【Daily】17 Nov. Brief of Pak BizNews
KSE 100 46,542.9 ▲ 1.80%
KMI 30 75,398.6 ▲ 2.20%
KASB Tech Index 500.7 ▲ 3.49%
· The State Bank of Pakistan (SBP) has expedited the scheduled monetary policy announcement by one week to Nov 19’21. We anticipate a 100bps increase in the policy rate to 8.25%.
· Additionally, revival of IMF program would be a key trigger for the market.
· Sectors contributing to the performance included cement (+189 points), technology (121 points), exploration and production (104 points), power (+78 points) and banks (63 points).
MPC to meet ahead of schedule; 100-200bps hike in policy rate expected
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to convene its meeting before the announced schedule in order to review the monetary policy and address the economic challenges.
IMF programme: Pakistan will have to accomplish five major prior actions, says Tarin
Prime Minister's Adviser on Finance Shaukat Tarin has said that Pakistan will have to accomplish five major prior actions for paving the way to sign the IMF deal under the $6 billion Extended Fund Facility (EFF).
PKR depreciation; Inflationary impact to be visible in a few months: Deputy Governor SBP
The government has conceded that inflationary impact of the current rupee depreciation would become visible in the next few months – two months to six months – as the members of the committee expressed serious concerns over the dearness in the county.
Germany to provide € 43 million in the climate and energy sector of Pakistan
The representative of the German Federal Ministry for Economic Cooperation and Development (BMZ) Ms. Antonia Peter reiterated Germany’s commitment to support Pakistan in the climate and energy sector.
Action suggested against SSGCL for not issuing letter to EETPL
Minister for Maritime Affairs Ali Zaidi has reportedly proposed action against officials of Sui Southern Gas Company Limited (SSGCL) for not issuing a letter to Engro Elengy Terminal Private Limited (EETPL), the terminal operator, meant to delay dry-docking that would have helped the government take legal recourse, well informed sources told Business Recorder.
Top OMC in economic mess: PSO’s receivables surge to Rs398 billion
The receivables of the Pakistan State Oil (PSO) have gone up to a whooping figure of Rs 398 billion the highest ever in the entity’s history with a major chunk of Rs 192.539 billion from the power sector.
KE achieves ‘Black Start’ facility at Korangi Power Complex
Continuing its mission to secure Karachi’s energy future and provide its 3.2 million consumers with safe and reliable power, K-Electric (KE) has successfully implemented a ‘Black Start’ capability for the first time in their generation fleet at the Korangi Power Complex (KPC) that is responsible for generating 247 MW of electricity for Karachi.
Govt decides to pay IPPs Rs190bn as equity of Discos
The government has decided to pay about Rs 190 billion to the IPPs of pre-1994 policy, 1994, 2002 and 2015 policies as equity of power Distribution Companies (Discos) instead of outstanding subsidy, well informed sources told Business Recorder.
Textile sector accounts for 3.4pc of GDP: ADB
Textile sector accounts for 3.4 percent of the Gross Domestic Product (GDP) compared to 7.5 percent for Bangladesh, 5.1 percent for Sri Lanka, 12 percent for Cambodia and 3.5 percent for Turkey, says the Asian Development Bank (ADB).
IEA lifts 2022 average crude oil price assumption to $79.40/bbl
The International Energy Agency (IEA) on Tuesday upped its average Brent crude oil price assumption for 2022 to $79.40 a barrel, but predicted a rally may ease off as prices that hit a three-year high last month push up global production.
Govt needs 20-40pc additional resources for ongoing projects
The government needs 20 to 40 percent additional resources to complete the ongoing public sector projects, as both domestic and international inflation have pushed the prices of construction materials much higher.
Commodities and Currency: 1-Day Change
Gold: USD 1,857 ▲ 0.15%
Silver: USD 25.02 ▲ 0.29%
Crude Oil: USD 79.00 ▼ 1.00%
USD-PKR: Rs 174.60/USD ▲ 0.00%