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【Daily】8 Mar. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Mar 8, 2022

-Daily Market-

KSE 100 43,266.97▼ 2.88%

KMI 30 69,862.88▼ 3.63%

KASB Tech Index 360.58▼ 5.80%

 

 

KASB Market View

  •   The KSE-100 index nosedived 1,284.38 points as negative sentiments stemmed from surging global commodity prices coupled with the continuous depreciation of PKR against USD.
  • Technology and communication sector remained on top with a total volume traded of 59.5mn shares, followed by cement with the volume of 19.8mn.

 

National News

 

ECC approves over Rs300bn for relief subsidies

The Economic Coordination Committee (ECC) of the Cabinet on Monday doled out over Rs300 billion in the name of various relief schemes including Ramzan Relief Package for selling 19 items at Utility Stores Corporation (USC) with an estimated subsidy of Rs8.28 billion.

https://www.thenews.com.pk/print/939633-ecc-approves-over-rs300bn-for-relief-subsidies

 

Upcoming heat wave may bake wheat at crucial stage

Forthcoming heat wave, expected from March 10-11, poses serious threat to the otherwise super-healthy standing wheat crop.

https://www.thenews.com.pk/print/939634-upcoming-heat-wave-may-bake-wheat-at-crucial-stage

 

Steel prices likely to hike

A sudden surge of $120/ton in global prices of steelmaking raw materials has sent shockwaves across the world and Pakistan is also bracing for an impact of Rs20,000/ton increase in local prices, which the local industry says will be passed on to the end consumers.

https://www.thenews.com.pk/print/939645-steel-prices-likely-to-hike

 

Govt seeks $21bn support from China

Pakistan has sought financial support of about $ 21 billion from China through rollover of existing loans of $ 10.735 billion and $ 10 billion as deposit fund, to meet future financial needs and deal with financial challenges.

https://www.brecorder.com/news/40159303/govt-seeks-21bn-support-from-china

 

Kamyab Overseas Programme okayed: ECC approves Rs8.28bn Ramazan Package

The Economic Coordination Committee (ECC) of the Cabinet has approved Rs8.280 billion Ramazan Relief Package 2022 to provide 19 essential items at subsidized rates through Utility Stores Corporation besides Rs 156 billion for ‘Relief Package’ announced by the Prime Minister to slash Rs5 per unit electricity for the next four months and Rs10 per litre petrol and diesel price.

https://www.brecorder.com/news/40159299/kamyab-overseas-programme-okayed-ecc-approves-rs828bn-ramazan-package

 

PM launches ‘Ehsaas Riayat Ration’ programme

Prime Minister Imran Khan Monday said the historic tax collection has enabled the government to reduce petrol price by Rs10 and electricity per unit by Rs5 when petroleum prices are skyrocketing world over following Russia-Ukraine war.

https://www.brecorder.com/news/40157851/rs5-power-tariff-cut-will-be-adjusted-thru-budgetary-reallocation

 

AGP to audit fuel PDCs, payments to OMCs

Auditor General of Pakistan (AGP) will audit Price Differential Claims (PDCs) and their payments to oil marketing companies (OMCs) and refineries for freezing fuel prices.

https://www.thenews.com.pk/print/939632-agp-to-audit-fuel-pdcs-payments-to-omcs

 

Commodities and Currency: 1-Day Change

 Gold: 

USD 1,992.70 ▼ 0.18%

 Silver:

USD 25.68▼ 0.16%

 Crude Oil

USD 119.82 ▲ 0.35%

 USD-PKR: 

Rs 178.1/USD ▲ 0.48%

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