【Daily】24 Nov. Brief of Pak BizNews
-Daily Market-
KSE 100 44,948.9 ▼ 1.74%
KMI 30 72,423.7 ▼ 2.27%
KASB Tech Index 423.0 ▼ 5.99%
· Upcoming payment of IPPS can restore investor’s confidence in the sector. This would also open up the dividend paying capacities of IPPs such as KAPCO.
· With the news flow circulating around supplementary budget, inflationary pressure is likely to persist ahead. Further monetary tightening would keep the sentiments bearish.
· Sectors contributing to the performance include technology (-178 points), cement (-145 points), commercial banks (-94 points), exploration and production (-64 points) and oil marketing companies (-44 points).
National News
PM says higher growth govt’s key objective
Prime Minister Imran Khan on Tuesday said that with focus on increasing investments in export industry for creating employment opportunities, the government was taking steps on priority basis to enhance economic activity in the country.
https://epaper.brecorder.com/2021/11/24/1-page/908774-news.html
Rising debt, low revenue ‘national security’ issue: PM
Prime Minister Imran Khan on Tuesday noted that the rising foreign debt and low tax revenue had become an issue of “national security” because government did not have enough resources to spend on people’s welfare.
https://tribune.com.pk/story/2330727/rising-debt-low-revenue-national-security-issue-pm
States must brace for ‘shocks’ to agri-food systems: FAO
Countries must prepare for future “shocks” to their agricultural and food systems from droughts, floods or diseases following the fallout from the coronavirus pandemic, a UN agency said Tuesday. “The Covid-19 pandemic has left the fragilities of national agri-food systems widely exposed,” the Food and Agriculture Organization said in an annual report.
https://epaper.brecorder.com/2021/11/24/1-page/908773-news.html
Ghandhara Nissan to launch Chery SUV during current year: PSX
This refers to the arrangements made between M/s. Ghandhara Nissan Limited (the Company) and M/s. Chery Automobile Co., Limited -Wuhu, China (Chery) for the launch of Chery passenger vehicles in Pakistan. Company would like to apprise the stakeholders that as per the plans we look forward to launching Chery SUVs during the current financial year.
https://augaf.com/ghandhara-nissan-to-launch-chery-suv-during-current-year-psx/
BAIC to Open Bookings for the BJ40 Plus SUV this Week
BAIC is finally ready to formally sell its vehicles in the local market after two years of operating in Pakistan. The company announced on its social media accounts that it will open up the bookings for the BJ40 Plus SUV this week, and added that pre-bookings for the SUV are already open.
https://propakistani.pk/2021/11/23/baic-to-open-bookings-for-the-bj40-plus-suv-this-week/
Meezan Bank and ICBC Pakistan sign First standard contract for Chinese Yuan cross-border transactions in Shariah-compliant hedging
A virtual ceremony was recently held to commemorate the signing of the Tahawwut Master Agreement (TMA) between Meezan Bank and Industrial and Commercial Bank of China (Ltd) Pakistan (ICBC Pakistan), which will allow Meezan Bank to execute Shariah-compliant hedging for CNY denominated transactions on a Wa’ad (promise) based structure.
Determination of prices of 38 new drugs approved by cabinet
Federal Minister for Information and Broadcasting Fawad Chaudhry said on Tuesday that the federal cabinet has approved determination of 38 new medicines prices.
https://epaper.brecorder.com/2021/11/24/1-page/908777-news.html
17pc GST may be levied on import of pharma inputs
The government may impose 17 percent sales tax on the import of various kinds of plant, machinery/equipment, mobile phones, computers, and raw materials used in the manufacturing pharmaceutical products, but local supply of medicines would be sales tax zero-rated.
https://epaper.brecorder.com/2021/11/24/1-page/908775-news.html
Cooking oil, ghee sector: CCP to resume its probe
The Competition Commission of Pakistan (CCP) will resume its enquiry in the cooking oil and ghee sector after the Supreme Court of Pakistan admitted for hearing its leave to appeal against, and suspended, the decision of the Islamabad High Court dated 14 September 2021.
https://epaper.brecorder.com/2021/11/24/12-page/908864-news.html
PSM core assets; Another valuation to lure investors on the cards
Privatisation Commission (PC) is said to have decided to go for another valuation of core assets of Pakistan Steel Mills (PSM), fearing that investors will not show an interest in purchase of 51- 74 per cent stakes on the basis of first valuation, well informed sources told Business Recorder.
https://epaper.brecorder.com/2021/11/24/7-page/908825-news.html
Commodities and Currency: 1-Day Change
Gold: USD 1,794 ▲ 0.57%
Silver: USD 23.55 ▲ 0.50%
Crude Oil: USD 78.80 ▲ 0.08%
USD-PKR: Rs 175.28/USD ▲ 0.00%
