【Daily】25 May Brief of Pak BizNews

-Daily Market-

KSE 100 41,950.3 ▼ 1.15%

KMI 30 67,085.5 ▼ 1.39%

KASB Tech Index 251.6 ▼ 2.06%

KASB Market View

·        We expect the market to remain jittery today on account of opposition’s long march commencing from today that would raise concern on law and order situation.

·        With the announcement of new regulations for Auto sector, we expect the sector to outperform. Other cyclical sectors including Cements and Steel are would also remain under pressure amidst growth contraction.

·        Market is expected to remain range bound negative because of the aforementioned reasons. We recommend Banks. Textile and Technology sectors.

National News

Saudi Arabia finalizing extension of $3bn deposit to Pakistan: Saudi Minister of Finance

Saudi Arabia is finalising the extension of the kingdom's $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told Reuters.

https://www.brecorder.com/news/40175348/saudi-arabia-finalising-extension-of-3bn-deposit-to-pakistan-saudi-minister-of-finance

14 sessions of decline: Rupee falls to 201.41 against dollar

The rupee extended its fall for the 14th consecutive session against the US dollar on Tuesday as lack of developments in the government's talks with the International Monetary Fund (IMF), prolonged political uncertainty and lack of clarity on the future of the economy hammered the local currency.

https://www.brecorder.com/news/40175304/14-sessions-of-decline-rupee-falls-to-20141-against-dollar

Toyota IMC has Achieved Over 60 Percent Localization

Toyota Indus Motor Company (IMC) has picked up pace in achieving vehicle production indigenization. In its recent journalists’ meetup, the company apprised the audience about having gained 65 percent localization of parts.

https://propakistani.pk/2022/05/24/toyota-imc-has-achieved-over-60-percent-localization/

Auto financing facility tenor reduced by SBP

The State Bank of Pakistan (SBP) has announced to reduce the maximum tenor of auto finance facility by two years with immediate effect. The SBP has amended the Regulation R-11 of Prudential Regulations for Consumer Financing (PRCF) related to auto loans and financing to reduce the maximum tenor of auto loans being provided by the banks to the customers.

https://epaper.brecorder.com/2022/05/25/1-page/930758-news.html

FCCL allotted 800 million shares to Fauji Foundation for amalgamation of Askari Cement

Fauji Cement Limited has allotted 800,493,615 shares of Rs10 each of FCCL, credited as fully paid up to Fauji Foundation on 24th May 2022, duly sanctioned by Lahore High Court Rawalpindi bench, as per the scheme of arrangement for the amalgamation of Askari Cement Limited with and into Fauji Cement Limited.

https://augaf.com/fccl-allotted-800-million-shares-to-fauji-foundation-for-amalgamation-of-askari-cement/

Moody’s expects Pakistan’s Islamic banking growth to continue to outpace conventional banking

Pakistan’s Islamic banking industry is growing rapidly with a combination of a predominantly Muslim population, still modest financial inclusion, and the commitment of the government and regulators as the key driving forces, says Moody’s Investors Service in a report published today.

https://mettisglobal.news/moodys-expects-pakistans-islamic-banking-growth-to-continue-to-outpace-conventional-banking/

SBP increase Overnight Reverse Repo Ceiling rate to 14.75%

SBP Overnight Reverse Repo (Ceiling) rate will be at 14.75% i.e. 100 bps above the SBP Policy Rate. Yesterday, SBP has decided to increase ‘Policy Rate’ (Target Rate) from 12.25% to 13.75%. The SBP Overnight Repo (Floor) rate will be at 12.75% i.e. 100 bps below the SBP Policy Rate.

https://augaf.com/sbp-increase-overnight-reverse-repo-ceiling-rate-to-14-75/

PM seeks plan aimed at boosting IT&T exports

Prime Minister Shehbaz Sharif has directed Information Technology and Telecom Division to submit a plan to enhance IT & Telecom export to $ 15 billion in the next two years after due consultation process with the stakeholders.

https://epaper.brecorder.com/2022/05/25/1-page/930750-news.html

Import of various products; DGCV Karachi revises customs values

Directorate General of Customs Valuation, Karachi has revised customs values on the import of ceramic/porcelain sanitary wares; low-end brand shoes, slippers, sandals, chappals and joggers of all origin; values of spices/herbs and edible gums and values of sweet corn, canned pineapple and fruit cocktail.

https://epaper.brecorder.com/2022/05/25/11-page/930828-news.html

Commodities and Currency: 1-Day Change