【Daily】16 Feb Brief of Pak BizNews

-Daily Market-

KSE 100 45,731.7 ▲ 0.19%

KMI 30 74,077.4 ▲ 0.12%

KASB Tech Index 413.9 ▲ 1.32%

KASB Market View

§  Domestic petroleum prices have increased in tandem with record high international oil prices. This would have an inflationary impact and would dampen the investor’s confidence.

§  Approval of much awaited textile policy bodes well for the textile companies namely ILP, GATM and NML.

§  WorldCall Telecom was the volume leader with 91.9 million shares. It was followed by K-Electric with 22.7 million shares and Telecard Limited with 10.1 million shares. Important results for the day include PIOC and ENGRO.

National News

Record high: Govt increases price of petrol by Rs12.03, takes it to Rs159.86 per litre

The previous price of petrol was Rs147.83 per litre, while the old price of HSD was Rs144.62. Moreover, the prices of kerosene and light diesel oil (LDO) have also been increased by Rs10.08 and Rs9.43 per litre, respectively. The new price of kerosene is Rs126.56 and that of light diesel oil is Rs123.97.

https://www.brecorder.com/news/40154642/record-high-govt-increases-price-of-petrol-by-rs1203-takes-it-to-rs15986-per-litre

Revised Textile, Apparel Policy approved by cabinet

The Federal Cabinet has approved revised Textile and Apparel Policy 2020-25, after resolution of dispute between Commerce Ministry and Energy Ministry on energy (electricity and RLNG) prices for the textile and apparel sector.

https://epaper.brecorder.com/2022/02/16/1-page/919017-news.html

IMF ‘wishlist’ cannot be implemented in totality: Tarin

Finance Minister Shaukat Tarin Tuesday said the government would hold negotiations with the International Monetary Fund (IMF) on reforms in the Personal Income Tax (PIT), withdrawal of exemptions under the PIT and bringing changes in the existing income tax slabs is the “wishlist” of the fund.

https://www.brecorder.com/news/40154801/imf-wishlist-cannot-be-implemented-in-totality-tarin

Cabinet Okays ‘Separate Judicial System’ for Overseas Pakistanis

The federal cabinet on Tuesday approved the formulation of a separate judicial system for overseas Pakistanis to ensure summary trial. Federal Minister for Information and Broadcasting, Chaudhry Fawad Hussain made this announcement while addressing a press conference after a federal cabinet meeting in Islamabad.

https://propakistani.pk/2022/02/15/cabinet-okays-separate-judicial-system-for-overseas-pakistanis/

Saindak Mine lease extension okayed by cabinet: Hammad

Minister for Energy Hammad Azhar on Tuesday said the Federal Cabinet had approved extension of Saindak Mine lease to the Chinese company, already working on the project.

https://epaper.brecorder.com/2022/02/16/18-page/919143-news.html

‘Hidden’ costs in Saindak project can reduce GoP’s profit

Chairman, China Pakistan Economic Corridor (CPEC) Authority has alerted the government that hidden cost in O&M of Saindak Copper-Gold Project can reduce government share/ profits, well informed sources told Business Recorder.

https://epaper.brecorder.com/2022/02/16/12-page/919105-news.html

KE proposes amendments in draft AA

Karachi Electric (KE) has proposed amendments in the draft Arbitration Agreement (AA), prepared for resolution of disputes in receivables between KE and Government entities, sources close to Privatisation Commission told Business Recorder.

https://epaper.brecorder.com/2022/02/16/1-page/919012-news.html

IPAK gears up for the first IPO of 2022

International Packaging Films Limited (IPAK) on Tuesday announced intention to raise Rs2.159 billion via initial public offering (IPO) of 63.5 million ordinary shares at the Pakistan Stock Exchange (PSX).

https://www.thenews.com.pk/print/933969-ipak-gears-up-for-the-first-ipo-of-2022

Commodities and Currency: 1-Day Change