【Daily】28 Mar. Brief of Pak BizNews
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KSE 100 43,551.14 (+0.07%) KMI 30 70,090.59 (+0.05%) KASB Tech Index 393.94 (+0.07%)
KASB Market View
· Political uncertainty regarding the “vote of no confidence”, high commodity prices, under pressure exchange rate are expected to continue to keep investors sidelined and continue the streak of low volumes. · Cyclical stocks are expected to come under pressure. While investors will prefer to accumulate value stocks at cheap valuations.
National News
Up to 100bps: NSS rates jump on rising PIBs yields The government on Thursday increased the profit rates on almost all National Savings Schemes (NSSs) to absorb the benefit of a boost in its income from the Pakistan Investment Bonds. The raise in the rates is effective from March 25, 2022. https://www.thenews.com.pk/print/944618-up-to-100bps-nss-rates-jump-on-rising-pibs-yields
ECC gives go-ahead to revised premium on diesel, petrol import Economic Coordination Committee (ECC) on Friday gave go-ahead to the revised premium on import of diesel and petrol on fortnightly basis to provide a level playing field to oil companies vis-à-vis Pakistan State Oil (PSO), leaving no margin of losses for both.
Singapore-based Guvnor backs out from 4 LNG term deliveries Singapore-based Guvnor has decided not to honour its contract to deliver four LNG term cargoes to Pakistan, which would force the dollar-starved country to purchase costly LNG from the spot market to fulfill its energy needs. https://www.thenews.com.pk/print/944554-singapore-based-guvnor-backs-out-from-4-lng-term-deliveries
CDWP refers four projects worth Rs352.9bn for ECNEC approval Central Development Working Party (CDWP) on Friday recommended four development projects worth Rs352.9 billion to the Executive Committee of National Economic Council (ECNEC) for approval. https://www.thenews.com.pk/print/944560-cdwp-refers-four-projects-worth-rs352-9bn-for-ecnec-approval
10pc tax relief on edible oil import for April-May The government on Friday approved a short-term tax relief of 10pc on the import of edible oil for April-May 2 to ensure its uninterrupted supplies in Ramazan. https://www.thenews.com.pk/print/944620-10pc-tax-relief-on-edible-oil-import-for-april-may
Rs100bn financial support: ECC refuses to entertain PD’s proposal Economic Coordination Committee (ECC) has reportedly refused to entertain Power Division’s proposal of Rs100 billion financial support after Finance Division shared information about severe financial constraints.
Honda Atlas increases car prices by as much as Rs400,000 Citing "unavoidable" circumstances that "compel it to pass on part of the impact to the market", Honda Atlas Cars Pakistan (HACPL) has raised prices across its entire product-range, with the hike going as high as Rs400,000 (nearly 15%). https://www.brecorder.com/news/40163158/honda-atlas-increases-car-prices-by-as-much-as-rs400000
Foreign loans swell to $14.5 billion The government received $14.5 billion in foreign loans during the first eight months of current fiscal year, higher by 77% over the same period of previous year, but the funds remained insufficient to prevent the official foreign exchange reserves from falling continuously. https://tribune.com.pk/story/2349680/foreign-loans-swell-to-145-billion Commodities and Currency: 1-Day Change
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