【Daily】4 July Brief of Pak BizNews
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KSE 100 41,630.35 ▲0.22% KMI 30 68,722.93▼0.06% KASB Tech Index 268.80 ▼0.48%
KASB Market View
· Market will focus on the upcoming monetary policy, which may see interest rates further hiked after 13yr high inflation figures · The result season has also commenced, during which the industry expects record high profitability.
National News
Four-month high: Covid-19 positivity ratio hits 3.93pc The Covid-19 positivity ratio in the country has reached a 4.5-month high at 3.93% in the last 24 hours, the National Institute of Health, Islamabad (NIH) data showed Friday morning. This is the highest positivity ratio since February 19, when it was recorded at 4.15%. According to the latest data from the NIH, during the last 24 hours, 694 fresh Covid-19 cases were reported in the country after diagnostic testing on 17,640 samples. https://e.thenews.com.pk/detail?id=103684
Pharma raw materials: No input tax adjustment after 1pc GST payment: FBR The Federal Board of Revenue (FBR) has denied input tax adjustment facility, from July 1, 2022, to the manufacturers and importers of pharmaceutical raw materials after payment of one percent sales tax at the import stage.
Oil sales slump 11 percent in June Country’s oil sales jumped eleven percent to 22.5 million tonnes in fiscal year 2021-22, the data released by Oil Companies Advisory Council (OCAC) showed on Friday, while they fell massively in June owing to a humongous increase in the prices of different fuels. https://e.thenews.com.pk/detail?id=103539
Pakistan LNG seeks 10 cargoes for July-Sept deliveries: tender document Pakistan LNG Limited (PLL) is seeking 10 shipments of liquefied natural gas (LNG) for delivery in July to September period, with bids to be sent in by July 7, according to a tender advertised on Friday. https://e.thenews.com.pk/detail?id=103536
Petroleum dealers plan strike over low margins after Eid Country's petrol outlet owners on Saturday announced to go on a complete strike from July 18, 2022, in protest against runaway cost of doing business and minuscule dealers' margins that had left their operations unviable. https://www.thenews.com.pk/print/970959-petroleum-dealers-plan-strike-over-low-margins-after-eid
Outflow from domestic bonds exceeds $1bn in FY22 Despite highly attractive returns foreigners avoided investing in treasury bills (T-bills) and Pakistan Investment Bonds (PIBs) instead they withdrew over $1 billion from these domestic bonds during 2021-22. https://www.dawn.com/news/1697746/outflow-from-domestic-bonds-exceeds-1bn-in-fy22
Trade deficit hits highest level on record as imports soar Pakistan’s trade deficit ballooned to an all-time high of $48.66 billion in the outgoing fiscal year from $30.96bn a year ago, indicating an increase of 57 per cent on the back of higher-than-expected imports, provisional official data showed on Saturday. https://www.dawn.com/news/1697938/trade-deficit-hits-highest-level-on-record-as-imports-soar
Coal starts coming in from Afghanistan The country has started importing coal from Afghanistan and supplying it to the coal-fired power plants in different cities, an official told Dawn on Saturday. https://www.dawn.com/news/1697917/coal-starts-coming-in-from-afghanistan
Palm oil falls 4pc on recession fears, higher supply outlook Malaysian palm oil futures fell 4% on Friday as recession fears sank edible oils, with a higher supply outlook further denting sentiment. https://www.brecorder.com/news/40183874/palm-oil-falls-4pc-on-recession-fears-higher-supply-outlook
Commodities and Currency: 1-Day Change
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