【Daily】21 Apr. Brief of Pak BizNews
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KSE 100 45,943.16▼ 0.84% KMI 30 74,992.31▼ 1.16% KASB Tech Index 304.07 ▼ 3.59%
KASB Market View
· The benchmark KSE-100 Index fell below the 46,000 level after a decrease of 0.84% on Wednesday, a fall that comes in tandem with the currency that also depreciated against the US dollar. · Market activity was dominated by the rupee losing value yet again, depreciating 0.8% to close at 185.92 in the inter-bank market.
National News
IMF projects decrease in gross debt The International Monetary Fund (IMF) has projected a decrease in the government gross debt for Pakistan from 74 percent of gross domestic product (GDP) in 2021 to 71.3 percent in 2022 and projected further decline to 66.8 percent in 2023. https://www.brecorder.com/news/40168578/imf-projects-decrease-in-gross-debt
Returns on MTBs soar to 70bps The returns on short-term government papers further increased up to 70 basis points in the auction held Wednesday. https://www.brecorder.com/news/40168502/returns-on-mtbs-soar-to-70bps
NBP issues foreign exchange rate Treasury management division of the National Bank of Pakistan (NBP) on Thursday issued the following exchange rates. https://mettisglobal.news/nbp-issues-foreign-exchange-rate-238/
Gold nudges lower as U.S. bond yields resume charge Gold prices eased on Thursday as a rebound in U.S. Treasury yields tempered bullion's safe-haven demand stemming from the Ukraine crisis and its potential impact on the global economy. https://mettisglobal.news/gold-nudges-lower-as-u-s-bond-yields-resume-charge/
Govt may increase fiscal deficit to Rs5,600bn to discredit PTI: Tarin Leader of Pakistan Tehreek-e-Insaf (PTI) and former finance minister Shaukat Tarin on Wednesday said the incumbent government may increase fiscal deficit to Rs 5,600 billion to discredit PTI.
Import of raw materials: Erstwhile FATA, PATA factories’ owners say they will move court Factories’ owners here on Wednesday decided to approach court against allotment of less import quota of raw materials to ghee, steel, plastic factories and other industries against total installed capacity for their industrial being situated in erstwhile Federal Administered Tribal Areas (Fata) and Provincial Administrative Tribal Areas (Pata).
Revival of $6bn EFF: Miftah explains what IMF actually wants from new govt Finance Minister Miftah Ismail Wednesday said that the International Monetary Fund (IMF) has sought completion of five actions for revival of $6 billion Extended Fund Facility (EFF) from the new government.
KE seeks Rs5.27/unit raise for March Karachi Electric (KE) has sought an increase of Rs 5.27 per unit in its FCA adjustment to recover Rs 8.592 billion from consumers for the month of March 2022 under monthly FCA mechanism. https://www.brecorder.com/news/40168579/ke-seeks-rs527unit-raise-for-march
Food ministry decides to import 3MMTs of wheat on G2G basis Ministry of National Food Security & Research (MoNFS&R) has reportedly decided to import 3 MMT wheat on G2G basis and international tendering, citing production shortfall, current Russia and Ukraine war, Afghanistan situation, higher international wheat prices, hoarding and smuggling issues and current food inflation, well informed sources told Business Recorder. https://www.brecorder.com/news/40168581/food-ministry-decides-to-import-3mmts-of-wheat-on-g2g-basis
Pakistan’s health tech startup medIQ raises $1.8m in early funding Fund-raising frenzy of Pakistan’s startups continued as medIQ, founded by Dr Saira Siddique in July 2020, announced that it has raised $1.8 million in early-stage funding.
‘Irregularities’ in subsidies to be investigated The federal government has announced the formation of a commission on fertilizer shortages and irregularities in subsidies. https://www.brecorder.com/news/40168585/irregularities-in-subsidies-to-be-investigated
Minister Sherry speaks about criticality of climate change New Climate Change Minister Sherry Rehman took charge of the Climate Change Ministry on Wednesday. https://www.brecorder.com/news/40168498/minister-sherry-speaks-about-criticality-of-climate-change
Commodities and Currency: 1-Day Change
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