【Daily】11 Feb Brief of Pak BizNews
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KSE 100 45,940.04 ▼ 0.86% KASB Tech Index 416.47 ▼ 1.66%
KASB Market View · The KSE-100 witnessed a correction and was not able to sustain above 46,000 point level losing 400pts as investors opted to book profits. · Due to elevated International coal prices, cement sector is expected to remain under pressure. · The soar in foreign exchange reserve numbers may prove to be a positive indicator. · Top volume leaders of the day were Telecard, TPL Properties, WorldCall Telecom, TPL Corp and The Bank of Punjab
Foreign exchange: SBP reserves soar $1.61b to $17.34b The foreign exchange reserves held by the central bank surged 10.23% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) https://tribune.com.pk/story/2342942/foreign-exchange-sbp-reserves-soar-161b-to-1734b
MSCI unveils Pakistan constituents for its indices Pakistan has been added to MSCI FM 100 Index and MSCI FM 15 percent Country Capped Index. https://www.brecorder.com/news/40153683/msci-unveils-pakistan-constituents-for-its-indices
Cannot sustain 'artificially' kept low petrol prices: Shaukat Tarin Finance Minister Shaukat Tarin has said that the government cannot keep prices of petroleum products low artificially, stressing that the global hike in rates will have to be passed onto the consumers at some point.
Circular debt rises to Rs2.476tr by Dec 2021 The scourge of circular debt of cash bleeding power sector has gone up by Rs1,328 billion in the last 40-month rule of PTI government, climbing up to Rs2,476 billion till December 2021. https://www.thenews.com.pk/print/932566-circular-debt-rises-to-rs2-476tr-by-dec-2021
Sales tax on light diesel abolished The Federal Board of Revenue (FBR) has abolished sales tax on light diesel oil from January 16, 2022. https://www.brecorder.com/news/40153679/sales-tax-on-light-diesel-abolished
1.2m new jobs expected: Over 70,000 housing projects worth Rs1.4trn approved: PM Prime Minister Imran Khan said that over 70,000 housing projects worth Rs1.4 trillion have been approved, which will have an overall impact of Rs7.3 trillion on the construction industry, and 1.2 million new jobs will be created.
CCoE approves revised CDMP The Cabinet Committee on Energy (CCoE) has approved the revised Circular Debt Management Plan (CDMP). https://www.brecorder.com/news/40153682/ccoe-approves-revised-cdmp
Transactions related to Discos: Govt to hire financial advisor; WB’s assistance to be sought The Government has decided to seek financial assistance from World Bank to hire an international Financial Advisor for a transaction relating to power Distribution Companies (Discos)
Rs273bn KCR project sent to ECNEC The Central Development Working Party (CDWP) cleared the Karachi Circular Railway (KCR) as a Modern Urban Railway project at a cost of Rs273.1 billion, while referring it to the Executive Committee of the National Economic Council (ECNEC) for final approval. https://www.brecorder.com/news/40153688/rs273bn-kcr-project-sent-to-ecnec
RSEZ: Chinese investors want more incentives Chinese investors have reportedly expressed dissatisfaction at the incentives offered for investment in Pakistan’s flagship project, i.e., Rashakai Special Economic Zone (RSEZ) https://www.brecorder.com/news/40153686/rsez-chinese-investors-want-more-incentives
PM dismisses suspicions over CPEC Prime Minister Imran Khan on Thursday dismissed the “suspicion” of Western countries about the China Pakistan Economic Corridor (CPEC) and Gwadar Port and said the projects were a great opportunity for regional development. https://www.brecorder.com/news/40153690/pm-dismisses-suspicions-over-cpec
Daily Change: 1-Day Change
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