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【Daily】27June Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jun 27, 2022

-Daily Market-

 KSE 100   41051.79▼3.90%

 KMI 30     67513.3▼4.42%

KASB Tech Index   265.96▼3.17%

 

KASB Market View

 

  • The market is expected to reel from the super tax imposed on companies, likely consolidating in today's session
  • The USD 2.3bn deposits by China may alleviate concerns originating from falling reserves
  • Falling cotton prices may bode well for the textile sectors profitability

 

National News

 

Super tax on 13 big industries

Prime Minister Shehbaz Sharif Friday announced imposition of 10 per cent super tax on 13 large industries, and additional tax on affluent persons who earn more than Rs150 million annual incomes at the rate of one to four per cent for generation of more revenue.

https://e.thenews.com.pk/detail?id=101344

 

SBP gets $2.3bn Chinese loan

Finally, the government succeeded to get rollover the Chinese loan of $2.3 billion and the State Bank of Pakistan (SBP) received the amount in its account on Friday.

https://www.dawn.com/news/1696549/sbp-gets-23bn-chinese-loan

 

Govt opts for loadshedding over expensive LNG

Pakistan has decided not to accept the single bid for LNG cargo it received for delivery in July at a record $39.8 per million British thermal unit (mmBtu) for being too expensive and unaffordable amid rising electricity prices and shortages.

https://www.dawn.com/news/1696550/govt-opts-for-loadshedding-over-expensive-lng

 

BUDGET 2022-23: Govt eyes coffers of wealthy to appease IMF

The coalition government announced new tax measures on Friday, including a 10 per cent “super tax” on 13 large industries to raise an additional Rs465 billion in revenue, in an attempt to trim the budget deficit to revive the stalled International Monetary Fund (IMF) loan programme.

https://www.dawn.com/news/1696604/budget-2022-23-govt-eyes-coffers-of-wealthy-to-appease-imf

 

EU sees conventions’ implementation crucial for GSP+ extension

The European Union (EU) sees the next three months as crucial for extending the Generalised Scheme of Preferences Plus (GSP+) status to Pakistan for 2024.

https://www.dawn.com/news/1696545/eu-sees-conventions-implementation-crucial-for-gsp-extension

 

SPI rises over 1pc

Inflation measured by the Sensitive Price Index (SPI) increased by 1.01 per cent in the week ended on June 23 from the previous mainly due to increase in prices of essential food items, according to the Pakistan Bureau of Statistics (PBS) data released on Friday.

https://www.dawn.com/news/1696547/spi-rises-over-1pc

 

Fertilizer prices surge on massive rupee devaluation

Fertilizer prices have skyrocketed as a result of rupee depreciation and rising production costs, putting agriculture and food security in greater jeopardy than previously anticipated.

https://www.dawn.com/news/1696758/fertiliser-prices-surge-on-massive-rupee-devaluation

 

Multiple electricity buyers’ market launched

The National Electric Power Regulatory Authority (Nepra) has formally launched the Competitive Trading Bilateral Contract Market (CTBCM)—a new model under which any of the bulk power consumers (one megawatt and above) may come out of the system of the power distribution companies (Discos) and procure electricity from the officially approved or designated power suppliers in the open market.

https://www.dawn.com/news/1696759/multiple-electricity-buyers-market-launched

 

Fixed tax on the anvil for small builders, professional services

The coalition government has decided to introduce another fixed income tax scheme for small builders and other service providers through an amended Finance Bill 2022.

https://www.dawn.com/news/1696761/fixed-tax-on-the-anvil-for-small-builders-professional-services

Cotton prices fall Rs2,500/maund in line with world markets

Local cotton prices dropped by Rs2,500 per maund (37.324 kg) during the second half of the outgoing week, mostly owing to a low-demand led decrease in the international prices of the silver fibre, traders said, which also brought the spot rate down by Rs1,700 per maund.

https://www.thenews.com.pk/print/969196-cotton-prices-fall-rs2-500-maund-in-line-with-world-markets

 

Five more sectors to be taxed

Finance Minister Miftah Ismail announced the inclusion of five more sectors including real estate brokers, builders, car dealers, restaurants and salons in the tax network.

https://www.thenews.com.pk/print/969181-five-more-sectors-to-be-taxed

 

Govt gives go-ahead to revival of PSM

The Cabinet Committee on Privatisation (CCoP) on Friday gave go-ahead to the government’s plan for the revival of Pakistan Steel Mills Corporation (PSMC) with the help of a Chinese steelmaker and directed the relevant ministries to help remove bottlenecks expeditiously.

https://e.thenews.com.pk/detail?id=101252

 

 

 

Commodities and Currency: 1-Day Change

 Gold: 

USD 1,837.15▲0.37%

  Silver: 

USD 21.395▲1.12%

️Crude Oil

USD 107.940▲0.30%

 USD-PKR: 

Rs 208.350/USD▼0.21%

 

 

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