【Daily】26 Nov. Brief of Pak BizNews
KSE 100 43,935.75 ▼ 0.96%
KMI 30 70,668.21 ▼ 0.97%
KASB Tech Index 427.19 ▼ 0.21%
KASB Market View
· The KSE-100 index closed on 43, 935 pts losing 689 pts on the back of recent negative macroeconomic developments.
· Depreciation of Pak Rupee against USD will likely dampen the already negative investor sentiment.
· Additionally, the market is also expected to remain under pressure, as today is the last day of Rollover week.
Pakistani Software Firm Coeus Solutions Plans IPO Next Quarter
Pakistan’s Coeus Solutions Ltd., which develops and manages software for mostly German clients, plans an initial public offer next quarter as appetite for technology stocks in the South Asian country grows. The Lahore-based company plans to raise $5 million by listing on the Pakistan Stock Exchange’s Growth Enterprise Market Board, Chief Executive Officer Muhammad Ahsan Naseem said. The company, which has a second office in Berlin, caters to 30,000 businesses in Germany including Audi AG and Allianz SE.
Foreign exchange: SBP reserves fall $691m to $16.3b
The foreign exchange reserves held by the central bank fell 4.07% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Petrol retailers stage protest
Petrol retailers began a nationwide strike on Thursday as the main industry body flagged low profit margins, exacerbated by the government’s move to raise taxes and boost revenue under its agreements with the International Monetary Fund.
Rising prices of fertilisers slammed: Govt asked to provide direct subsidy to farmers
Members of the National Assembly Standing Committee on Industries and Production, Thursday, while expressing grave concern over the skyrocketing prices of fertilisers, especially DAP, have asked the government to provide direct subsidy to the farmers.
PM says lower exports main problem
Prime Minister Imran Khan has described low exports as the biggest problem of the country “because no attention was paid on increasing exports”.
Trade blacklist: Pakistan reacts sharply to US decision
Pakistan on Thursday reacted sharply to the United States’ decision of putting a number of Pakistani and Chinese entities to its trade blacklist allegedly for contributing to Islamabad’s nuclear activities and ballistic missile programme, saying that the country’s nuclear facilities are totally safeguarded and it does not accept any insinuation in this regard.
Saudi dollars due this week: Fawad
Minister for Information and Broadcasting Ch Fawad Hussain on Thursday night shared three good news including the finalisation of all legal arrangements for the provision of $3 billion deposits from Saudi Arabia within this ongoing week.
Rupee inches up
The rupee edged higher against the dollar on Thursday due to tepid dollar demand from importers for payments, dealers said.
October 2021: Average banking spreads down 48bps YoY
Average banking spreads for October 2021 were 4.18 percent, down 48bps on year-on-year basis; taking 10 months of CY21 average spreads to 4.32 percent down 87bps on YoY.
70 enterprises get active status in special economic zones
Within five months of its establishment in January this year, the Special Economic Zone Management Information System (SEZMIS) has facilitated speedy grant of the active zone status to 70 enterprises by the Board of Approvals (BOA) compared to 200 in the last eight years, said the State Bank’s report on Special Economic Zones in Pakistan.
Shaukat Tarin for mobilising savings though mutual funds
Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Thursday emphasised the need for creating awareness and increasing outreach of mutual fund market to mobilise savings and investment in the country.
NTDC begins work on 113km transmission line
The National Transmission and Despatch Company (NTDC) has started construction of 113km 500kV double-circuit quad bundle transmission line from Nokkhar grid station Gujranwala to Lahore North Grid Station, which will subsequently be connected to the HVDC Converter Station.
Commodities and Currency: 1-Day Change