【Daily】24 Mar. Brief of Pak BizNews
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KSE 100 43,203.79 ▼ 0.06% KMI 30 69,444.25 ▼ 0.01% KASB Tech Index 388.08 ▲ 0.31%
KASB Market View
· Volume on all-share index increased to 138.28 million, from 124.95 million on Monday. The value of shares traded also improved significantly to PkR 5 billion from PkR 3.93 billion recorded in the previous session. · Treet Corporation was the volume leader with 15.35 million shares, followed by TPL Properties XB with 8.38 million shares, and Pak electron (R) with 7.36 million shares. · Shares of 320 companies were traded on Tuesday, of which 155 registered an increase, 143 recorded a fall and 22 remained unchanged.
National News
SBP raises Rs693bn via T-bills auction, yields soar up to 55bps The cut-off yields of T-bills were increased by up to 55 basis points in the auction conducted by the State Bank of Pakistan (SBP) on Tuesday. https://mettisglobal.news/sbp-raises-rs693bn-via-t-bills-auction-yields-soar-up-to-55bps/
Oil jumps in volatile trade amid CPC pipeline disruption Oil prices rose in volatile trading on Wednesday, supported by disruption to Russian and Kazakh crude exports via the CPC pipeline. https://www.brecorder.com/news/40162566/oil-jumps-in-volatile-trade-amid-cpc-pipeline-disruption
Govt fails to convince IMF over amnesty scheme The International Monetary Fund (IMF) is not convinced with the government’s justifications for a recently announced amnesty scheme and has doubts over the financial impact and financing sources of the prime minister’s relief package on electricity and petroleum prices. https://www.dawn.com/news/1681513/govt-fails-to-convince-imf-over-amnesty-scheme
Deals on the cards during PM’s UAE visit The United Arab Emirates (UAE) has shown a willingness to sign a number of pacts during the forthcoming visit of Pakistani Prime Minister to Dubai, well informed sources in Ministry of Foreign Affairs told Business Recorder. https://www.brecorder.com/news/40162721/deals-on-the-cards-during-pms-uae-visit
Taxing challenge THE IMF’s insistence that the government deliver on an earlier commitment to reform personal income taxes needs to be handled with care. The adverse impact on household incomes due to the government’s continued failure to rein in inflation through effective planning and proactive policymaking has of late been worsened by a global commodity price super-cycle which shows no sign of abating. https://www.dawn.com/news/1681565/taxing-challenge
Indus Motor jacks up Toyota car prices by as much as Rs1.257mn As expected, rising freight charges and currency devaluation meant Indus Motor Company (IMC) jacked up prices of its entire line-up with the increase going as high as Rs1.257 million.
Oil industry: OCAC asks Ogra to facilitate major shareholders The Oil Company Advisory Council (OCAC) has asked the Oil and Gas Regulatory Authority (Ogra) to pay attention to problems being faced by major shareholders of the oil industry. https://www.brecorder.com/news/40162718/oil-industry-ocac-asks-ogra-to-facilitate-major-shareholders
‘Trade facilitation is top priority after revenue generation’: FBR chief Federal Board of Revenue Chairman Dr Muhammad Ashfaq Ahmed has said trade facilitation is a top priority after revenue generation. Speaking at a welcome dinner hosted by the Karachi Customs Agents Association (KCAA), he assured the KCAA to resolve all genuine problems in consultation with the association.
International News
Moscow warns of market ‘collapse’ Russian Deputy Prime Minister Alexander Novak warned Wednesday that a ban on Russian oil and gas imports would drive the world’s energy markets to a “collapse”. https://www.brecorder.com/news/40162729/moscow-warns-of-market-collapse
EU plans minimum gas storage as energy prices soar The EU on Wednesday proposed a law requiring natural gas storage be filled to a minimum 80 percent before next winter as it grapples with soaring energy prices exacerbated by the fallout from Russia’s war in Ukraine. https://www.brecorder.com/news/40162724/eu-plans-minimum-gas-storage-as-energy-prices-soar
Commodities and Currency: 1-Day Change
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