【Daily】10 Feb Brief of Pak BizNews
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KSE 100 46,399.76 ▲ 0.85% KASB Tech Index 423.49 ▲ 0.14%
KASB Market View · The bulls had an upper hand over the bears as KSE-100 gained 391 pts and closed above 46,000 point level. · Cement sector is expected to remain under pressure due to elevated international coal prices. · The sectors driving the benchmark index upwards included banking (126.8 points), fertiliser (77.43 points) and oil and gas exploration (41.49 points). · Positive. earnings surprise and higher dividend in the ongoing result season might re-ignite interest in stocks.
National News
ECC approves textile policy with certain amendments A meeting of the Economic Coordination Committee (ECC) of the Cabinet has approved revised Textiles and Apparel Policy, (2020-25) after incorporating certain amendments. https://www.brecorder.com/news/40153391/ecc-approves-textile-policy-with-certain-amendments
ECC defers settlement of payables to govt-owned power plants The Economic Coordination Committee (ECC) on Wednesday agreed to delay Power Division’s two summaries on the settlement of payables to government-owned power plants and reinstatement of taxes on dividends for independent power producers (IPPs) investors and shareholders.
1HFY22: govt posts 2.1pc budget deficit The government has closed the first half of the ongoing fiscal with 2.1 percent budget deficit (Rs1371.8 billion) despite Rs480.7 billion budget surplus generated by the provinces. https://www.brecorder.com/news/40153304/1hfy22-govt-posts-21pc-budget-deficit
SBP raises Rs529bn through T-bills auction The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs592 billion, against its target of Rs500bn. https://mettisglobal.news/sbp-raises-rs529bn-through-t-bills-auction/
BS-1 to 19 employees: 15pc disparity allowance announced The government has decided to give 15 percent disparity allowance on running basic pay to underprivileged employees from BS-1 to 19. https://www.brecorder.com/news/40153393/bs-1-to-19-employees-15pc-disparity-allowance-announced
54 projects being implemented thru WB funding Omar Ayub Khan, Federal Minister for Economic Affairs chaired a high level meeting to review the progress on different projects funded by the World Bank (WB). The meeting was attended by the World Bank Team, led by Najy Benhassine, Country Director, and senior officers of Economic Affairs Division (EAD). https://www.brecorder.com/news/40153390/54-projects-being-implemented-thru-wb-funding
BoI asked to make strategy aimed at populating SEZs An inter-ministerial meeting on Joint Working Group (JWG) on industrial cooperation under CPEC has directed Board of Investment (BoI) to make aggressive marketing strategy to attract Chinese and other investors to relocate their respective industries to SEZs. https://www.brecorder.com/news/40153392/boi-asked-to-make-strategy-aimed-at-populating-sezs
WB likely to further downgrade $200m locust and food security project The World Bank is likely to further downgrade the $200 million locust emergency and food security project for Pakistan, besides cancelling partial commitment bringing it down to $104 million, after facing inordinate delay in implementation on account of the government, it is learnt.
Financing of Rs74bn disbursed for renewable energy projects: SBP The State Bank of Pakistan (SBP), in a bid to counter climate change and enhance renewable energy generation, has provided financing worth Rs74 billion to over 1,175 projects under its refinance scheme that is aimed at promoting investment in renewable energy.
5G spectrum auction: Ministry notifies Advisory Committee The Ministry of information Technology and Telecommunication on Wednesday notified the Advisory Committee for 5G spectrum auction in the country, which the government is planning to hold latest by January 2023. https://www.brecorder.com/news/40153385/5g-spectrum-auction-ministry-notifies-advisory-committee
Daily Change: 1-Day Change
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