【Daily】26 May Brief of Pak BizNews
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KSE 100 42,012.66▲ 0.15% KMI 30 67,261.44▲ 0.26% KASB Tech Index 257.34 ▲ 2.28%
KASB Market View
· After recovering 500 points, the market seems negative for the coming days as the government couldn’t strike a deal with the IMF. · Foreign investors also remained net buyers of shares worth $136,393. Total market capitalization increased by Rs 10 billion to Rs 7.000 trillion. Out of total 324 active scrips, 198 closed in positive and 103 in negative while the value of 23 stocks remained unchanged.
National News
Stalled IMF programme: Govt fails to successfully persuade IMF The talks between Pakistan and the International Monetary Fund (IMF) for the 7th review under the $6 billion Extended Fund Facility (EFF) programme remained inconclusive, as the Fund pointed out ‘deviations’ on fiscal sides from the policies agreed in the last review. Resultantly, no staff level agreement was reached on Wednesday while the revival of $6 billion EFF delayed.
Injection of Rs1.4bn in HBL Asset Management Co approved Habib Bank Limited (HBL) has received the approval from State Bank of Pakistan (SBP) on its proposal for undertaking an equity injection of Rs 1.4 billion in HBL Asset Management Company Limited. HBL Asset Management Company Limited is wholly owned subsidiary of Habib Bank Limited. https://www.brecorder.com/news/40175713/injection-of-rs14bn-in-hbl-asset-management-co-approved
Budget 2022-23: Minister proposes allocation of 10pc share of PSDP for dams’ construction Federal Minister for Water Resources Syed Khurshid Ahmad Shah proposed to allocate 10 percent share of the total cost of the Public Sector Development Programme (PSDP) for the construction of dams in the coming budget 2022-23.
Govt takes step to avert wheat shortage In order to avoid wheat shortage in domestic market, the federal government has initiated the import of commodity and Trading Corporation of Pakistan (TCP) opened the first wheat import tender on Wednesday. https://www.brecorder.com/news/40175755/govt-takes-step-to-avert-wheat-shortage
Power tussle comes to a head Flanked by a very large number of his diehard supporters from across the country, mainly from the KPK, former prime minister Imran Khan was about to make a dramatic entry to Capital’s D-Chowk after reaching Islamabad from KPK during the wee hours of Thursday morning. https://www.brecorder.com/news/40175757/power-tussle-comes-to-a-head
SBP raises Rs89.4bn via PIB auction, yields soar up to 70bps The cut-off yields of Pakistan Investment Bonds (PIBs) were increased considerably by up to 70 basis points in the auction conducted by the State Bank of Pakistan (SBP) on Wednesday. https://mettisglobal.news/sbp-raises-rs89-4bn-via-pib-auction-yields-soar-up-to-70bps/
Pakistan, Saudi Arabia resolve to deepen trade ties Foreign Minister Bilawal Bhutto Zardari and his Saudi counterpart Prince Faisal bin Farhan Al Saud on Wednesday expressed the resolve to deepen mutual cooperation in all fields including economy, trade, and investment as well as at multilateral fora. https://mettisglobal.news/pakistan-saudi-arabia-resolve-to-deepen-trade-ties/
Govt fixes urea prices at Rs1, 768 per bag The government on Tuesday has fixed the retail price of urea at Rs1,768 per 50-kilogram bag from the existing price of Rs1,900-2,000 per bag. https://mettisglobal.news/govt-fixes-urea-prices-at-rs1768-per-bag/
Oil prices extend gains on tight supply, firm demand expectations Oil prices rose more than $1 on Wednesday, buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world's biggest crude consumer. https://mettisglobal.news/oil-prices-extend-gains-on-tight-supply-firm-demand-expectations/
Commodities and Currency: 1-Day Change
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