【Daily】12 Apr. Brief of Pak BizNews
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KSE 100 44,444.58 ▲ 1.50% KMI 30 71,717.81▲ 0.77% KASB Tech Index 293.47 ▲ 1.32%
National News
Govt owes OMCs Rs55bn in April fuel subsidy The government has to pay Rs55 billion worth of price differential claims (PDC) to oil marketing companies (OMCs) and refineries in April, which the cash-strapped sector is not sure about, The News learnt on Friday. https://e.thenews.com.pk/detail?id=75382
Rupee racks up biggest gain in two years on SBP policy move Rupee on Friday snapped a 17-day losing streak to pull off the biggest single-day gain versus dollar after the central bank’s massive monetary tightening, while the top court decision to restore the legislature sparked hopes political tensions were easing. https://e.thenews.com.pk/detail?id=75386
SECP relaxes eligibility rules for GEM investors The Securities and Exchange Commission of Pakistan (SECP) has relaxed the rules for brokers to verify the eligibility of accredited individual investors for the Growth Enterprise Market (GEM) board, a dedicated counter within the Pakistan Stock Exchange (PSX) for smaller and riskier companies. https://www.dawn.com/news/1684119/secp-relaxes-eligibility-rules-for-gem-investors
SBP injects massive Rs3.085tn into money market The State Bank of Pakistan (SBP) has injected Rs3.085 trillion worth of liquidity into the money market via open market operation (OMO) for a seven-day period at 12.28 percent, it reported on Saturday, primarily on account of higher government borrowing needs to fund the budget deficit. https://www.thenews.com.pk/print/948877-sbp-injects-massive-rs3-085tn-into-money-market
Cabinet Okayed change in diesel price mechanism before ouster Days before its dissolution, the cabinet of former Prime Minister Imran Khan approved a change in mechanism of high-speed diesel (HSD) prices to replace the fixed negotiated premium of long-term supplier Kuwait Petroleum Company (KPC) with a higher market-based weighted average. https://www.dawn.com/news/1684459/cabinet-okayed-change-in-diesel-price-mechanism-before-ouster
Weekly inflation sees biggest rise since November Inflation measured through the Sensitive Price Indicator (SPI) increased 1.53 per cent during the week ended on April 7, owing to a rise in the prices of essential food items, Pakistan Bureau of Statistics (PBS) data showed on Friday. https://www.dawn.com/news/1684117/weekly-inflation-sees-biggest-rise-since-november
Import of used cars gaining momentum once again The import of used cars has been gaining momentum once again despite the government’s resolve to curb this menace that hurts the local auto industry and the national economy. https://www.brecorder.com/news/40166353/import-of-used-cars-gaining-momentum-once-again
Commodities and Currency: 1-Day Change
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