【Daily】18 Apr. Brief of Pak BizNews
KSE 100 46,601.54▲ 0.25%
KMI 30 76,038.82▲ 1.63%
KASB Tech Index 326.04▲ 1.15%
KASB Market View
· The KSE-100 index continues to remain range-bound over macroeconomic concerns stemming from a high import bill and falling reserves.
· Concerns of rising oil prices were partially alleviated as the incumbent government kept oil prices unchanged despite a considerable fiscal burden.
· We continue to highlight our preference for Technology and Textile.
Ogra summary rejected: PM Shehbaz Sharif says no hike in POL prices
Prime Minister Shehbaz Sharif Friday rejected a summary, moved by the Oil and Gas Regulatory Authority (OGRA), for increasing the POL [petrol, oil and lubricants] prices in the wake of the international market situation, saying the prices would remain unchanged as people could not afford it due to their financial hardships.
Govt likely to reverse decision on POL prices
The government is likely to reverse its decision of keeping the petroleum products' prices unchanged. It thinks subsidising the masses with this huge multi-billion rupee package for cheap products is not a viable option, and also the International Monetary Fund (IMF), which is continuing its programme with Islamabad, is unhappy with this decision, well-placed official sources told The News on Saturday.
Talks with IMF for programme revival from 18th
As part of fresh contacts with international lenders, Pakistan on Friday approached the International Monetary Fund (IMF) for revival and completion of its Extended Fund Facility (EFF) along with disbursement of outstanding $3 billion funds to counter fast depleting foreign exchange reserves amid widening fiscal and current account deficits.
Power consumers will pay additional Rs4.85 per unit in April bills
The government has allowed the power distribution companies (DISCOs) to collect an additional Rs4.853 per unit charges from the power consumers in the next month's electricity bills.
Rs50bn SG against CPEC IPPs’ dues: Power Division asked to submit fresh summary
The Cabinet Division has reportedly asked Power Division to submit the summary afresh for grant of Rs 50 billion supplementary grant for payment to CPEC projects after seeking approval from the new Minister- in-Charge, well informed sources told Business Recorder.
Govt bans sugar export
The federal government has announced to ban the export of sugar, saying the ban would drop sugar prices and provide relief to the people.
E-banking shows rapid growth in Q2
The use of electronic banking (e-banking) in Pakistan continued to expand as it recorded a growth of 10.7% in volume and 22.8% in value of transactions during the second quarter (October-December) of fiscal year 2021-22 on a quarter-on-quarter basis.
Finnish fund to buy 15pc shares in TPL Insurance for $3m
A Finnish fund is going to buy a 14.97 per cent stake in TPL Insurance Ltd, a subsidiary of TPL Corporation Ltd, for $3 million.
Big industry expands 8.6pc in February
The large-scale manufacturing (LSM) grew 8.6 per cent year-on-year in February, the Pakistan Bureau of Statistics (PBS) reported on Friday.
Rs11.73 billion for oil subsidy payment approved
An amount of Rs11.73 billion has been authorised for clearing oil marketing companies (OMCs) and refineries’ price differential claims (PDCs) for March 2022 against selling fuels at rates capped the ousted PTI-led regime had capped for until budget.
Govt to raise Rs5.30tn in Q4 via treasury auctions
The government aims to raise Rs5.30 trillion through auction of Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs), and Sukuk in April-June 2022 to meet its financing needs, State Bank of Pakistan (SBP) said on Friday.
FBR chief assures PM of meeting Rs6.1tn tax collection target
Dr Mohammad Ashfaque, the incumbent Chairman FBR, whose fate currently hangs in precarious balance, has assured Prime Minister Shahbaz Sharif of accomplishing the upwardly revised tax collection target of Rs6.1 trillion for the current fiscal, which is seen as an uphill task given the situation.
SPI eases 0.68pc
Inflation measured through Sensitive Price Index (SPI) posted a decline of 0.68 per cent for the week ended on April 14, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday.
Commodities and Currency: 1-Day Change