【Daily】5 Nov. Brief of Pak BizNews
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KSE 100 47,219.18 ▲ 0.40% KASB Tech Index 526.83 ▲ 3.13%
· The KSE 100 index closed at 47,219 pts increasing by 0.4%. Trading volumes rose to 561.9mn shares in All-share index. · The concerns were reignited again over rising coal prices with cement sector emerging as worst performer of the day eroding 75pts. · Going forward investors tend to keep a close eye on conclusion of IMF talks as well as on the upcoming monetary policy where there is an anticipation of further hike in Interest rate. · The technology sector topped the charts with a turnover of 159mn shares.
National News Fuel prices hit new high in Pakistan The government early Friday hiked the price of petrol by Rs8.03 per litre, a day after Prime Minister Imran Khan warned that the rate of petroleum products would witness a rise. https://www.thenews.com.pk/latest/906104-petrol-price-goes-up-to-rs14582-per-litre
Petroleum products’ import on deferred payment: Pakistan gets Murabaha facility Pakistan has secured International Islamic Trade Finance Corporation (ITFC) Murabaha Financing Facility of $761.5 million for the import of petroleum products on deferred payment, said the Ministry of Economic Affairs.
Cement dispatches fall 9.07 percent on sluggish exports Cement dispatches declined 9.07 percent to 5.214 million tonnes in October 2021 against 5.735 million tonnes dispatched during the same month last fiscal, on massive decline in exports due to supply chain constraints. https://www.thenews.com.pk/print/906091-cement-dispatches-fall-9-07-percent-on-sluggish-exports
SBP's foreign exchange reserves increase $53 million, now stand at $17.2 billion Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $53 million on a weekly basis to $17.2 billion on October 29.
SBP asks exchange firms to deploy BVS until January State Bank of Pakistan (SBP) on Thursday asked the exchange companies to implement the biometric verification system (BVS) by January 30, 2022 in a bid to control the undesirable foreign currency outflows and strengthen the regulatory regime for these firms. https://www.thenews.com.pk/print/906090-sbp-asks-exchange-firms-to-deploy-bvs-until-january
Govt unable to control sugar price Despite importing 300,000 tons of sugar by utilising precious foreign exchange earnings, the government is unable to control the yawning prices of sweetener in the domestic market, mainly because of lack of coordination and mismanagement. https://www.thenews.com.pk/print/906126-govt-unable-to-control-sugar-price
Cabinet snubs MoNFS&R for levelling accusation against local tractor makers The Federal Cabinet has snubbed Ministry of National Food Security and Research (MoNFS&R) for accusing local tractor manufacturers of creating a monopoly and failing to comply with deletion programme. https://www.brecorder.com/news/40131353/cabinet-snubs-monfsr-for-levelling-accusation-against-local-tractor-makers
Rupee's appreciation run ends, closes over 170 against US dollar Pakistan rupee's six-day appreciation run ended as the currency closed over 170 against the US dollar in the inter-bank market on Thursday.
AGP discusses GSP+ status issues with EU members The Attorney General for Pakistan, Khalid Jawed Khan, discussed matters relating to the GSP Plus status accorded to Pakistan by the EU with the members of the European Parliament. https://www.brecorder.com/news/40131327/agp-discusses-gsp-status-issues-with-eu-members
‘Goods transporters facing problems due to TLP protests in Punjab’ Chairman United Goods Transporters Alliance (UGTA) Ghulam Yasin Khan has said that goods transporters have been facing problems due to TLP protests in Punjab as many containers loaded with goods had been intercepted by police to use them for roadblocks, which has caused severe losses not only to truck owners but also to shipping lines, importers, exporters and suppliers of goods.
International News OPEC+ rebuffs speedier oil output calls EC and its allies agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels per day (bpd) from December, despite calls from the United States for extra supply to cool rising prices. https://www.brecorder.com/news/40131430/opec-rebuffs-speedier-oil-output-calls |
