【Daily】23 Feb. Brief of Pak BizNews

-Daily Market-

KSE 100 45,012.2 ▼ 0.11%

KMI 30 72,730.0 ▼ 0.79%

KASB Tech Index 392.68 ▼ 3.85%

KASB Market View

§  Elevated international oil and coal prices would continue to dampen investor’s sentiments amidst fear of new sanctions on Russia.

§  Approval of various incentives for IT and Pharmaceutical sector can ignite some interest in these.

§  WorldCall Telecom was the volume leader with 23.7 million shares. It was followed by The Bank of Punjab with 14.4 million shares and Telecard Limited with 12.9 million shares.

National News

Russia faces new sanctions, war fears rise

NATO Secretary-General Jens Stoltenberg said on Tuesday that the alliance believed that Russia was still planning a big assault on Ukraine following Moscow’s recognition of two separatist regions in the former Soviet republic’s east. He spoke as the West took more measures to try to discourage Russian from going on the offensive in Ukraine, with Germany putting the brakes on a new gas pipeline and Britain hitting Russian banks with sanctions.

https://epaper.brecorder.com/2022/02/23/1-page/919857-news.html

Oil settles near 2014 high on Russia-Ukraine escalation

Oil rose to nearly $100 a barrel on Tuesday, reaching its highest level since 2014 after Moscow ordered troops into two breakaway regions in eastern Ukraine.

https://www.reuters.com/business/energy/oil-climbs-growing-fears-conflict-over-ukraine-2022-02-22/

Sukuk, IMF package to help shore up economy: Moody’s

The issuance of Sukuk by Pakistan, together with the $1 billion disbursement from the International Monetary Fund’s Extended Fund Facility (EFF), will help shore up the economy’s reserves amid a sharp widening of the current account deficit, says Moody’s Investors Services (Moody’s).

https://epaper.brecorder.com/2022/02/23/1-page/919860-news.html

ITFC signs $1.2bn Annual Plan in favour of Pakistan

The International Islamic Trade Finance Corporation (ITFC) signed the $1.2 billion Annual Plan for 2022 in favour of the government of Pakistan, to provide integrated trade solutions to support the energy and agriculture sectors.

https://epaper.brecorder.com/2022/02/23/12-page/919935-news.html

PM approves package for IT/ITES, freelance sectors: minister

Federal Minister for Information Technology and Telecommunication Syed Aminul Haque said on Tuesday that a package of fiscal and non-fiscal incentives for IT/ITES and Freelance sectors was approved including tax exemptions, specialized foreign currency accounts and allowing them to retain 100 percent amount of remittances received without any compulsion to convert them into PKR.

https://www.brecorder.com/news/40156426/pm-approves-package-for-itites-freelance-sectors-minister

Tech startup fund established

Prime Minister Imran Khan has announced establishment of Pakistan Technology Startup Fund to provide Rs1 billion seed funding to around 50 Startups annually. While chairing a meeting on Tuesday, the prime minister said that the information technology sector and technology savvy youth are the biggest asset of the country that can be exploited to bridge the huge current account deficit.

https://www.brecorder.com/news/40156463/tech-startup-fund-established

Pharma sector gets tax incentives

The government has approved a tax incentive package for the active pharmaceutical ingredient (API) industry to give a boost to its growth and ensure it is on a par with the industries in India, China and Bangladesh.

https://tribune.com.pk/story/2344632/pharma-sector-gets-tax-incentives

Refunds under FASTER system; Exporters challenge notices

Exporters have challenged notices of the Federal Board of Revenue’s field formations for submission of annex-F (carry forward summary) of the sales tax return for obtaining refunds under the FASTER system.

https://epaper.brecorder.com/2022/02/23/12-page/919939-news.html

Commodities and Currency: 1-Day Change