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【Daily】4 Mar. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Mar 4, 2022

-Daily Market-

KSE 100 44,525.72 ▲ 0.03%

KMI 30 72,436.01 ▲ 0.28%

KASB Tech Index 379.13 ▼  1.10%

 

KASB Market View

 

·       There was a positive sentiment as prime minister had announced the relief package aimed at trimming inflation.

·        Khan announced a reduction in petrol and diesel prices, cut in electricity tariff, tax concessions for industries, and incentives for the IT sector.

·       World Call Limited was the volume leader with 29.9 million shares, followed by TPL Properties with 19.15 million shares, and TRG Pakistan Limited with 18.32 million shares.

 

National News

 

Forex reserves slip below $23bn

The country’s total liquid foreign exchange reserves reached below $ 23 billion at the end of last week. According to the State Bank of Pakistan (SBP) weekly report issued on Thursday, the total liquid foreign exchange reserves held by the country stood at $ 22.875 billion as of February 25, 2022 compared to $ 23.226 billion a week earlier, depicting a decline of $351 million.

https://www.brecorder.com/news/40158562/forex-reserves-slip-below-23bn 

 

Pakistan, IMF talks on seventh review to start today

Pakistan and the IMF will kick-start virtual parleys from Friday (today) for completion of the 7th Review under the Extended Fund Facility (EFF) where the PM’s relief package and granting another tax amnesty for the industrial sector will be major thorny issues between the two sides https://www.thenews.com.pk/print/938486-pakistan-imf-talks-on-seventh-review-to-start-today 

 

Pakistan likely to remain on FATF grey list until June

Pakistan is likely to remain on the so-called grey list of the Financial Action Task Force (FATF) for another four months — i.e. until June — for a couple of unmet targets under the additional criteria. The concluding session of the plenary meeting of the FATF, a Paris-based global money laundering and terrorist financing watchdog, is due on Friday (today) and includes Pakistan’s review on the agenda.

Source: https://www.dawn.com/news/1678171/pakistan-likely-to-remain-on-fatf-grey-list-until-june 

 

The Income Tax Amendment Ordinance 2022: govt’s plan to promote industries

[These notes have been prepared on the basis of draft of the law as provided by Super Law Updates] General. A draft of the Income Tax (Amendment) Ordinance, 2022 has been issued on March 2, 2022. This Ordinance has been introduced to give effect in the Income Tax Ordinance, 2001, to the incentives and concessions provided by the Government of Pakistan under the Promotion Plan for Industry which has been approved by the Cabinet.

Source: https://epaper.brecorder.com/2022/03/04/23-page/921005-news.html 

 

February cement despatches decline 4.75% to 4.36MMTs YoY

Cement despatches during the month of February 2022 showed a decline of 4.75% as total despatches was recorded at 4.36mn metric tons (MMTs) against 4.57mn metric tons despatched during the same month of last financial year. According to the data released by All Pakistan Cement Manufacturers Association (APCMA), local cement despatches by the industry during the month of February 2022 were 3.95mn tons compared to 3.96mn metric tons in February 2021, showing a reduction of 0.17%.

Source: https://epaper.brecorder.com/2022/03/04/23-page/921009-news.html 

 

Textile exports jump 37% in February

The country’s textile exports jumped 37% to hit the highest ever level of USD1.69bn in February on the back of orders captured from competing economies during the Covid peak, official data showed on Thursday. Complete lockdown in India and Bangladesh pushed international buyers to seek Pakistani exporters. “Pakistan opted for smart lockdown, instead of going for complete lockdowns, which aided industries in continuing their fight against the pandemic,” a leading textile exporter said. According to latest figures of All Pakistan Textile Mills Association (APTMA) and Pakistan Bureau of Statistics (PBS).

Source: https://www.thenews.com.pk/print/938369-textile-exports-jump-37-percent-in-feb 

 

PKR5/unit power relief: Details to be unveiled today

Minister for Energy Hammad Azhar is all set to unveil mechanism about reduction of PKR5 per unit in electricity rates across the country on Friday (today) after seeking approval from Prime Minister Imran Khan. An official told Business Recorder that the relief will be applicable on domestic consumers, who have single-phase meters and who use 700 units monthly.

Source: https://epaper.brecorder.com/2022/03/04/24-page/921015-news.html 

 

Immovable properties in 40 major cities: FBR revises valuation rates downwards

The Federal Board of Revenue (FBR) on Thursday revised downward valuation rates of immovable properties in 40 major cities as compared to previously notified rates on December 1, 2021. In this connection, the FBR has issued notifications, here on Thursday to downward revise the valuation rates of immovable properties in big and small cities of the country. The coverage of the valuation of the property was increased from 20 to 40 cities.

Source: https://epaper.brecorder.com/2022/03/04/1-page/920916-news.html 

 

Commodities and Currency: 1-Day Change

Gold: 

1,942.10 ▲ 0.32%

Silver: 

USD 25.26 ▲ 0.20%

Crude Oil

USD 109.71 ▲  1.89%

USD-PKR: 

Rs 178.25/USD ▲ 0.42%

 

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