【Daily】12 Nov. Brief of Pakistan BizNews
KSE 100 46,348.18 ▼ 0.60%
KASB Tech Index 499.60 ▼ 0.84%
KASB Market View
· The benchmark KSE-100 index closed with a loss of 281.70pts amidst inflationary concerns witnessed due to rising commodity prices in the international markets as well as uncertainty still looming over inconclusive IMF talks.
· The banking sector alongside E&Ps were the major negative contributors eroding 115pts.
· The technology sector topped the volumes chart with a turnover of 50mn shares.
No more guaranteed rate of return available for three oil refineries
The Petroleum Division has decided to abolish in the revised proposed draft of Pakistan Refinery Policy 2021 the minimum 10 percent rate of return guaranteed for the National Refinery Limited (NRL), Pakistan Refinery Limited (PRL)and Attock Refinery Limited (ARL) allowing them to compete in the market through (the deemed duty) tariff protection formula.
Winter 2021-22: Govt to continue gas supply to power and fertiliser sectors
In the wake of a massive gas shortfall predicted for the ongoing winter season, the Cabinet Committee on Energy (CCOE) has decided to continue gas supply to top dedicated sectors i.e. power and fertilizer while domestic and industrial consumers will have to face shortages.
Sales tax on petrol reduced
The Federal Board of Revenue (FBR) has reduced the sales tax rate from 6.84 percent to 1.43 percent on petrol from November 11, 2021.
Imports: share of sales tax remains 56.4pc
The share of sales tax on imports remained 56.4 percent, while domestic sales tax contributed 43.6 percent of the total sales tax collection during 2020-21.
Rising exports set to spur new investment in textiles
With textile exports, especially value-added, marking a significant growth in first four months of this fiscal year, industry officials on Thursday said a wave of new investment in the sector was on cards.
Forex reserves exceed $24bn mark on official inflows
The country's total liquid foreign exchange reserves crossed the $24 billion mark during the last week supported by arrival of official inflows.
Rupee falls to 3-week low
Rupee dropped by 1.26 rupees or 0.72 percent against the dollar in the interbank market on Thursday due to uncertainty over the talks between Pakistan and the International Monetary Fund for the resumption of $6 billion loan facility.
October car sales jump; growth seen moderating
Car sales climbed 45 percent in October versus a year on the back of an expanding economy, industry data showed on Thursday, but growth is seen moderating on rising borrowing cost and tight credit conditions.
‘Troika plus’ group seeks to ease access to banking services
The so-called Troika Plus group pledged on Thursday to try to ease severe pressure on Afghanistan’s banking system as it warned of possible economic collapse and a humanitarian disaster that could fuel a new refugee crisis.
FBR to abolish sales tax concession on sugar by month-end
The Federal Board of Revenue (FBR) will abolish tax concession available on the supply of sugar by the end of this month, official sources said on Thursday.