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【Daily】30 June Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jun 30, 2022

 

-Daily Market-

 KSE 100   41,297.73▼1.12%

 KMI 30     68,207.02 ▼0.86%

KASB Tech Index   268.48▼1.91%

 

KASB Market View

 

·         Increasing taxation on certain sectors kept the markets performance at bay

·         The upcoming cpi numbers, which are expected around 19.0%, will drive interest rate expectations.

·         Currency has appreciated because of the resumption of the IMF program, likely helping cyclical stocks

 

National News

 

15 sectors; 10pc supertax imposed on income exceeding Rs300m

The amended Finance Bill 2022 has imposed a 10 percent supertax for the Tax Year 2022 on persons including companies engaged in the business of airlines, automobiles, beverages, cement, chemicals, cigarettes/tobacco, fertilizer, iron/steel, LNG terminal, oil marketing, oil refining, petroleum and gas exploration and production, pharmaceuticals, sugar and textile where income exceeds Rs300 million.

https://epaper.brecorder.com/2022/06/30/1-page/935080-news.html

 

NA approves revised salary income tax

The National Assembly has approved revised income tax slabs for the salaried class amid pressure from the IMF to generate incremental revenue.

https://profit.pakistantoday.com.pk/2022/06/29/na-approves-revised-salary-income-tax/

 

Auction for MTBs; Rs1.74trn mopped up to finance fiscal deficit

The federal government Wednesday borrowed Rs 1.74 trillion from domestic banking system to finance the rising fiscal deficit.

https://epaper.brecorder.com/2022/06/30/12-page/935159-news.html

 

Amendment-laden finance bill easily sails through NA

The National Assembly on Wednesday passed Federal Budget, 2022-23 by incorporating significant amendments to the Finance Bill, 2022 on the dictation of the International Monetary Fund (IMF).

https://epaper.brecorder.com/2022/06/30/1-page/935077-news.html

 

THE RUPEE: PKR strengthens

The rupee on Wednesday extended its gain for the second successive session against the US dollar in the inter-bank market, on account of positive developments on the external front.

https://epaper.brecorder.com/2022/06/30/1-page/935085-news.html

 

Amendment to Petroleum Products (Petroleum Levy) Ordinance approved

The National Assembly has approved, on Wednesday, an amendment of the Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961), which will allow the government to increase maximum limit of petroleum levy (PL) from Rs30 to Rs50 per litre on all petroleum products in the next financial year 2022-23.

https://epaper.brecorder.com/2022/06/30/1-page/935081-news.html

 

KE makes another Rs500 million payment to SSGC

Despite facing financial constraints, KE has made another payment of PKR 500 million to SSGC on 29 June 2022, bringing the total payout to over PKR 6 billion during the month.

https://mettisglobal.news/ke-makes-another-rs500-million-payment-to-ssgc/

 

Capital value tax reduced on automobiles in amended Finance Bill

The Federal Board of Revenue (FBR) has reduced the capital value tax (CVT) from 2% to 1% on automobiles in an amendment to the Finance Bill 2022.

https://profit.pakistantoday.com.pk/2022/06/29/capital-value-tax-reduced-on-automobiles-in-amended-finance-bill/

 

Atlas Honda increases motorcycle prices by as much as Rs15,000

as Honda has jacked up prices of its motorcycles by as much as Rs15,000, with new rates kicking in from July 1, said dealers on Wednesday.

https://www.brecorder.com/news/40183301/atlas-honda-increases-motorcycle-prices-by-as-much-as-rs15000

 

Power Cement increases share capital to Rs13.9bn

Power Cement (PSX: POWER) has increased its authorized share capital to Rs13.9 billion from Rs13.1 billion, company’s filing on the bourse showed today.

https://mettisglobal.news/power-cement-increases-share-capital-to-rs13-9bn/

 

Visiting Pakistan on order of Nawaz Sharif: Ishaq Dar

PML-N senior leader and former finance minister Ishaq Dar Wednesday said his visit to Pakistan next month was finalised on the directions of party supremo, Nawaz Sharif.

https://www.thenews.com.pk/latest/970181-visiting-pakistan-on-order-of-nawaz-sharif-ishaq-dar

 

The State Bank of Pakistan will remain closed for public dealing on Friday, July 1, 2022

All banks, DFIs and MFBs will, therefore, remain closed for public dealing on the aforementioned date. However, employees of the banks, DFIs and MFBs will attend the office as usual.

https://epaper.brecorder.com/2022/06/30/12-page/935165-news.html

 

Commodities and Currency: 1-Day Change

 Gold: 

USD 1,822.15▲0.26%

       Silver: 

USD 20.77▲0.14%

Crude Oil

USD 110.31▲0.51%

USD-PKR: 

Rs 204.935/USD▲0.14%

 

 

 

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