【Daily】9 June Brief of Pak BizNews

-Daily Market-

 KSE 100   41,553.16 ▼0.04%

 KMI 30     67,773.03 ▲ 0.34%

KASB Tech Index   261.72 ▲ 0.34%

KASB Market View

• With worsening economic conditions and concerns over adverse upcoming budget has created a negative sentiment in the market. This is very much likely to continue in the coming days if we are not to come to terms with the IMF. which can further lead to worsening economic environment.
• The equity markets look bearish ahead amidst the last day's performance as foreign investors remained on the selling side with an outflow of $3.990 million. Lackluster volumes are expected in the the main board stocks.

National News

Economic Survey to be unveiled today

Finance Minister Miftah Ismail will unveil the Economic Survey 2021-22 Thursday (June 9) on the performance of the economy for the outgoing fiscal year with provisional growth of 5.97 percent against the envisaged target of 4.8 percent.

https://www.brecorder.com/news/40178906/economic-survey-to-be-unveiled-today

Moody’s affirms B3 long-term deposit ratings of five banks

Moody’s Investors Service has affirmed the B3 long-term deposit ratings of Pakistani banks and changed the outlook to negative from stable.

https://www.brecorder.com/news/40178901/moodys-affirms-b3-long-term-deposit-ratings-of-five-banks

Import of equipment for recycling projects: Budget likely to come up with some tax relief

The government is expected to announce tax relief measures in the budget (2022-23) on the import of equipment for recycling projects for moving towards sustainable packaging and a truly “circular economy”. It is reliably learnt that the government is considering measures to eliminate packaging waste through fiscal measures to be introduced in the coming budget.

https://www.brecorder.com/news/40178903/import-of-equipment-for-recycling-projects-budget-likely-to-come-up-with-some-tax-relief

PM consults CMs on energy conservation step

Prime Minister Shehbaz Sharif has consulted all the Chief Ministers on the decision taken by the federal cabinet regarding energy conservation, especially closure of market at 8pm after getting their feedback, the decision would be implemented.

https://www.brecorder.com/news/40178900/pm-consults-cms-on-energy-conservation-step

NA to pass Export-Import Bank of Pakistan Bill today

The National Assembly today (Thursday) would pass “The Export-Import Bank of Pakistan Bill, 2021” to fulfil the conditionality of the International Monetary Fund (IMF) without referring to the relevant Standing Committee of the house, it is learnt. According to the sources, after the passage of the bill, it would be tabled in the Senate on the same day for its passage.

https://www.brecorder.com/news/40178905/na-to-pass-export-import-bank-of-pakistan-bill-today

K-Electric announces revised load-shedding plan

K-Electric announced a revision in its load-shed plan to manage the ongoing power shortfall in the city. As per the revised policy, 3 hours of loadshedding will be undertaken in low loss areas within KE’s service territory.

https://www.brecorder.com/news/40178881/k-electric-announces-revised-load-shedding-plan

Staff-level pact with IMF expected by next week

Federal Minister for Finance and Revenue Miftah Ismail on Wednesday expressed the hope that Pakistan would reach a staff-level agreement with the International Monetary Fund (IMF) by next week which will help strengthen the Pak rupee and the economy.

https://www.brecorder.com/news/40178907/staff-level-pact-with-imf-expected-by-next-week

5pc growth target set but govt says will try for 6pc

The National Economic Council (NEC) has approved the Annual Plan and macroeconomic framework for 2022-23 with five percent GDP growth for the next fiscal year and the Public Sector Development Programme (PSDP) worth Rs2.1384 trillion – including Rs800 billion federal and Rs1, 384 billion provincial.

https://www.brecorder.com/news/40178908/5pc-growth-target-set-but-govt-says-will-try-for-6pc

Commodities and Currency: 1-Day Change