【Daily】6 July Brief of Pak BizNews

-Daily Market-

 KSE 100   41,102.57▼0.59%

 KMI 30     67,682.42▼0.68%

KASB Tech Index   372.29▲0.32%

 

KASB Market View

 

Fall in international oil prices amidst possible global recession would provide support to country's external account. We expect the market to react positively to this development.
Monetary policy is expected tomorrow and the industry is expecting a hike of 100 - 150bps hike. Cyclical sectors especially autos and cements would face the brunt of it.
We recommend defensive sectors including Banks and Fertilizer.
 

National News

 

RDA inflows hit historic high of $4.6bn

Inflows of Roshan Digital Account (RDA) continued to post healthy growth, reaching historic level of $4.6 billion at the end of June 2022.

https://epaper.brecorder.com/2022/07/06/1-page/935943-news.html

 

Key policy rate likely to be hiked by 100bps

The Monetary Policy Committee (MPC) of the State Bank Pakistan (SBP) will unveil monetary policy on July 7, 2022 with expectation of further monetary tightening due to higher inflation outlook.

https://epaper.brecorder.com/2022/07/06/1-page/935944-news.html

 

Rupee closes near 207 amid renewed uncertainty over IMF programme

As per the State Bank of Pakistan (SBP), the rupee closed at 206.94, a depreciation of Rs2.38 or 1.15% against the US dollar.

https://www.brecorder.com/news/40184428/rupee-closes-near-207-amid-renewed-uncertainty-over-imf-programme

 

FBR asked to direct car maker to pay KIBOR+ 3pc/annum

The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to direct a car manufacturer to pay KIBOR plus three percent per annum against late delivery of cars exceeding 60 days of initial booking.

https://epaper.brecorder.com/2022/07/06/3-page/935965-news.html

 

Air travel FED reduced to Rs30,000

To give relief to the rich/wealthy class, the government has decided to reduce the federal excise duty (FED) of Rs50,000 to Rs30,000 imposed on club, business, and first class international air tickets through the Finance Act, 2022.

https://epaper.brecorder.com/2022/07/06/1-page/935942-news.html

 

ECC okays import of 0.5m tonnes of wheat

The Economic Coordination Committee of the Cabinet has granted approval for the import of 500,000 tonnes of wheat at $439.4 per tonne against the initial tender price of $515.49 per tonne.

https://www.thenews.com.pk/print/971778-ecc-okays-import-of-0-5m-tonnes-of-wheat

 

Ministry allocated Rs3.8bn to deal with LSD challenge

The government has approved Ministry of National Food Security & Research’s (MoNFS&R) proposal to declare Lumpy Skin Disease (LSD) as national emergency and allocated funds of Rs 3.8 billion to deal with it, official sources told Business Recorder.

https://epaper.brecorder.com/2022/07/06/12-page/936037-news.html

 

Regime change conspiracy’: IK threatens to ‘unmask all characters

Pakistan Tehreek-e-Insaf (PTI) chairman and former Prime Minister Imran Khan on Tuesday warned that if he is pushed against the wall, he would be left with no other option but to reveal the “characters” involved in the US-backed regime change conspiracy in the country.

https://www.brecorder.com/news/40184633/regime-change-conspiracy-ik-threatens-to-unmask-all-characters

 

ECP serves notice on Hamza Shahbaz for violating code of conduct

The Election Commission of Pakistan (ECP) on Tuesday issued a notice to Punjab Chief Minister Hamza Shehbaz for announcing free electricity for households consuming up to 100 units from July.

https://www.thenews.com.pk/print/971709-ecp-serves-notice-on-hamza-for-violating-code-of-conduct

 

Oil may collapse to $65 by year-end amid concerns of demand-crippling recession: Citigroup

A few days after analysts at JPMorgan Chase warned global oil prices could reach a “stratospheric” $380 a barrel, counterparts at Citigroup said crude could collapse to $65 by the end of this year, and drop further to $45 by end-2023 amid concerns of demand-crippling recession.

https://www.brecorder.com/news/40184439/oil-may-collapse-to-65-by-year-end-amid-concerns-of-demand-crippling-recession-citigroup

 

Oil plummets below $100 as recession risks come to forefront

Oil prices have been under pressure in the past month as central banks aggressively raise interest rates.

https://www.bloomberg.com/news/articles/2022-07-04/oil-holds-above-110-as-tight-supply-balanced-by-recession-risk?srnd=premium-asia#xj4y7vzkg

 

Commodities and Currency: 1-Day Change

Gold: USD 1,768.50▲0.26%

       Silver: USD 19.11▼0.06%

Crude Oil: USD 99.88▼7.42%

USD-PKR: Rs 206.625/USD▲0.06%