【Daily】6 Dec. Brief of Pak BizNews
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KSE 100 43,232.83 ▼ 0.00% KASB Tech Index 400.51 ▼ 2.37%
KASB Market View · Rising market yields reinforce expectations of another rate hike in Dec21’s monetary policy. These expectations are a product of a weakening macro-economic landscape with considerable external leakages and rising inflation. · The banking sector is likely to benefit from the stabilization cycle because of a likely expansion in the sector’s NIMs. · We also highlight macro-insulated sectors, such as technology and textiles, to perform over cyclical stock.
National News
Pakistan receives $3 bn from KSA Pakistan on Saturday received a $3 billion deposit from Saudi Arabia, the prime minister’s finance adviser said, which will help shore up the country’s foreign currency reserves and stabilise the local currency. https://www.thenews.com.pk/print/914267-pakistan-receives-3-bn-from-ksa
Omicron variant likely to usher growth downgrades: IMF Global economic growth projections from the International Monetary Fund (IMF) will likely be downgraded due to the emergence of the Omicron variant of the coronavirus, IMF Managing Director Kristalina Georgieva said on Friday. https://www.thenews.com.pk/print/914271-omicron-variant-likely-to-usher-growth-downgrades-imf
Hascol proposes settlement of Rs54.5bln debt For the first time since running into financial crisis, Hascol Petroleum Limited (HPL) and its major stakeholder Vitol, a Dutch trading giant, have offered settlement of Rs54.5 billion worth of debt, owed to different banks, The News has learnt. https://www.thenews.com.pk/print/914144-hascol-proposes-settlement-of-rs54-5bln-debt
‘OPEC will continue with supply adjustments for oil market’ The Organization of the Petroleum Exporting Countries (OPEC) will continue with its supply adjustments for the oil market, the OPEC Secretary General said on Saturday. https://www.brecorder.com/news/40137806/opec-will-continue-with-supply-adjustments-for-oil-market
TPL Properties to raise Rs18.3bn for three Karachi projects TPL Properties Ltd is raising a fund of Rs18.35 billion from local institutional investors that its subsidiary will use to acquire and develop three commercial and residential properties in Karachi, according to a recent regulatory filing. https://www.dawn.com/news/1661846
Bond yields, KIBOR at two-year high Pakistan Investment Bonds (PIBs) yields humped to their highest in over two years on Friday, as possibility of another aggressive interest rate hike by the central bank to fight off stubborn inflation and ease pressure on rupee came into tighter focus, analysts said. https://e.thenews.com.pk/detail?id=31074
Weekly inflation eases 0.48 percent Weekly inflation eased in the week ended December 2, 2021 after holding high for almost two months in a row, helped by improved supplies of key commodities following administrative measures to contain rising prices, latest data showed on Friday. https://e.thenews.com.pk/detail?id=31075
SSGC seeks increase in gas tariff Sui Southern Gas Company (SSGC), the state-owned gas utility has submitted the petition to Oil and Gas Regulatory Authority (OGRA), seeking increase in gas tariff by Rs58.42 per mmbtu for the fiscal year 2022. https://e.thenews.com.pk/detail?id=31077
Govt changing formula to measure inflation The federal government has decided in principle to change the formula for determining the rate of inflation in the country and in this, the Pakistan Bureau of Statistics (PBS) had started the preliminary work, sources said on Saturday. https://tribune.com.pk/story/2332554/govt-changing-formula-to-measure-inflation
OGRA cuts payment to gas producers The Oil and Gas Regulatory Authority (Ogra) has directed gas utilities to cut provisional payments to gas producers by 25%, leaving exploration and production (E&P) companies high and dry. https://tribune.com.pk/story/2332513/ogra-cuts-payment-to-gas-producers
Refineries: Petroleum Div has shared info on deemed duty with CCoE The Petroleum Division has shared information on deemed duty of refineries with the Cabinet Committee on Energy (CCoE) aimed at updating the forum on this matter due to some controversies.
Textile exports projected to cross $20bn target With the ongoing $3.5 billion expansion plan for the textile industry, Pakistan’s textile exports are likely to increase by $6bn and cross the $20bn target projected for the fiscal year 2021-22. https://www.dawn.com/news/1662021/textile-exports-projected-to-cross-20bn-target
Gas-buying clause abolished for three LNG power plants Sui Northern Gas Pipelines Limited’s board of directors on Friday allowed a waiver of the minimum 66 per cent take-or-pay clause for three government-owned liquefied natural gas (LNG) power plants in Punjab in a bid to reduce the burden of capacity payments and increase the interest of both local and foreign investors in the government’s plan of privatising these projects. https://www.dawn.com/news/1661849
Private sector borrowing surges to Rs412.4bn since mid-July Borrowings from banks by private businesses jumped to Rs412.4 billion during the first four-and-a-half months (July 19 to November) of the current fiscal year, reflecting an improvement in economic activity, State Bank of Pakistan (SBP) data showed on Friday. https://www.dawn.com/news/1661848
Daily Change: 1-Day Change
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