【Daily】15 Nov. Brief of Pakistan BizNews
KSE 100 45,749.2 ▼ 1.31%
KASB Tech Index 489.01 ▼ 2.12%
KASB Market View
· The market remained under pressure last week because of macro-economic concerns, including expectations of high inflation and monetary tightening. Moreover, uncertainty over the resumption of the IMF program also kept investors at bay.
· The upcoming monetary policy in Nov21 will likely hike interest rates by an addition 75bps in light of SBP’s guidance of medium-term positive real rates.
· The SBP utilized another monetary tool to contain growth by increasing the CRR for banks. This decision is estimated to reduce the banking industry’s earnings potential by locking out funds for investments.
Remittances continue to remain robust, stand at $2.5b in October
The remittances sent home by overseas Pakistan surged 10.2% in October 2021 to $2.5 billion on a year-on-year basis owing to measures taken by the government and the State Bank of Pakistan to encourage the use of formal channels to send money home.
Import of urea: ministry for exemption from PPRA rules
Ministry of Industries and Production (MoI&P) has approached the Economic Coordination Committee (ECC) for seeking exemption from Public Procurement Regulatory Authority (PPRA) rules to republish tender to import 0.1 million tons of urea till fetching of a low price during the Rabi season 2021-22.
SBP raises banks' cash reserve requirement
The State Bank of Pakistan (SBP) said on Saturday that it has decided to increase the average Cash Reserve Requirement (CRR), to be maintained during a period of two weeks by scheduled banks, from 5% to 6%, and minimum CRR to be maintained each day from 3% to 4%.
Gas to be provided only during meal times, Senate told
In what appears to be an alarming development for the masses, Energy Minister Hammad Azhar disclosed before the upper house of the Parliament on Friday that domestic consumers would be provided gas only thrice a day—at breakfast, lunch and dinner times— this winter.
PD willing to start AMI system worth over Rs17bn as pilot project in IESCO
Power Division is reportedly willing to start Advance Metering Infrastructure (AMI) system worth over Rs17 billion as a pilot project in Islamabad Electric Supply Company (IESCO) with ifs and buts, after grilling by the Deputy Chairman Planning Commission for undue delay in implementation of project.
Gas utilities sign MoU
Sui Southern Gas Company Ltd (SSGCL) and Sui Northern Gas Company Ltd (SNGPL) on Friday signed a memorandum of understanding (MoU) for improving business sustainability, efficiency and productivity of Meter Manufacturing Plant (MMP).
Rupee plunges to record low
Rupee plunged to a record low on Friday as speculative dollar buying continued to build pressure, with analysts terming central bank’s reluctance to support domestic currency an apparent move to meet International Monetary Fund (IMF) programme conditions.
Refineries weigh JV to convert FO into HSD, naptha
Country’s refining sector is carrying out a feasibility study for a capital-intensive joint venture (JV) project to convert furnace oil (FO) into high speed diesel (HSD) and naphtha, given the dwindling demand for the heavy fuel oil in the country.
SPI increases 1.81%
The Sensitive Price Indicator (SPI) for the week ended November 11, 2021 registered an increase of 1.81% for the combined income group, going up from 164.53 points during the week ended November 4, 2021 to 167.5 points in the week under review.
Daily Change: 1-Day Change