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【Daily】11 Feb Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Feb 11, 2022

-Daily Market-

KSE 100  45,940.04 ▼ 0.86%
KMI 30 74,838.39 ▼ 0.87%

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


National News

 

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.

https://www.brecorder.com/news/40153467/cannot-sustain-artificially-kept-low-petrol-prices-shaukat-tarin

 

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.

https://www.brecorder.com/news/40153680/12m-new-jobs-expected-over-70000-housing-projects-worth-rs14trn-approved-pm

 

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)

https://www.brecorder.com/news/40153678/transactions-related-to-discos-govt-to-hire-financial-advisor-wbs-assistance-to-be-sought

 

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

Gold: 

USD 1,826.25 ▼ 0.61% 

Silver: 

USD 23.117 ▼ 1.73%

Crude Oil

USD 89.61 ▼ 0.29%

USD-PKR: 

Rs 175.20/USD ▲ 0.60%

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