【Daily】28 Jan Brief of Pak BizNews
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KSE 100 45,083.04 ▲ 0.28% KMI 30 73,322.07 ▲ 0.36% KASB Tech Index 431.04 ▲ 1.49%
KASB Market View · The KSE-100 index closed on a positive note on the back of decline in T-bill cut off yields. · TRG Pakistan Limited was the volume leader with 19.12 million shares, followed by Hum Network with 15.24 million shares, and Unity Foods Limited with 11.71 million shares. · Rise in international crude oil prices will continue to dent investor sentiments. · The IMF review, scheduled in February is likely to be a positive trigger for the market.
National News
PM’s upcoming China visit: Chinese investors want high-level parleys Chinese investors in Pakistan’s energy sector, who are facing bottlenecks, have urged Islamabad to resolve issues of existing project sponsors to attract more investment in the country, well informed sources in Board of Investment (BoI) told Business Recorder.
Forex reserves decline $867 million Pakistan’s foreign exchange reserves declined by $867 million or 3.7 percent in the week ended January 21, the State Bank of Pakistan (SBP) reported on Thursday. https://www.thenews.com.pk/print/928704-forex-reserves-decline-867-million
Advance tax on wide range of cellular services increased The Federal Board of Revenue (FBR) from January 16, 2022 increased the advance tax on a wide range of cellular services from 10 to 15 percent including telephone bills of subscribers; prepaid cards for telephones; sale of units through any electronic medium; internet bills of subscribers, and prepaid cards for internet. https://www.brecorder.com/news/40150473/advance-tax-on-wide-range-of-cellular-services-increased
SBP Amendment Bill 2021 becomes ‘make or break’ issue The approval of State Bank of Pakistan (SBP) Amendment Bill 2021 has literally become 'make or break' issue for the revival of stalled IMF program. https://www.thenews.com.pk/print/928802-sbp-amendment-bill-2021-becomes-make-or-break-issue
Rising global commodity prices cause quite a stir The Federal Minister for Finance and Revenue, Shaukat Tarin, presided over a meeting of macroeconomic advisory group on Thursday. https://www.brecorder.com/news/40150480/rising-global-commodity-prices-cause-quite-a-stir
Foreign-aided projects: EAD invites FY23 budget estimates Economic Affairs Division (EAD) has asked all the federal ministries/ departments and provisional governments to send revised estimates for fiscal year 2021-22 and budget estimates for fiscal year 2022-23 in respect of disbursement of foreign-aided projects, https://www.brecorder.com/news/40150475/foreign-aided-projects-ead-invites-fy23-budget-estimates
FBR assures retailers: Issue of input tax adjustment to be resolved soon The Federal Board of Revenue (FBR), Thursday, assured the retailers that the issue of input tax adjustment would soon be resolved after declaration of big retailers, wholesalers/distributors as Tier-1 Retailers under the Finance Supplementary Act, 2022.
Economy prone to more lockdowns, demand shocks, warns Moody’s In the event of further lockdowns or shocks to external demand, the government of Pakistan (rating B3 stable) would have comparatively less fiscal headroom to support domestic economic activity, says Moody’s Investors Services (Moody’s). https://www.brecorder.com/news/40150476/economy-prone-to-more-lockdowns-demand-shocks-warns-moodys
Finance identifies major risks to economy With fiscal deficit of Rs951 billion for the first five months of the current fiscal year (July-November 2022) against Rs822 billion for the same period a year before, the Finance Ministry has identified external account pressure, as well as, inflation and Omicron virus as major risks for the economy. https://www.brecorder.com/news/40150474/finance-identifies-major-risks-to-economy
Daily Change: 1-Day Change
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