【Daily】19 May. Brief of Pak BizNews
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KSE 100 43,026.88▲ 0.70% KMI 30 69,512.23 ▲ 0.95% KASB Tech Index 266.72 ▲ 2.85%
KASB Market View
· The rising T-bill yields coupled with uncertain economic conditions has further set a downhill road for the investors in the market for the long-run. · Although yesterday, the market opened under pressure, however witnessed a quick recovery after the IMF talks resumed in Doha. · Foreign investors however remained net sellers of shares worth $2.236 million. Total market capitalization increased by Rs 43 billion to Rs 7.128 trillion. Out of total 345 active scrips, 245 closed in positive and only 83 in negative while the value of 17 stocks remained unchanged.
National News
Saudi companies invited to invest in petroleum industry Chairman Oil Marketing Association of Pakistan (OMAP) Tariq Wazir Ali has invited Saudi industrialists to invest in Pakistan’s petroleum industry as there is a vast scope of investment in this sector. He said that in the current economic situation, visit of any foreign investor is a breath of fresh air for the country’s economy. https://www.brecorder.com/news/40174117/saudi-companies-invited-to-invest-in-petroleum-industry
Pakistan, IMF kick off 7th review on EFF programme The meeting was attended by Minister of State for Finance & Revenue Dr. Aisha Ghous Pasha, Secretary Finance, Governor, State Bank of Pakistan and Chairman Federal Board of Revenue. The first batch of the senior management of the Finance Division, State Bank of Pakistan and Federal Board of Revenue has already reached Doha for the 7th Review Mission https://mettisglobal.news/pakistan-imf-kick-off-7th-review-on-eff-programme/
Illegal offshore FX websites: SBP stops banks from making payments The State Bank of Pakistan (SBP) Wednesday prohibited the banks for payment to illegal offshore foreign exchange trading websites, mobile applications and platforms through any payment channel.
Non-essential items, luxury goods import: FTO asks FBR to notify enhanced RD rates ‘without delay’ The Accountability Court on Wednesday again issued a perpetual arrest warrant for former finance minister Ishaq Dar in the assets beyond means case.
NAC approves FY22 5.97pc provisional growth rate The National Accounts Committee (NAC) has approved 5.97 percent estimated provisional Gross Domestic Product (GDP) growth rate for the ongoing fiscal year 2021-22 as compared to 5.74 percent for the last financial year 2020-21. https://www.brecorder.com/news/40174211/nac-approves-fy22-597pc-provisional-growth-rate
PM completes consultation on ‘betterment of economy’: Ahsan Federal Minister for Planning and Development Ahsan Iqbal said Wednesday that Prime Minister Shehbaz Sharif has completed consultation with the allied parties with respect to the prevailing situation in the country and he would soon take the nation into confidence. https://www.brecorder.com/news/40174212/pm-completes-consultation-on-betterment-of-economy-ahsan
SBP raises Rs351bn via T-bills auction, yields come down by upto 29bps The cut-off yields of T-bills were decreased by up to 29 basis points in the auction conducted by the State Bank of Pakistan (SBP) on Wednesday. https://mettisglobal.news/sbp-raises-rs351bn-via-t-bills-auction-yields-come-down-by-upto-29bps/
Commodities and Currency: 1-Day Change
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