【Daily】17 May. Brief of Pak BizNews
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KSE 100 42,667.32▼ -1.88% KMI 30 68,861.78▼ -2.35 % KASB Tech Index 256.46 ▼ -4.04%
KASB Market View
· Political uncertainty, under pressure exchange rate and lack of clarity on the economic policy despite deteriorating macro-economic indicators are expected to keep the market sentiment bearish. · Cyclical sectors such as steel, cement and autos are expected to come under pressure. While investors will prefer to accumulate macro hedged value stocks at cheap valuations. · Treet Corporation was the volume leader with 20.9 million shares, gaining Rs0.29 to close at Rs31.74. It was followed by Cnergyico PK with 20.89 million shares, gaining Rs0.08 to close at Rs5.49 and Pakistan Refinery with 14.9 million shares, gaining Rs0.39 to close at Rs15.41.
National News
Rupee closes at 194.18 against USD, cumulative depreciation in one-month hits 6.5% Pakistan's rupee continued its downward slide on Monday as it closed at 194.18 in the inter-bank market, its weakest level against the US dollar, taking the currency's cumulative fall since April 16 to an astonishing 6.5%.
Over 10mn customers sign up for SBP’s Raast payment service The State Bank of Pakistan (SBP) on Monday announced that over 10 million customers have registered to use its instant payment system 'Raast', launched in February. https://www.brecorder.com/news/40173347/over-10mn-customers-sign-up-for-sbps-raast-payment-service
GST concession on tractors: Farmers not happy with new SRO The country’s farming community has strongly reacted to the government decision for not extending GST concession on tractors to those farmers who will unable to provide Pass Book of their land. https://www.brecorder.com/news/40173237/gst-concession-on-tractors-farmers-not-happy-with-new-sro
Disbursement of PDCs to OMCs/refineries: Rs55.5bn suppl. grant approved by ECC The Economic Coordination Committee (ECC) of the Cabinet has approved a supplementary grant of Rs55.48 billion for the disbursement of Price Differential Claims (PDCs) to Oil Marketing Companies (OMCs)/ refineries for the first fortnight of May 2022
Oil subsidy to cost exchequer Rs60bn The government has maintained prices of local oil products to protect consumers by further raising subsidy through price differential claims (PDCs) that will cost national exchequer Rs 60 billion on a fortnightly basis on both petrol and diesel against Rs 45 billion during previous fortnight, experts said. https://www.brecorder.com/news/40173524/oil-subsidy-to-cost-exchequer-rs60bn
INGOs: FTO helps create Rs660m tax demand The intervention of the Federal Tax Ombudsman (FTO) has resulted in creation of huge tax demand and recovery of over Rs660 million in six mega cases of international non-governmental organizations (INGOs) operating in Pakistan. https://www.brecorder.com/news/40173518/ingos-fto-helps-create-rs660m-tax-demand
Provinces directed to complete wheat purchases by June 1 Expressing displeasure over the ‘delay’ in wheat procurement, Prime Minister Shehbaz Sharif on Monday directed provincial governments to complete the process by June 1. https://www.dawn.com/news/1690056/provinces-directed-to-complete-wheat-purchases-by-june-1
Rice prices boiling up on surging exports, hoarding The dollar’s relentless surge against rupee is turning out to be a boon for rice merchants, but a bane for the consumer. https://www.dawn.com/news/1690059/rice-prices-boiling-up-on-surging-exports-hoarding
Edible oil shortage looms Pakistan has been left with a palm oil stock for nearly 20 days, and unless Indonesia withdraws the ban on its exports, it’s a critical stage ahead of a crisis that will push further vegetable oil prices in the domestic market to a new high, official and industry sources told Dawn on Monday. https://www.dawn.com/news/1690057/edible-oil-shortage-looms
Budget deficit reaches Rs5.6trn, NA told Federal Minister for Energy Khurram Dastgir Khan has said that the budget deficit has reached Rs5.6 trillion and its main issues are related to the energy and power sectors including outstanding recoveries and the circular debt. https://www.brecorder.com/news/40173526/budget-deficit-reaches-rs56trn-na-told
International News
Wheat prices hit record high after Indian export ban Wheat prices surged to a new record high on Monday after India decided to ban exports of the commodity as a heatwave hit production. https://www.brecorder.com/news/40173333
Saudi expects 13 million bpd oil capacity by 2027: minister Saudi Arabia expects to ramp up its daily oil production capacity by more than one million barrels to exceed 13 million barrels by early 2027, the kingdom's energy minister announced Monday. https://www.brecorder.com/news/40173349/saudi-expects-13-million-bpd-oil-capacity-by-2027-minister
Commodities and Currency: 1-Day Change
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