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【Daily】10 Jan. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jan 10, 2022

-Daily Market-

KSE 100 45,345.65 ▲ 0.58% 
KMI 30 73,865.44  ▲ 0.98% 

KASB Tech Index 473.76 ▼ 0.37% 

 

KASB Market View

·         The market sentiments are expected to turn negative as there is a further delay in approval of IMF programme till the end of this month.

·         The rise in omicron variant cases proves to be an alarming factor as possibility of lockdowns and restrictions increases.

National News

 

IMF accepts request to postpone review of loan plan

The International Monetary Fund (IMF) has accepted Pakistan’s request to postpone the review of its $6 billion loan programme scheduled for Jan 12, sources told Dawn on Saturday.

https://www.dawn.com/news/1668396/imf-accepts-request-to-postpone-review-of-loan-plan

 

6th Review of $6bn EFF: IMF board to take disbursement decision only after passage of bills

The International Monetary Fund (IMF) has removed Pakistan’s agenda from the Executive Board calendar soon after it announced to take Sixth Review of the $6 billion Extended Fund Facility (EFF) in its meeting scheduled for January 12.

https://www.brecorder.com/news/40145625/6th-review-of-6bn-eff-imf-board-to-take-disbursement-decision-only-after-passage-of-bills

 

IMF to change mission chief

The International Monetary Fund (IMF) has decided to replace its mission chief to Pakistan, Ernesto Rigo, amid chances that the executive board of the fund will not take up Pakistan’s request for the revival of $6 billion loan programme on January 12.

https://tribune.com.pk/story/2337637/imf-to-change-mission-chief

 

Pakistan's Covid positivity ratio crosses 3% as number of daily cases rises

Pakistan's coronavirus positivity ratio was recorded at 3.16% while the number of cases continued to be over 1,000 for the fourth consecutive day.

https://www.brecorder.com/news/40145773/pakistans-covid-positivity-ratio-crosses-3-as-number-of-daily-cases-rises

 

Price of quality cotton hits all-time high of Rs20,000/maund

The rate of quality cotton in the local cotton market reached an all-time high of Rs20,000 per maund after increasing by Rs1,000 per maund.

https://www.brecorder.com/news/40145702/price-of-quality-cotton-hits-all-time-high-of-rs20000maund

 

Import of urea from China allowed on G2G basis

In order to address the shortage of urea in Rabi Season 2021-22, a meeting of the Economic Coordination Committee (ECC) of the Cabinet has allowed the import of 50,000 metric tons of urea from China on a government-to-government (G2G) basis after both bidders submitted regret letters.

https://www.brecorder.com/news/40145764/import-of-urea-from-china-allowed-on-g2g-basis

 

Private sector borrowing sees fivefold rise in 1HFY22

The private sector’s credit off-take witnessed a record increase of over five times in the first half of the current fiscal year compared to the same period of the last year, suggesting the country may achieve the 5 per cent GDP growth target on the back of higher economic activities.

https://www.dawn.com/news/1668423/private-sector-borrowing-sees-fivefold-rise-in-1hfy22

 

Services exports up 22.94pc in 5MFY22

Pakistan’s exports of services posted a growth of over 22.94 per cent in the first five months of the current fiscal year (5MFY22) from a year ago, according to the latest data released by the Pakistan Bureau of Statistics.

https://www.dawn.com/news/1668420/services-exports-up-2294pc-in-5mfy22

 

Alfalah to list exchange-traded fund on PSX on 17th

Alfalah GHP Investment Management Ltd is going to list on the bourse its first exchange-traded fund (ETF) on Jan 17, said company CEO Nabeel Malik while speaking to Dawn on Saturday.

https://www.dawn.com/news/1668427/alfalah-to-list-exchange-traded-fund-on-psx-on-17th

 

$3.16bn received through Roshan Digital Accounts till Dec 2021

The country received over $3 billion through the Roshan Digital Accounts (RDA) till the end of December 2021, the State Bank of Pakistan (SBP) reported on Friday.

https://www.dawn.com/news/1668244/316bn-received-through-roshan-digital-accounts-till-dec-2021

 

Banks attract record Rs3.88tr deposits in 2021

Banks recorded the 10-year’s highest de­p­osit growth of 22.7 per cent in the calendar year 2021 mai­nly due to higher remittan­ces, export proceeds and a sha­rp depreciation of the rupee.

https://www.dawn.com/news/1668247/banks-attract-record-rs388tr-deposits-in-2021

 

Senate panel okays 17pc sales tax on imported machinery for EPZs

The Senate Standing Committee on Finance, Revenue and Economic Affairs on Friday approved 17 per cent sales tax on the import of machinery and equipment to be utilised in the Export Processing Zones (EPZs).

https://www.dawn.com/news/1668245/senate-panel-okays-17pc-sales-tax-on-imported-machinery-for-epzs

 

SBP extends relaxations for banks till June 30

The State Bank of Pakistan (SBP) on Friday extended concessions given to commercial and microfinance banks on account of the pandemic till June 30, 2022 for ease in banking and transaction activities.

https://www.thenews.com.pk/print/923457-sbp-extends-relaxations-for-banks-till-june-30

 

Weekly inflation hits decade-high of 20.08pc year-on-year

Increase in prices of petrol and diesel along with food pushed weekly inflation to over a decade high at 20.08 percent year-on-year, while drop in tomato and LPG rates kept week-on-week numbers slightly muted.

https://www.thenews.com.pk/print/923454-weekly-inflation-hits-decade-high-of-20-08pc-year-on-year

 

New terms with IPPs to help govt save Rs120 billion every year

On payment of the first tranche of outstanding undisputed payables to IPPs in line with the revised contracts, revised terms have become effective, which will result in saving of at least Rs120 billion a year. These major revised terms include rupee based return instead of USD based maximum 17pc per annum in PKR fixed at Rs. 148 USD without any future USD linkage, besides reducing the rate of return for local and foreign investors to 12pc USD instead of 15pc USD.

https://www.thenews.com.pk/print/923506-new-terms-with-ipps-to-help-govt-save-rs120-billion-every-year

 

Govt providing Rs400 bn subsidy to agri sector: minister

Federal Minister for Industries and Production Khusro Bakhtyar Friday said the government had provided Rs400 billion subsidy for the development of agriculture sector and ensured uninterrupted gas supply to the fertiliser industry to help promote agriculture production in the country.

https://www.thenews.com.pk/print/923488-govt-providing-rs400-bn-subsidy-to-agri-sector-minister

 

Gas suspension: Pakistan loses textile exports worth $250m

Pakistan has lost textile exports of $250 million in December, 2021 in the wake of gas supply closure to the sector in Punjab for 15 days.

https://www.thenews.com.pk/print/923478-gas-suspension-pakistan-loses-textile-exports-worth-250m

 

 

 

Daily Change: 1-Day Change

Gold: 

USD 1791.75 ▼ 0.33%

Silver: 

USD 22.277 ▼ 0.33% 

Crude Oil

USD 79.06 ▲ 0.22% 

USD-PKR: 

Rs 176.750/USD ▲ 0.11% 

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