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【Daily】5 Jan. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jan 5, 2022

-Daily Market-

                KSE 100 45,390.84 ▲ 1.12%

                 KMI 30 73,497.23 ▲ 1.52%

                 KASB Tech Index 492.42 ▲ 3.50%

 

KASB Market View

·         The KSE-100 index closed on a positive note gaining 504 points on the back of recent positive economic developments.

·         Going forward, approval of the Finance bill and the continuation of IMF program is likely to be a positive trigger for the market.

 

National News

Cement despatches fall 4.2 percent in December

Total cement despatches dropped 4.2 percent to 4.59 million tonnes in December from 4.79 million in December 2020 due to slowdown in construction activities.

https://www.thenews.com.pk/print/922554-cement-despatches-fall-4-2-percent-in-december

 

Textile firms rattled by likely policy withdrawal

Textile majors on Tuesday lambasted the government over reports that the commerce ministry was withdrawing

https://www.thenews.com.pk/print/922561-textile-firms-rattled-by-likely-policy-withdrawal

 

Banking sector assets rise 2.17pc to Rs28.79trln by end-Sept

The value of assets held by banking sector rose 2.17 percent to Rs28.790 trillion as of end-September quarter from the quarter before, the central bank said on Tuesday, as post- pandemic economic recovery boosted demand for loans from businesses and consumers.

https://www.thenews.com.pk/print/922557-banking-sector-assets-rise-2-17pc-to-rs28-79trln-by-end-sept

 

Effective Jan 1: GST on POL products increased

The Federal Board of Revenue (FBR) has increased the sales tax on petrol from 1.63 percent to 4.77 percent from January 1, 2022. The FBR has issued SRO1(I)/2022, here on Tuesday.

https://www.brecorder.com/news/40144835/effective-jan-1-gst-on-pol-products-increased

 

PARCO set to sell HFSO at lower than ex-refinery price

Pak-Arab Refinery Limited (PARCO) has received Rs72,000 per tonne bid for export of its high sulfur fuel oil (HSFO) against the ex-refinery price of Rs86,000 per tonne, The News learnt on Tuesday.

https://www.thenews.com.pk/print/922558-parco-set-to-sell-hfso-at-lower-than-ex-refinery-price

 

KE granted Rs1.07/kWh FCA

National Electric Power Regulatory Authority (Nepra) approved a fuel charge adjustment (FCA) of Rs.1.0751 per kWh for K-Electric (KE) for the month of October 2021, a notification said on Tuesday.

https://www.thenews.com.pk/print/922564-ke-granted-rs1-07-kwh-fca

 

Oil rises 1.5% as OPEC+ agrees to planned output increase

Oil prices rose 1.5% on Tuesday as OPEC+ producers agreed to stick with their planned increase for February based on indications that the Omicron coronavirus variant would have only a mild impact on demand.

https://www.brecorder.com/news/40144694/oil-rises-15-as-opec-agrees-to-planned-output-increase

 

Swelling import bill: Covid-19 vaccine purchase identified as primary reason

Minister for Information and Broadcasting Fawad Chaudhary has stated that the primary reason behind increase in import bill was that the country imported US$2 billion vaccine for coronavirus, adding that inflation is showing declining trend in the country.

https://www.brecorder.com/news/40144840/swelling-import-bill-covid-19-vaccine-purchase-identified-as-primary-reason

 

Two IPPs serve payment notices to govt

Two Independent Power Producers (IPPs) namely, Attock Gen Ltd (AGL) and Sapphire Electric Company Ltd (SEL) have served payment notices to GoP, which, according to Managing Director, PPIB will have serious consequences for the CPPA-G besides having adverse effect on GoPs guarantee obligations, well informed sources in PPIB told Business Recorder.

https://www.brecorder.com/news/40144833/two-ipps-serve-payment-notices-to-govt

 

Commodities and Currency: 1-Day Change

Gold: 

USD 1,815.35 ▲ 0.04%

Silver: 

USD 23.005 ▼ 0.22%

Crude Oil

USD 76.86 ▼ 0.17%

USD-PKR: 

Rs 176.50/USD ▲ 0.00%

 

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