【Daily】7 Mar. Brief of Pak BizNews
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KSE 100 44,551.35 ▲ 0.06% KASB Tech Index 382.76 ▲ 0.80%
KASB Market View · Rising oil prices will likely create inflationary and external account concerns for Pakistan. The secondary market yields have also reacted to the development, rising by over 20bps. · We highlight macro-insulated sectors, such as technology and textiles, to perform over cyclical stock.
National News
Pakistan to stay on FATF grey list for another four months The Financial Action Task Force (FATF) has kept Pakistan on the grey list for another extended period and asked Islamabad to comply with the deficiencies remaining from two respective action plans to come out of the increased monitoring list. https://www.thenews.com.pk/print/938838-pakistan-to-stay-on-fatf-grey-list-for-another-four-months
Monetary policy due on March 8 State Bank of Pakistan (SBP) is expected to leave its benchmark interest rate steady at a meeting next week, despite challenges from balance of payments amid surging global commodity prices, analysts said. https://www.thenews.com.pk/print/938672-monetary-policy-due-on-march-8
Petroleum policy to be rehashed to attract E&P investment Pakistan is considering amending its petroleum policy to offer more incentives to foreign local oil and gas exploration and production firms as a number of them have pulled up their stakes from the country over last several years, negatively impacting energy sector, The News has learnt. https://www.thenews.com.pk/print/938659-petroleum-policy-to-be-rehashed-to-attract-e-p-investment
Cash-starved tractor maker suspends operations Millat Tractors Ltd (MTL) informed the Pakistan Stock Exchange (PSX) and all relevant federal ministries that the entire tractor manufacturing industry is now facing a severe liquidity crunch as the industry’s over Rs8 billion sales tax refunds are stuck with the Federal Board of Revenue (FBR) for the last two years. https://www.dawn.com/news/1678379/cash-starved-tractor-maker-suspends-operations
Rs136bn grant sought to reduce power tariff by Rs5/unit Power Division has reportedly sought supplementary grant of Rs 136 billion to slash electricity price by Rs 5 per unit (both in base rate and FCA) for four months of current fiscal year (March-June 2022) to be applicable to commercial and domestic consumers of Discos and KE sans consumers having Time of Use (ToU) meters and lifeline consumers, sources close to Minister for Energy told Business Recorder. https://www.brecorder.com/news/40158803/rs136bn-grant-sought-to-reduce-power-tariff-by-rs5unit
PPIB for clearing outstanding receivables of ±660 PMLTC Private Power Infrastructure Board (PPIB) has urged CPPA-G and NTDC to clear outstanding receivables of ±660 Pak Matiari-Lahore Transmission Company (Pvt) Limited (PMLTC) to avert default under the Facility Agreement. https://www.brecorder.com/news/40158794/ppib-for-clearing-outstanding-receivables-of-660-pmltc
Standardisation to enhance Pakistan-China trade Recently, the Standardisation Administration of China (SAC) signed a Memorandum of Understanding (MoU) on standardisation cooperation with Pakistan Standard and Quality Control Authority (PSQCA) during Prime Minister Imran Khan’s visit to China in February. https://tribune.com.pk/story/2346592/standardisation-to-enhance-pakistan-china-trade
Islamic banks witness rapid growth The Shariah-compliant banks in Pakistan are growing at a rapid pace compared to conventional counterparts as a strong preference for “markup-free banking” has emerged among the people and businessmen of Pakistan. https://tribune.com.pk/story/2346598/islamic-banks-witness-rapid-growth
SBP to launch Asaan Digital Account State Bank of Pakistan (SBP) is set to launch Asaan Digital Account, a flagship program to allow people open a full-service bank account through smartphones or computers, it said on Saturday. https://www.thenews.com.pk/print/939104-sbp-to-launch-asaan-digital-account
Commodities and Currency: 1-Day Change
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