【Daily】12 Jan Brief of Pak BizNews

-Daily Market-

KSE 100 45,888.1 ▼ 0.01%

KMI 30 73,792.8 ▼ 0.61%

KASB Tech Index 476.5 ▼ 0.71%

KASB Market View

·       Rising number of COVID cases have dented the investor sentiments as fears of lockdown measures are starting to kick in.

·       Moreover, beginning of result season with positive earnings surprises might bring some spark in specific stocks.

·       WorldCall Telecom was the volume leader with 44.7 million shares. It was followed by Hascol Petroleum with 33.1 million shares and Unity Foods (R) with 22.5 million shares.

National News

December auto sales jump amid tax rate uncertainty

Notwithstanding last-month-of-the-year phenomenon, auto sales in the month of December went up this year as buyers anticipated an increase in taxes with government prepared to jack up prices of several commodities, including cars in the mini-budget.

https://www.thenews.com.pk/print/924509-december-auto-sales-jump-amid-tax-rate-uncertainty

Pakistan can ride out rising external account pressures: Baqir

Central bank chief Dr Reza Baqir believes the country has the capacity and financial cushion to ride out rising external account pressures being driven by a surge in global commodity prices.

https://www.brecorder.com/news/40146496/pakistan-can-ride-out-rising-external-account-pressures-baqir

‘Mini-budget’ Senate adopts suggestions

The upper house of the Parliament on Tuesday adopted the recommendations of its Standing Committee on Finance, Revenue and Economic Affairs regarding Finance (Supplementary) Bill 2021 or ‘mini-budget’ that were then sent to National Assembly for its consideration.

https://www.brecorder.com/news/40146495/mini-budget-senate-adopts-suggestions

First five months of current fiscal: Circular debt touches Rs2.41trn mark

The country’s circular debt has reached Rs 2.410 trillion mark during the first five months (July-November) of 2021-22 as compared to Rs 2.306 trillion in the same period 2020-21, with average growth of Rs 26 billion per month, totalling to Rs 130 billion, official sources told Business Recorder.

https://www.brecorder.com/news/40146494/first-five-months-of-current-fiscal-circular-debt-touches-rs241trn-mark

WB projects 4pc GDP growth rate

The World Bank has projected Pakistan’s GDP growth rate at 4 percent for 2022-23, benefiting from structural reforms enhancing export competitiveness and improving the financial viability of the power sector.

https://www.brecorder.com/news/40146493/wb-projects-4pc-gdp-growth-rate

Power base tariff: Power Div proposes further hike

The Power Division is said to have proposed further increase in electricity base tariff by over Rs 2 per unit to raise it to Rs 18.37 per unit by 2023 from existing base rate of Rs 16.44 per unit in accordance with understanding with the IMF, well informed sources told Business Recorder.

https://www.brecorder.com/news/40146488/power-base-tariff-power-div-proposes-further-hike

Sale of Liquefied Natural Gas: Bill on weighted average cost on the cards

Energy Minister Hammad Azhar said the government would introduce a bill in the parliament within 8-10 days for weighted average cost of gas (WACOG) for the sale of local and imported liquefied natural gas.

https://www.brecorder.com/news/40146479/sale-of-liquefied-natural-gas-bill-on-weighted-average-cost-on-the-cards

ECC set to approve tobacco crop MIPs today

The Economic Coordination Committee (ECC) of the Cabinet, which is scheduled to meet on Wednesday (today), will approve Minimum Indicative Prices (MIPs) of tobacco crop 2022. To be presided over by Finance Minister Shaukat Tarin, the committee would approve a summary of the Federal Board of Revenue (FBR) for technical supplementary grant of Rs4 billion under the Pakistan Raises Revenue Program (PRRP) for the financial year 2021-22.

https://www.brecorder.com/news/40146480/ecc-set-to-approve-tobacco-crop-mips-today

Oil tops $83, as Omicron impact expected to be short lived

Oil rose to more than $83 a barrel on Tuesday, supported by tight supply and expectations that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery, Reuters reported.

https://www.thenews.com.pk/print/924505-oil-tops-83-as-omicron-impact-expected-to-be-short-lived

Commodities and Currency: 1-Day Change