【Daily】31 Mar. Brief of Pak BizNews
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KSE 100 44,337.56▼ 0.23 % KMI 30 71,878.85▼ 0.26 % KASB Tech Index 395.52 ▼ 0.26 %
KASB Market View
· Given the political uncertainty and PkR depreciation, the market seems to be taking a downward trend for the day. · Foreign investors also remained on selling side with net outflow of $2.925 million. Total market capitalization declined by Rs 1.820 billion to Rs 7.481 trillion. Out of total 354 active scrips, 169 closed in negative and 158 in positive while the value of 27 stocks remained unchanged. · K-Electric was the volume leader with 38.419 million shares however closed at previous day’s closing level of Rs 3.11 without any change followed by Ghani Global Holding that gained Rs 0.34 to close at Rs 16.24 with 31.115 million shares. World Call Telecom inched up by Rs 0.03 to close at Rs 1.73 with 19.941 million shares.
National News
PM’s resignation ‘out of question’: Fawad Federal Minister for Information and Broadcasting Fawad Chaudhary made it crystal clear on Wednesday that neither anyone had asked for Prime Minister Imran Khan’s resignation nor he is going to call it a day. https://www.brecorder.com/news/40164270/pms-resignation-out-of-question-fawad
WB speaks about focal points of upcoming talks with Pakistan The World Bank (WB) has said that managing uncertainty and preparing for future crises will be the centre of bilateral meetings with Pakistani authorities and also during IMF/ World Bank spring meeting to be held from April 18-23, 2022. https://www.brecorder.com/news/40164279/wb-speaks-about-focal-points-of-upcoming-talks-with-pakistan
ECC approves Rs16bn TSG to clear SNGPL dues The Economic Coordination Committee (ECC) of the Cabinet has approved technical supplementary grant of Rs16 billion for payment of the SNGPL dues for the month of February and expected claims for the remaining months of March, April, and May during the current fiscal year 2021-22. https://www.brecorder.com/news/40164289/ecc-approves-rs16bn-tsg-to-clear-sngpl-dues
SNGPL demands 66pc hike in gas price The Sui Northern Gas Pipeline Limited (SNGPL) has demanded a substantial increase in price of gas, ie, up to 66 percent for the fiscal year 2022-23. https://www.brecorder.com/news/40164285/sngpl-demands-66pc-hike-in-gas-price
OICCI urges FBR to simplify tax system Overseas Investor Chamber of Commerce and Industry (OICCI) has urged the Federal Board of Revenue (FBR), to remove anomalies and simplify tax system to encourage investment in the country. https://www.brecorder.com/news/40164280/oicci-urges-fbr-to-simplify-tax-system
China rolls over $2bn SAFE deposits: Finance Finance Ministry said on Wednesday that China has rolled over US$2 billion SAFE deposits and US$ 2.3 billion syndicate facility is being process for roll over. https://www.brecorder.com/news/40164286/china-rolls-over-2bn-safe-deposits-finance
Rupee continues its losing streak, falls another 0.16% Volatility on the political front, rising oil prices, and reports of outflow from the local market contributed to additional pressure on Pakistan's rupee that registered yet another record low against the US dollar after depreciating 0.16% in the inter-bank on Wednesday. https://www.brecorder.com/news/40164040/rupee-continues-its-losing-streak-falls-another-016
Oil up over 2% on tight supply Oil prices gained over 2% on Wednesday as another U.S. crude stock drawdown indicated tight supplies and investors worried about possible new Western sanctions against Russia. Brent futures rose $2.69, or 2.4%, to $112.92 a barrel by 1:22 p.m. EDT (1722 GMT). U.S. West Texas Intermediate (WTI) crude rose $2.88, or 2.8%, to $107.12. https://mettisglobal.news/oil-up-over-2-on-tight-supply/
Minimum Nisab fixed at Rs88,927 for Zakat deduction : The government of Pakistan on Wednesday has announced the Nisab of Zakat for the year 1442-43 AH which is fixed at Rs88,927, said a notification issued by the Poverty Alleviation and Social Division while quoting Administrator General Zakat. https://mettisglobal.news/minimum-nisab-fixed-at-rs88927-for-zakat-deduction/
International News
All Russia’s big exports could soon be in roubles: Kremlin The Kremlin indicated on Wednesday that all of Russia’s energy and commodity exports could be priced in roubles, toughening President Vladimir Putin’s attempt to make the West feel the pain of the sanctions it imposed for the invasion of Ukraine. https://www.brecorder.com/news/40164281/all-russias-big-exports-could-soon-be-in-roubles-kremlin
Commodities and Currency: 1-Day Change
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