【Daily】2 Feb Brief of Pak BizNews
KSE 100 45,674.5 ▲ 0.66%
KMI 30 74,109.2 ▲ 0.70%
KASB Tech Index 420.7 ▼ 1.12%
KASB Market View
§ The fund is expected to meet today for the sixth review. Revival of the program would bring back the investor’s confidence in stock market.
§ CPI inflation surged to a two year high peak clocking in at 12.96% in Jan22. We expect the inflation to average at 11.0% in FY22.
§ Ghani Global Holdings was the volume leader with 25.5mn shares. It was followed by WorldCall Telecom with 24.9mn shares and Treet Corporation with 19.5 million shares. BAFL is set to announce its 4QCY21 result today where we expect it to be close to PkR 2.0/sh accompanied with a final cash dividend of PkR 2.0/sh.
Jan CPI grows 13pc YoY
The Consumer Price Index (CPI) witnessed an increase of 13 percent on year-on-year basis in January 2022 as compared to an increase of 12.3 percent in the previous month and 5.7 percent in January 2021, says the Pakistan Bureau of Statistics (PBS). The CPI for January 2022 is the highest inflation in 24 months as it was registered 14.6 percent in January 2020.
$6bn EFF; 6th review to be high on IMF board’s agenda for today’s meeting
The International Monetary Fund’s Executive Board will take the sixth review of the $6 billion Extended Fund Facility (EFF) for Pakistan on the agenda in its meeting scheduled for Wednesday (Feb 2).
Pakistan Receives $1 billion of Sukuk Proceeds
The Government of Pakistan has successfully raised $1 billion through the issuance of International Sukuk. The order books were oversubscribed as they peaked at US$ 2.7 billion. After careful consideration, the Government decided to raise US$ 1 billion, said the statement.
POL products; GST abolished, PL revised downward
The federal government has abolished General Sales Tax (GST) on all petroleum products and reduced the rate of petroleum levy to absorb the international oil price rise with effect from February 1, 2022.
OGRA increases LPG price by Rs10 per kg
The Oil and Gas Regulatory Authority (OGRA) has issued a notification increasing the price of Liquefied Petroleum Gas (LPG) by Rs10 per kg for the month of February 2022. After this increase, the domestic LPG cylinder will be available at Rs2440 after witnessing a hike of Rs120 per kg while price of a commercial cylinder is Rs9387 after an increase of Rs458 for the month of February 2022.
Dec 2021 Nepra agrees to raise Discos’ tariff by Rs3.09/unit
The National Electric Power Regulatory Authority (Nepra) Tuesday agreed, in principle, to increase Discos’ tariff by Rs 3.09 per unit for December 2021 under monthly Fuel Component Adjustment (FCA) mechanism to recover additional cost of Rs 26.6 billion from consumers except lifeline consumers.
CCoE to discuss revised Circular Debit Management Plan today
The Cabinet Committee on Energy (CCoE) today (Wednesday) would discuss revised Circular Debit Management Plan (CDMP) prepared by the Power Division. According to the sources, the Finance Ministry said, the Power Division should use realistic assumption to see the impact on stock and flow of circular debt and accordingly, further mitigation measures may be proposed, if required.
Circular debt showing Rs38bn monthly growth
Pakistan’s energy sector circular debt flow is still soaring with an average growth of about Rs 38 billion per month recorded during the first six months (July-December) 2021-22, well-informed sources told Business Recorder.
H1FY22: minister says ‘freelancers earn export revenue of $216.788m’
Pakistan’s freelancers have earned export revenue of $216.788 million during the first half (July-December) of current fiscal year 2021-22 at a growth rate of 16.74 percent as compared to last year’s $185.698 million, said Syed Aminul Haque, federal minister for Information Technology and Telecommunication.
Commodities and Currency: 1-Day Change