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【Daily】31 Dec. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Dec 31, 2021

-Daily Market-

                                             KSE 100 44,416.20 ▲ 0.35%

                                             KMI 30 71,331.63 ▲ 0.21%

                                      KASB Tech Index 479.34 ▲ 2.35%

 

KASB Market View

  • The KSE-100 index closed on a positive note gaining 156 points after the proposal of the Finance Bill.
  • Sectors such as telecommunications, autos, and pharmaceutical may witness a slight decline after the proposed taxes in Finance Bill yesterday. However, overall market sentiment is expected to be positive over the clarity of the mini-budget and IMF’s upcoming review.

 

National News

‘Mini-budget’ approved by Cabinet

Federal cabinet on Thursday approved a supplementary budget that plans to end exemptions on sales tax and levy new duties as part of fiscal tightening measures aimed at winning funding from the International Monetary Fund (IMF).

https://www.brecorder.com/news/40143812/mini-budget-approved-by-cabinet

 

Govt tables Supplementary Finance, SBP bills

Amid ruckus and uproar by opposition parties, Finance Minister Shaukat Tarin on Thursday laid the Finance (supplementary) Bill, 2021 and State Bank of Pakistan (Amendment) Bill, 2021 in National Assembly.

https://www.brecorder.com/news/40143804/govt-tables-supplementary-finance-sbp-bills

 

SBP bill aimed at insulating officials from actions

The Pakistan Tehreek-e-Insaf (PTI) government amid the opposition protest introduced “the State Bank of Pakistan (Amendment) Bill, 2021” to protect the SBP officials for all actions undertaken in good faith, to exclude provisions related to the government borrowing as well as the quasi-fiscal operations of the State Bank, to facilitate financial institutions with appropriate checks and balance and to abolish the Monetary and Fiscal Coordination Board.

https://www.brecorder.com/news/40143805/sbp-bill-aimed-at-insulating-officials-from-actions

 

Forex reserves down $359m

The country’s total liquid foreign exchange reserves fell by $359 million during the last week.

https://www.brecorder.com/news/40143797/forex-reserves-down-359m

 

Loan for Sui gas companies: MoF urged to extend Rs24.19bn sovereign guarantee

Petroleum Division has requested Ministry of Finance (MoF) to extend sovereign guarantee amounting to Rs. 24.188 billion in favour M/s Habib Metropolitan Bank Ltd (HMPB) and a syndicate of two banks led by United Bank Limited (UBL) along with Faysal Bank in favour of Sui gas companies, official sources told Business Recorder.

https://www.brecorder.com/news/40143809/loan-for-sui-gas-companies-mof-urged-to-extend-rs2419bn-sovereign-guarantee

 

CPEC projects in Gwadar: Implementation status reviewed

The 6th meeting of the Joint Working Group under China-Pakistan Economic Corridor (CPEC) reviewed the implementation status of the CPEC projects in Gwadar and deliberated upon the future course of action with regard to development of Gwadar city, port, and the free zone.

https://www.brecorder.com/news/40143768/cpec-projects-in-gwadar-implementation-status-reviewed

 

Finance (Suppl) Bill: 17pc GST proposed to be levied on over 150 items

The government has proposed to impose 17 percent sales tax worth Rs343 billion on over 150 items including imported plant and machinery, luxury items, dairy products, meat/poultry, pharmaceutical raw materials, beauty products/food supplements, computers, baggage of overseas Pakistanis, cotton/sunflower/canola seeds, mobile phones (exceeding US$200), branded iodized salt, energy saver lamps/tube lights, and imported re-meltable scrap.

https://www.brecorder.com/news/40143806/finance-suppl-bill-17pc-gst-proposed-to-be-levied-on-over-150-items

 

 

Commodities and Currency: 1-Day Change

 Gold: 

USD 1,818.55 ▲ 0.25%

 Silver:

USD 23.14 ▲ 0.36%

Crude Oil

USD 76.65 ▼ 0.44%

 USD-PKR: 

Rs 178.25/USD ▲ 0.00%

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