【Daily】2 June Brief of Pak BizNews

-Daily Market-

KSE 100               42,756.04 ▼0.75%

KMI 30                69,452.13 ▼0.85%

KASB Tech Index   274.60 ▼1.5%

KASB Market View

• As there are high inflation expectations in the coming months and withdrawal of fuel and energy subsidies in the upcoming budget announcement to be made on 10th June, the market is under serious turmoil.
• Worsening economic conditions ahead, are putting the equity markets under severe pressure and keeping the markets bearish

National News

Promotion of trade: Pakistan, Iran sign 32-point MoU

Pakistan and Iran have signed a 32-point memorandum of understanding (MoU) for promotion of bilateral trade between the two countries.

https://www.brecorder.com/news/40177237/promotion-of-trade-pakistan-iran-sign-32-point-mou

SBP raises Rs792bn via T-bills auction, yields jump by 55-75bps

The cut-off yields for 3-month, 6-month, and 12-month T-bills saw a jump of 75, 55, and 75 basis points to stand at 15.25%, 15.25%, and 15.50%, respectively.

https://mettisglobal.news/sbp-raises-rs792bn-via-t-bills-auction-yields-jump-by-55-75bps/

May CPI inflation rises 13.8pc YoY

The Consumer Price Index (CPI) based inflation increased by 13.8 per cent on a year-on-year basis in May 2022 as compared to an increase of 13.4 per cent in the previous month and 10.9 per cent in May 2021, says Pakistan Bureau of Statistics (PBS).

https://www.brecorder.com/news/40177298/may-cpi-inflation-rises-138pc-yoy

Overdue receivables: CPHGC approaches PM’s office

China Power Hub Generation Company (Private) Limited (CPHGC) has approached Secretary to Prime Minister for resolution of issues of overdue receivables, revolving account and tariff adjustment/true-up.

https://www.brecorder.com/news/40177288/overdue-receivables-cphgc-approaches-pms-office

PBS expands basket of selected items

Pakistan Bureau of Statistics (PBS) has extended basket of selected items comprising 1,674 for construction of export indices and 3,311 items for import indices in rebasing trade statistics from 1990-91 to 2017-18. The current count was 632 and 1,124 for export and import indices respectively.

https://www.brecorder.com/news/40177293/pbs-expands-basket-of-selected-items

Fuel Cost Adjustment: Over Rs280bn additional burden to be passed on to consumers in three months

The government is to pass additional financial burden of over Rs 280 billion to the consumers as Fuel Cost Adjustment (FCA) in the next three months i.e. May and June and July 2022 in Discos due to unprecedented rise in fuel prices in the international market, along with load shedding, well informed sources in NEPRA told Business Recorder.

https://www.brecorder.com/news/40177297/fuel-cost-adjustment-over-rs280bn-additional-burden-to-be-passed-on-to-consumers-in-three-months

Saudi Arabia focusing on mutual investment projects in Pakistan

Saudi Arabia is planning to invest in various new avenues and is keenly focusing on continuation of mutual investment projects within Pakistan, said H.E. Mr. Nawaf Bin Said Al-Malki, Ambassador of Kingdom of Saudi Arabia who called on the Federal Minister for Finance & Revenue, Mr. Miftah Ismail at Finance Division today.

https://mettisglobal.news/saudi-arabia-focusing-on-mutual-investment-projects-in-pakistan/

Commodities and Currency: 1-Day Change