank’s services.



Cotton at all-time high on record demand

Cotton hit an historic high of Rs16,000/maund (37.3kg) in week, owing to high demand as rupee devaluation versus dollar caused the imports to become costlier, forcing mills to buy from local market, traders said.



Dollar buying plunges on biometric condition

After introduction of mandatory biometric certification, the daily dollar buying from the open market has plunged to $2-$3 million compared to $7-$8m previously.



PSX reverts to KATS

After facing multiple technical issues in the new trading system, Pakistan Stock Exchange (PSX) has decided to shift trading to the previous system-Karachi Automated Trading System (KATS).



Circular debt delaying privatisation of two RLNG-based power plants

Amid increasing pressures from the IMF to kick-start privatisation at an accelerated pace, the much-awaited privatisation of two RLNG power plants has hit major snags because the monster of circular debt of these two power plants peaked at Rs145 billion.




Commodities and Currency: 1-Day Change


USD 1787.24 ▲ 0.21%


USD 23.87 ▼ 0.12%

 Crude Oil

USD 83.69 ▼ 0.04%


Rs 171.6/USD ▼ 0.80%

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