【Daily】6 July Brief of Pak BizNews
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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%