【Daily】19 Nov. Brief of Pak BizNews
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KSE 100 46,110.50 ▼ 0.18% KASB Tech Index 484.05 ▼ 3.13%
KASB Market View · The KSE-100 index closed on 46,110 pts losing 84 pts as investors await Monetary policy announcement due today. · Further depreciation of Pak Rupee against USD will likely dampen investor confidence in the market. · The wait for official IMF announcement continues causing uncertainty in the market. · TRG eroded over 102pts from the market over the allegations against company founder.
National News
Revised draft of SBP Amendment Bill 2021 shared with IMF The government has revised the draft of State Bank of Pakistan (SBP) Amendment Bill 2021 and shared it with the IMF under which complete immunity for governor SBP and other officials of the central bank are proposed to be withdrawn. https://www.thenews.com.pk/print/909832-revised-draft-of-sbp-amendment-bill-2021-shared-with-imf
Gas deficit to hit country in winter, No gas for industries: CNG sector The country is bracing for the worst-ever gas shortfall to the tune of 717-961mmcfd during the peak winter season. In December, 2021 there will be a gas deficit of 717mmcfd, which will further increase to 961mmcfd in January 2022
Auto financing jumps 44pc to Rs346bn Auto financing reached Rs346 billion as of October 2021, showing a jump of 44 per cent year-on-year and 2.2pc on month-on-month, figures released by the State Bank of Pakistan on Thursday revealed. https://www.dawn.com/news/1658935/auto-financing-jumps-44pc-to-rs346bn
Deemed duty audit: Petroleum Division gives refineries a clean chit Petroleum Division has cleared refineries from any wrongdoing in deemed duty, saying that they have spent Rs199 billion against collection on up-gradation during 2002-2020, well informed sources told Business Recorder.
OMCs urge banks to review their lending policies The oil marketing companies (OMCs) may default as a result of new lending policies of the banks. These concerns were expressed by the OMCs in a letter written by them to the president of a leading bank. https://www.brecorder.com/news/40134439/omcs-urge-banks-to-review-their-lending-policies
Four-day secret talks on $3 bn gas pipeline: Pakistan, Russia close to finalising Shareholders Agreement Pakistan and Russia have reached close to finalizing the over 100 pages document of Shareholders Agreement after four-day talks on the $3 billion Pakistan Stream Gas Pipeline Project (PSGP) from Karachi to Kasur Punjab, which is a positive development.
FCCL announces merger with Askari Cement Limited Fauji Cement Company Limited has informed stakeholders of a board approval for a scheme of amalgamation with Askari Cement Limited (ACL). https://www.thenews.com.pk/print/909796-fccl-announces-merger-with-askari-cement-limited
LSM grows 1.2 percent in September Pakistan’s large-scale manufacturing (LSM) in September 2021 increased by a meagre 1.19 percent over same month last year, which analysts said was not in line with the official annual growth target of 6 percent for FY2022. https://www.thenews.com.pk/print/909795-lsm-grows-1-2-percent-in-september
PM explains how dependence on IMF can be ended Prime Minister Imran Khan said on Thursday that the country would not need the International Monetary Fund (IMF) programme in future, if it is able to tap the full potential of the overseas Pakistanis whom he termed the “biggest asset” of the country. https://www.brecorder.com/news/40134448/pm-explains-how-dependence-on-imf-can-be-ended
SBP-held foreign exchange reserves fall $381 million Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased $381 million on a weekly basis, clocking in at $16.945 billion, showed data released on Thursday. https://www.brecorder.com/news/40134246/sbp-held-foreign-exchange-reserves-fall-381-million
Banks warned against exchange rate speculations The State Bank of Pakistan (SBP) has taken strict notice of the volatile exchange rate and warned banks to refrain from speculations and undue practices in the currency market or face stern action. https://www.brecorder.com/news/40134440/banks-warned-against-exchange-rate-speculations
South Korea discusses urea import prospects with EFL South Korea has shown interest in importing urea from Pakistan since its urea supplies have been impacted due to recent limitations on export of urea and other fertilizers from China. https://www.brecorder.com/news/40134353/south-korea-discusses-urea-import-prospects-with-efl
Drive to curb smuggling of tyres leads to price escalation A drive to curb smuggling of tyres by customs department has led to price escalation because of the incapacity of local manufacturers and importers to meet the demand. https://www.brecorder.com/news/40134406/drive-to-curb-smuggling-of-tyres-leads-to-price-escalation
Cotton supply up 70pc; crop likely to miss target Cotton stockpiling by ginners till November 15, 2021 surged 70.16 percent, showing promising trend of production, which traders feared might miss the official target of 9.3 million by at least 1.3 million bales. https://www.thenews.com.pk/print/909793-cotton-supply-up-70pc-crop-likely-to-miss-target
Circular debt of PSO soars to all-time high The circular debt of Pakistan State Oil (PSO) has reached all-time high of Rs397.5 billion in November. https://www.brecorder.com/news/40134437/circular-debt-of-pso-soars-to-all-time-high
Appreciation run ends: Pakistan's rupee falls against US dollar The appreciation run of Pakistan’s rupee came to an end on Thursday, as the currency fell 0.52% against the US dollar, closing over the 174 level in the inter-bank market. https://www.brecorder.com/news/40134237
Daily Change: 1-Day Change
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