【Daily】25 Feb. Brief of Pak BizNews
KSE 100 43,830.51 ▼ 2.89%
KMI 30 70,635.12 ▼ 3.13%
KASB Tech Index 369.43 ▼ 6.51%
KASB Market View
· Russia’s military operation in Ukraine was the major cause of bloodbath in the KSE-100 index which plummeted 1300 points.
· This further aggravated the oil prices to touch over $100 a barrel creating more panic since Pakistan is a net importer of oil.
· Flying Cement was the volume leader with 38.42 million shares, followed by World Call Telecom with 33.14 million shares, and Hum Network with 20.48 million shares.
Biden unveils new sanctions on Russian banks, businesses
President Joe Biden unveiled harsh new sanctions against Russia on Thursday after Moscow launched an all-out invasion of Ukraine, imposing measures to impede Russia’s ability to do business in the world’s major currencies along with sanctions against banks and state-owned enterprises.
IMF, World Bank chiefs warn of global impacts from Ukraine war
The leaders of the World Bank and IMF signaled Thursday they were ready to help Ukraine, while warning that Russia's invasion will have repercussions for the global economic recover.
Erdogan ‘saddened’ by Russian invasion, Ukraine urges Turkey to shut straits
Turkey backs Ukraine’s territorial integrity and is “sincerely saddened” by Russia’s invasion, President Tayyip Erdogan said on Thursday, as Kyiv’s envoy to Ankara urged Turkey to close the Bosphorus straits to Russian warships.
UK foreign minister ‘kicks’ Russia envoy out of meeting
British Foreign Secretary Liz Truss berated Moscow’s ambassador over his country’s invasion of Ukraine on Thursday, calling Russia an international pariah before kicking him out of the meeting, sources said.
Imran-Putin rendezvous: key takeaways
Red carpet welcome, handshake despite the Covid pandemic, no long bizarre table in between them and over three-hour long meeting, all these were great optics for the Pakistani prime minister visiting one of the most powerful countries in the world.
PHMA welcomes new Textile & Apparel Policy 2020-25
Pakistan Hosiery Manufacturers and Exporters Association (PHMA) appreciating the approval of the new Textile & Apparel Policy 2020-25, has called for speedy implementation of it, as it is vital for new investment and marketing plan in the major export-oriented sector.
Oil surpasses $100, stocks slump
Oil prices broke above $100 a barrel on for the first time since 2014 and stock markets slumped globally on Thursday while Russia’s rouble hit a record low as the U.S. dollar rallied after Russian President Vladimir Putin launched an invasion of Ukraine.
Jul-Jan CAD exceeds $11bn on higher import bill
The country’ current account deficit crossed the $11 billion mark in the first seven months of this fiscal year (FY22), mainly due to higher import bill.
Rapid industrialization objective: Tarin says govt undertaking wholesale planning
Finance Minister Shaukat Tarin has blamed previous governments in the last 45 years for de-industrialisation, and stated that the present government is undertaking a wholesale planning for industrialisation to achieve sustainable growth for the next 20 to 25 years.
Debt, liabilities hit all-time high of Rs51.724trn
Pakistan’s total debt and liabilities (domestic and external) stocks surged to an all-time high level of Rs 51.724 trillion at the end of December 2021.
5 essential items: continuation of subsidy allowed
A meeting of the Economic Coordination Committee (ECC) of the Cabinet has allowed continuation of subsidy on five essential items – atta, ghee, sugar, rice and pulses – at the Utility Stores Corporation (USC) from February 24 to 28 and for March 2022.
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