【Daily】19 Apr. Brief of Pak BizNews
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KSE 100 46,539.59 ▼ 0.13% KMI 30 76,293.29▲ 0.33% KASB Tech Index 322.71 ▼ 1.02%
Market View
· The benchmark index kicked off the session on a positive note, as the index surged 369 points to record an intra-day high of 46,969.46. However, profit-taking was witnessed late in the session, which pushed the index down to 46,428.95, a decrease of 172 points. · Looking forward into the day, we expect the market to remain positive as we expect the rollover of the Chinese loan worth USD 2.3 billion and the IMF negotiations taking a positive route along with political clarity going ahead.
National News
Payment of Rs80bn: PQ coal-fired power project seeks Chinese Embassy’s help The management of 1,320MW Port Qasim coal-fired power project has sought help from Chinese Embassy for payment of due amount of Rs80 billion.
LNG procurement plan for FY2022-23 finalised The Ministry of Energy (Petroleum Division) has finalised its LNG procurement plan for FY 2022-23 according to which it intends to procure 37 spot cargoes sans PPRA rules in the national interest and for larger public good, sources close to Secretary Petroleum told Business Recorder. https://www.brecorder.com/news/40168137/lng-procurement-plan-for-fy2022-23-finalised
Petroleum exploration: Bids opened for 14 onshore blocks Director General (P) Petroleum Division on Monday opened bids for 14 Onshore Blocks for grant of petroleum exploration rights through open bidding at the Petroleum House https://www.brecorder.com/news/40168128/petroleum-exploration-bids-opened-for-14-onshore-blocks
Lucky Motor Corp jacks up KIA car prices as rupee falls, freight charges rise Lucky Motor Corp became the latest carmaker to increase prices across its entire KIA lineup, citing currency devaluation and rising freight rates.
NBP approves Rs1.5bn financing for Waves Singer's housing project The National Bank of Pakistan (NBP) has approved financing of Rs1,500 million for an "affordable housing project" being developed by Waves Singer Pakistan Limited.
Digital payments: Bank Alfalah partners with Paymob Bank Alfalah has partnered with Paymob, MENA’s market-leading digital payments provider, to drive digital payment acceptance in Pakistan. https://www.brecorder.com/news/40168086/digital-payments-bank-alfalah-partners-with-paymob
IRS Strategic Reform Plan 2021-24 chalked out The Federal Board of Revenue (FBR) has chalked out an Inland Revenue Service Strategic Reform Plan (2021-24) to remove multiplicity of taxes/rates and jurisdictional overlapping, strengthen audit functions, increase number of taxpayers, increase electronic services to taxpayers and redesign Inland Revenue Services (IRS) processes. https://www.brecorder.com/news/40168131/irs-strategic-reform-plan-2021-24-chalked-out
E&P companies to invest over $70.2mn in 9 blocks The successful Exploration & Production (E&P) companies of nine onshore blocks, whose bids were opened on Monday, would make a huge investment of over $70.2 million in three years on E&P activities, said a press release issued today. https://mettisglobal.news/ep-companies-to-invest-over-70-2mn-in-9-blocks/
Govt to offer 50% subsidy to cotton farmers Punjab Agriculture Department will provide pesticide on 50% subsidy to the cotton farmers in order to improve the cotton productivity remarkably. https://mettisglobal.news/govt-to-offer-50-subsidy-to-cotton-farmers/
Palm gains on worries of low edible oil supplies Malaysian palm oil futures rose on Monday, tracking other edible oils on China’s Dalian exchange, supported by lingering concerns over tightening global supplies due to the Russia-Ukraine conflict. https://www.brecorder.com/news/40167961/palm-gains-on-worries-of-low-edible-oil-supplies
International News
China Q1 GDP tops forecast, but March weakness raises outlook risks China’s economy slowed in March as consumption, real estate and exports were hit hard, taking the shine off faster-than-expected first-quarter growth numbers and worsening an outlook already weakened by COVID-19 curbs and the Ukraine war.
Sri Lanka leader trims cabinet of relatives ahead of IMF talks Sri Lanka’s embattled leader dropped two of his brothers and a nephew from his cabinet Monday, following public anger over the ruling family’s mismanagement of a crippling economic crisis and calls for his resignation.
Commodities and Currency: 1-Day Change
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