【Daily】28 Apr. Brief of Pak BizNews

-Daily Market-

KASB Market View

KSE 100 45,533.30▼ 0.62%

KMI 30 74,450.89▼ 0.67%

KASB Tech Index 299.91 ▼  2.06%

KASB Market View

·         In the coming days, we expect the market to remain slightly bearish because of the economic uncertainty that is prevailing given the yields going up by 129 basis points.

·         On the contrary, it can expected that market can perform well somedays, as the government is taking a positive route to negotiations with the IMF.

National News

Coeus Solutions: Capitalizing opportunity to untap the full potential

Coeus Solutions looking to secure PKR 1.05-1.47 billion with floor and ceiling prices of PKR 210 and PKR 294, diluting 16.67% of the post-issue equity.

https://mettisglobal.news/coeus-solutions-capitalizing-opportunity-to-untap-the-full-potential/

Over Rs672bn raised through auction for MTBs, cut-off yield soars up to 129 bps

The federal government raised over Rs 672 billion through the auction for short-term government papers.

https://www.brecorder.com/news/40169934/over-rs672bn-raised-through-auction-for-mtbs-cut-off-yield-soars-up-to-129-bps

CPI to go up to 11.2pc: IMF sees Pakistan's GDP growth to moderate to 4pc this year

The International Monetary Fund (IMF) has projected Pakistan’s GDP growth to moderate from 5.6 percent in 2021 to four percent in 2022 and consumer price inflation to go up from 8.9 percent in 2021 to 11.2 percent in 2022.

https://www.brecorder.com/news/40170015/cpi-to-go-up-to-112pc-imf-sees-pakistans-gdp-growth-to-moderate-to-4pc-this-year

IMF asks govt to bring C/A deficit under control

The International Monetary Fund has urged Pakistan to bring its current account deficit under control, an official said, as the country’s new government seeks an increase in the size and duration of the current IMF programme.

https://www.brecorder.com/news/40170022/imf-asks-govt-to-bring-ca-deficit-under-control

UAE vows ‘responsible’ artificial intelligence rollout

The world’s first minister for artificial intelligence says the United Arab Emirates isn’t only looking for economic benefits as it seeks to become a leading nation in the sector.

https://www.brecorder.com/news/40169947/uae-vows-responsible-artificial-intelligence-rollout

Govt issues passport to Ishaq Dar

The newly-elected coalition government has issued a passport to ex-finance minister Ishaq Dar. Ishaq Dar, who travelled to UK about four years ago, has confirmed the development. Earlier, Pakistan Muslim League – Nawaz (PMLN) supremo and former Prime Minister Nawaz Sharif was also issued passport by the Shehbaz Sharif government.

https://www.brecorder.com/news/40169982/govt-issues-passport-to-ishaq-dar

President, governor bound to perform constitutional obligation: Hamza

Slamming Imran Niazi, Punjab Chief Minister-elect Hamza Shehbaz said on Wednesday that Constitution is supreme and President and Governor are bound to perform their constitutional obligation.

https://www.brecorder.com/news/40169983/president-governor-bound-to-perform-constitutional-obligation-hamza

Fuel shortage behind power scarcity, Senate body told

The Power Division Wednesday confirmed to the Senate Standing Committee on Power that 5,800 MW of electricity is not available to the system due to shortage of fuel.

https://www.brecorder.com/news/40169989/fuel-shortage-behind-power-scarcity-senate-body-told

PM for priority reforms in power sector

Prime Minister Shehbaz Sharif on Wednesday stressed to bring reforms into the power sector on priority basis. The prime minister stated this in a meeting with Federal Minister for Power Division Khurram Dastgir.

https://www.brecorder.com/news/40170003/pm-for-priority-reforms-in-power-sector

KE’s exclusivity will end next year: Nepra

National Electric Power Regulatory Authority (Nepra) said on Wednesday that K-Electric’s exclusivity will end next year, after commentators from Karachi raised serious questions on power utility’s performance.

https://www.brecorder.com/news/40170004/kes-exclusivity-will-end-next-year-nepra

Asim replaces Ashfaq as FBR chairman

The federal government has appointed Asim Ahmad, a BS-21 officer of the Inland Revenue Service (IRS), as the new chairman of the Federal Board of Revenue (FBR), replacing Dr Muhammad Ashfaq Ahmad.

https://www.brecorder.com/news/40170016/asim-replaces-ashfaq-as-fbr-chairman

Miftah briefs US envoy, UK HC about govt’s economic agenda

Angela P. Aggeler, Charge d’ Affaires of the Embassy of the United States of America called on the Federal Minister for Finance and Revenue Miftah Ismail, at the Finance Division Wednesday. Secretary Finance and senior officers attended the meeting.

https://www.brecorder.com/news/40170017/miftah-briefs-us-envoy-uk-hc-about-govts-economic-agenda

Mobile payment applications: SBP issues security guidelines

The State Bank of Pakistan (SBP) has issued comprehensive security guidelines for mobile payment applications to ensure confidentiality and integrity of customer data and availability of app services in a secure manner.

https://www.brecorder.com/news/40169963/mobile-payment-applications-sbp-issues-security-guidelines

Russia halts gas supplies to Poland and Bulgaria

Russia halted gas supplies to Bulgaria and Poland on Wednesday for rejecting its demand for payment in roubles, taking direct aim at European economies in a move that also exposed divisions in the EU on how to respond to Moscow's invasion of Ukraine.

https://www.brecorder.com/news/40169856/russia-halts-gas-supplies-to-poland-and-bulgaria

Commodities and Currency: 1-Day Change