【Daily】3 Dec. Brief of Pak BizNews
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KSE 100 43,234.15 ▼ 4.71% KASB Tech Index 409.80 ▼ 7.47%
KASB Market View · The KSE-100 plunged by 2100pts due to concerns over high Import numbers and spike in T-bills yields. · The market is most likely to remain under pressure due to expectation of another interest rate hike and widening current account deficit which would likely register north of USD 2.0bn according to our estimates.
National News
‘Mini-budget’ with adjustments worth Rs600bn finalised The government on Thursday finalised a ‘mini-budget’ involving fiscal adjustments and expenditure cuts worth about Rs600 billion as part of an understanding with the International Monetary Fund (IMF) to cool down the over-heating economy. https://www.dawn.com/news/1661650/mini-budget-with-adjustments-worth-rs600bn-finalised
Looming oil crisis ‘averted’: Govt releases Rs30 bn to IPPs A looming crisis of unavailability of petroleum products in the country has been averted as the government released Rs30 billion to independent power producers with a direction to lift furnace oil from refineries. https://www.thenews.com.pk/print/913652-looming-oil-crisis-averted-govt-releases-rs30-bn-to-ipps
Circular debt rising by Rs35 billion per month The monthly accumulation into a monster of circular debt stood at Rs35 billion as it went up to Rs139 billion during the first four months (July-October) period of the current fiscal year 2021-22. https://www.thenews.com.pk/print/913648-circular-debt-rising-by-rs35-billion-per-month
Attock Refinery Limited slams furnace oil imports, warns of shutdown Protesting over furnace oil imports instead of procurement from local refineries, Attock Refinery Limited (ARL) on Thursday expressed its inability to increase kerosene production and warned of gradual closure of its refining units owing to surplus stocks. https://www.dawn.com/news/1661670/attock-refinery-limited-slams-furnace-oil-imports-warns-of-shutdown
Forex reserves down $275m The country’s total liquid foreign exchange reserves declined by $275 million during last week. https://www.brecorder.com/news/40137587/forex-reserves-down-275m
Imports of 30 items surge 142pc in November Imports of top 30 items surged by over 142 per cent year-on-year in November due to higher prices of commodities mainly petroleum on international market and depreciation of the rupee, https://www.dawn.com/news/1661668/imports-of-30-items-surge-142pc-in-november KE allowed Rs1.08 per unit additional fuel cost for October The National Electric Power Regulatory Authority (Nepra) on Thursday allowed K-Electric (KE) to charge about Rs1.08 per unit additional fuel cost on account of electricity consumed in October. https://www.dawn.com/news/1661669/ke-allowed-rs108-per-unit-additional-fuel-cost-for-october
DRP criteria relaxed: MFBs to extend relief to Covid-hit borrowers: SBP The State Bank of Pakistan (SBP) Thursday relaxed the criteria for classification of assets and provisioning requirements for Deferred and Restructured Portfolio (DRP) to enable the Microfinance Banks (MFBs) to extend relief measures to the affected borrowers of Covid-19. https://www.brecorder.com/news/40137588/drp-criteria-relaxed-mfbs-to-extend-relief-to-covid-hit-borrowers-sbp
PSDP projects’ monitoring: Umar given briefing Federal Minister for Planning, Development and Special Initiatives, Asad Umar Thursday reviewed the implementation plan of major development projects of the PSDP-2021-22. https://www.brecorder.com/news/40137586/psdp-projects-monitoring-umar-given-briefing
Rupee sees new low: Bloodbath in stock market The rupee closed to an all-time low of 176.42 against the dollar on Thursday as investors, worried about the outlook for the country’s economy amid the emergence of the new coronavirus variant and deepening concerns over the current account deficit, saw carnage at the KSE 100 index that recorded the 'third largest one-day loss ever' of 2,134.99 points or 4.71 percent. https://www.thenews.com.pk/print/913554-rupee-sees-new-low-slug-bloodbath-in-stock-market-headline
Discos, NTDC and Gencos: Govt to change composition of boards The federal government is to alter composition of the boards of Power Distribution Companies (Discos), National Transmission and Despatch Company (NTDC) and Generation Companies (Gencos) to have appropriate public sector institutional representation including that of Finance Division https://www.brecorder.com/news/40137584/discos-ntdc-and-gencos-govt-to-change-composition-of-boards
PALSP demands mechanism to benefit local steel units The documented steel sector has urged upon the Federal Board of Revenue (FBR) to place a foolproof mechanism for availing sales tax/ federal excise duty exemption on supply of steel to exempted projects by the local steel units. https://www.brecorder.com/news/40137583/palsp-demands-mechanism-to-benefit-local-steel-units
International News OPEC+ agrees to go ahead with oil output rise OPEC and its allies agreed on Thursday to stick to their existing policy of monthly oil output increases despite fears that a U.S. release from crude reserves and the new Omicron coronavirus variant would lead to a fresh oil price rout. https://www.brecorder.com/news/40137576/opec-agrees-to-go-ahead-with-oil-output-rise
Daily Change: 1-Day Change
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