【Daily】23 June Brief of Pak BizNews

-Daily Market-

 KSE 100   42,458.14 ▼0.16%

 KMI 30     70,117.14 ▼0.51%

KASB Tech Index   271.52 ▼0.90%

KASB Market View

• Revival of IMF program would keep market sentiments bullish for the day. Apart from the Fund, Pakistan is expected to receive inflows from ADB, KSA and China next month that would ease off the liquidity issues.
• The tax collection target is revised up to PkR 7.4trn from PkR 7.0trn for FY23. The government would also impose a PDL of PkR 5/ltr every month increasing to PkR 50/lltr. This would increase the inflation readings further in the coming months.
• We recommend Technology and Textile sectors.

National News

Progress made over FY23 budget: IMF

Key progress has been made in talks on the revival of Pakistan’s International Monetary Fund bailout programme, both sides said on Wednesday, with Islamabad expecting the lender to increase the size and duration of the 39-month, $6 billion facility.

https://epaper.brecorder.com/2022/06/23/1-page/934205-news.html

*$2.3bn loan agreement signed with Chinese consortium*

Minister for Finance and Revenue Miftah Ismail Wednesday said the Chinese consortium of banks on Tuesday signed an RMB 15 billion ($2.3 billion) loan facility agreement.

https://epaper.brecorder.com/2022/06/23/1-page/934206-news.html

*SBP raises Rs155bn through PIB auction*

The State Bank of Pakistan (SBP) raised Rs155 billion on Wednesday, against the target of Rs150bn by selling fixed-rate Pakistan Investment Bonds (PIBs).

https://mettisglobal.news/sbp-raises-rs155bn-through-pib-auction/

THE RUPEE: PKR declines further

After showing significant improvement throughout the day, the rupee closed lower in the inter-bank market, depreciating for the ninth consecutive session against the US dollar on Wednesday.

https://epaper.brecorder.com/2022/06/23/1-page/934215-news.html

ECC approves Rs149bn payments to IPPs, KE

The Economic Coordination Committee (ECC) of the Cabinet has approved Rs149 billion for the power sector to be paid to the IPPs and K-Electric in the current fiscal year.

https://epaper.brecorder.com/2022/06/23/1-page/934207-news.html

PD on track over energy sector structural reforms with IMF

Power Division is said to be on track over energy sector structural reforms agreed with International Monetary Fund (IMF) as the financial impacts of quarterly adjustments and subsidies phasing out plan are being passed on to the consumers.

https://www.brecorder.com/news/40181929/pd-on-track-over-energy-sector-structural-reforms-with-imf

Sindh government to resolve issues of rice exporters: Chief Secretary Sindh

Chief Secretary Sindh, Dr. Sohail Rajput on Wednesday assured complete support of the Sindh government to rice exporters to resolve their issues at the earliest, said a press release issued today.

https://mettisglobal.news/sindh-government-to-resolve-issues-of-rice-exporters-chief-secretary-sindh/

FTA signing with GCC agreed

Pakistan and Gulf Cooperation Council (GCC) are said to have agreed on signing of Free Trade Agreements (FTA) for which tariff reduction modalities have been divided into five categories, well informed sources told Business Recorder.

https://www.brecorder.com/news/40181926/fta-signing-with-gcc-agreed

Pakistan issues tender to buy 500,000 tonnes wheat

A government agency in Pakistan has issued an international tender to purchase and import 500,000 tonnes of milling wheat, European traders said on Wednesday.

https://www.brecorder.com/news/40181754/pakistan-issues-tender-to-buy-500000-tonnes-wheat

Ban on import of luxury items

According to the details, the incumbent federal government has imposed a ban on import of luxury items vide SR0.598 (i)/2022 dated 19th May 2022. Consequently, around 600 to 900 containers are stuck at Karachi ports due to delay of vessel sailing from origin and Bill of Lading issued after May 19, 2022.

https://epaper.brecorder.com/2022/06/23/12-page/934296-news.html

Commodities and Currency: 1-Day Change