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【Daily】17 Dec. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Dec 17, 2021

-Daily Market-

                                             KSE 100 43,731.20 ▼ 1.43%

                                             KMI 30 70,772.47 ▼ 1.57%

                                      KASB Tech Index 451.33 ▼ 0.03%

KASB Market View

  • The KSE-100 index closed on 43,731 pts losing 635 pts on the back of record-high PkR devaluation.
  • The decline was witnessed in Oil and Gas marketing companies on the account of a decline in petrol prices by 3.4%.

 

National News

Forex reserves down $123m

According to State Bank of Pakistan (SBP) weekly foreign exchange report issued Thursday, Pakistan’s total liquid foreign exchange reserves stood at $ 25.028 billion as on 10th December-2021 compared to $ 25.151 billion a week earlier.

https://www.brecorder.com/news/40140750/forex-reserves-down-123m

 

Govt all set to increase power base tariff

The Federal Government is all set to increase electricity base tariff by up to Paisa 95 per unit under the garb of second phase of subsidy reforms agreed with International Monetary Fund (IMF) and World Bank (WB), which according to Chairman Nepra will further erode the quality of life of the public.

https://www.brecorder.com/news/40140790/govt-all-set-to-increase-power-base-tariff

 

Textile, auto policies approved by ECC

A meeting of the Economic Coordination Committee (ECC) of the Cabinet has approved Textile and Apparel Policy, 2020-25 as well as Auto Industry Development and Export Policy (AIDEP), 2021-26.

https://www.brecorder.com/news/40140792/textile-auto-policies-approved-by-ecc

 

LSM grows 1.86 percent in October

Large-scale manufacturing sector grew marginally 1.86 percent during the month of October compared to September, the Pakistan Bureau of Statistics (PBS) data showed on Thursday.

https://www.thenews.com.pk/print/917420-lsm-grows-1-86-percent-in-october

 

PRL shuts down refinery on weak furnace oil demand, inventory glut

Pakistan Refinery Limited (PRL) on Thursday shut down its operations on dwindling fuel oil demand in the country and abundance of inventories.

https://www.thenews.com.pk/print/917421-prl-shuts-down-refinery-on-weak-furnace-oil-demand-inventory-glut

 

UAE firm to invest $15mln

Adviser to PM on Commerce and Investment, Abdul Razak Dawood on Thursday informed that Brothers Gas, a United Arab Emirates (UAE) energy group, has announced investment worth $15 million in Faisalabad special economic zones (SEZ).

https://www.thenews.com.pk/print/917426-uae-firm-to-invest-15mln

 

ECC approves removal of incremental block tariff in power sector subsidies

The Economic Coordination Committee of the Cabinet on Thursday approved removal of one slab benefit (incremental block tariff) and incorporation of revised subsidy and inter-distribution companies tariff rationalization/cross-subsidies under Retargeting of Power Sector Subsidies Phase –II.

https://www.thenews.com.pk/print/917418-ecc-approves-removal-of-incremental-block-tariff-in-power-sector-subsidies

 

OGDCL injects additional oil, gas in system

The Oil and Gas Development Company Limited (OGDCL) injected four operated wells, producing 69,770 barrels (bbl) crude oil and 184 million cubic feet (mmcf) gas in its production gathering system during the first quarter of the current fiscal year.

https://www.thenews.com.pk/print/917423-ogdcl-injects-additional-oil-gas-in-system

 

Govt to exempt 16 PNSC subsidiaries from PSCG rules

The Federal Cabinet is to relax applicability of Public Sector Companies Corporate Governance (PSCG) Rules, 2013 in respect to subsidiaries of Pakistan National Shipping Companies (PNSC), official sources told Business Recorder.

https://www.brecorder.com/news/40140753/govt-to-exempt-16-pnsc-subsidiaries-from-pscg-rules

 

 

Commodities and Currency: 1-Day Change

 Gold: 

USD 1,803.80 ▲ 0.31%

 Silver:

USD 22.46 ▼ 0.14%

 Crude Oil

USD 71.69 ▼ 0.95%

 USD-PKR: 

Rs 178.20/USD ▲ 0.00%

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