【Daily】11 Nov. Brief of Pak BizNews
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KSE 100 46,399.91 ▼ 1.52% KMI 30 74,870.55 ▲ 0.23% KASB Tech Index 500.68 ▼ 2.28%
· Increase in rate for captive plants by 38% from a period of Nov21 to Mar22 can possibly bring short term pressure in textile sector. · Uptick in fiscal deficit by 0.3% YoY indicates improved macroeconomic environment. Additionally, positive news with regards to finalization of IMF program would be a key upside trigger. · Sectors contributing to the performance included commercial banks (-123 points), cement (-102 points), technology (-79 points), exploration and production (-63 points) and power (-46 points).
National News
Cabinet decides to increase gas tariff for captive power Minister for Information and Broadcasting Fawad Chaudhary has said that the federal cabinet has decided to increase gas price for captive power to nine cents per MMBTU from 6.5 cents. The price would be effective from November 15 to March 31. https://epaper.brecorder.com/2021/11/10/1-page/907057-news.html
$700m ready for Covid-19 vaccines; Zukhov meets Ayub, says ADB plans to give $10bn in 5 years ADB plans to provide Pakistan about $ 10 billion in fresh assistance for various development projects, particularly, in the sectors of urban services, disaster risk reduction and policy-based programmes in the next five years. Additional financing of $ 700 million is currently available for Pakistan to procure Covid-19 vaccines under the ADB’s APVAX facility. https://epaper.brecorder.com/2021/11/10/12-page/907145-news.html
Tarin rejects media speculations, says negotiations with IMF on advance stage Adviser to Prime Minister on Finance and Revenue, Shaukat Tarin on Tuesday categorically rejected the news captioned ‘PM drops plan to IMF chief’s help’ and said the negotiations with the fund were at advance stage. https://augaf.com/tarin-rejects-media-speculations-says-negotiations-with-imf-on-advance-stage/
Tax-to-GDP ratio suffers blow due to pandemic The tax-to-GDP ratio of the Federal Board of Revenue (FBR) suffered a blow due to the Covid situation and stood at 9.9 percent during 2020-21, according to a FBR report released on Tuesday. https://epaper.brecorder.com/2021/11/10/12-page/907144-news.html
Q1 ends with budget deficit of 0.8pc of GDP The government has closed the first quarter of the ongoing fiscal year (July-September 2021) with a budget deficit of 0.8 percent or in absolute terms Rs438 billion of the Gross Domestic Product (GDP), according to the Finance Ministry. https://epaper.brecorder.com/2021/11/10/12-page/907142-news.html
FCA for September; Nepra allows Discos Rs2.53 hike in tariffs National Electric Power Regulatory Authority (NEPRA) on Tuesday increased tariffs of power Distribution Companies (Discos) by Rs2.53 per unit for September 2201 to recover Rs34 billion under monthly Fuel Component Adjustment (FCA) mechanism. https://epaper.brecorder.com/2021/11/10/3-page/907075-news.html
Toyota Pakistan increases prices on its entire lineup Indus Motor Company (IMC), the maker of Toyota vehicles in Pakistan, has increased prices on its entire lineup, confirmed CEO Ali Asghar Jamali to Business Recorder on Tuesday. https://www.brecorder.com/news/40132258/toyota-pakistan-increases-prices-on-its-entire-lineup
CPEC termed our ‘last chance’ for industrialization Special Assistant to the Prime Minister on China Pakistan Economic Corridor (CPEC) affairs Khalid Mansoor said on Tuesday that several countries and World Bank have shown keen interest in development of infrastructure projects and industrial units under the umbrella CPEC, maintaining that CEPC is the last chance of industrialization in the country. https://epaper.brecorder.com/2021/11/10/1-page/907051-news.html
Official spot rate hits all-time high The rate of Prime Mark Cotton of Sindh reached at Rs 17000 per maund highest in the history of the country. The Spot Rate Committee of the Karachi Cotton Association on Tuesday increased the spot rate by Rs 100 per maund and closed it at Rs 16000 per maund. https://epaper.brecorder.com/2021/11/10/1-page/907049-news.html Commodities and Currency: 1-Day Change
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