【Daily】13 July Brief of Pak BizNews
KSE 100 41,344.01 ▲0.45%
KMI 30 67,947.22 ▲0.36%
KASB Tech Index 374.87▲0.25%
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.
SBP raises policy rate by 125bps to 15pc
The State Bank of Pakistan announced on Thursday that it had increased the interest rate by 125 basis points (bps) to 15 per cent.
Cut in oil prices likely as PM seeks summary
Prime Minister Shehbaz Sharif on Tuesday sought a summary from the Oil and Gas Regulatory Authority (Ogra) to reduce the prices of petroleum products after the prices went down significantly in the international market.
Gas tariff surges by a whopping 235%
The government on Thursday approved an increase in natural gas prices in the range of 43% to 235% with effect from July 1 in a bid to recover Rs660 billion from the majority of domestic and all other categories of consumers.
PLL’s $1bn LNG tender flop to worsen energy crisis
The country’s energy agonies will further soar in August as it will only have 700mmcfd imported gas —six cargoes from Qatar and one from ENI- amid a shortfall of 500mmcfd in the system as it did not receive a single offer in a $1 billion LNG purchase tender, The News learnt on Thursday.
SBP’s forex reserves fall to $9.8 billion
The State Bank of Pakistan’s (SBP) foreign exchange reserves again fell below $10 billion in the week that ended June 30 on foreign debt and import payments, it said on Thursday.
Pakistan’s Covid-19 positivity ratio reaches five-month high
Pakistan has recorded the highest Covid-19 positivity ratio of 5.46% during a single day after a gap of five months, the National Institute of Health (NIH) data showed Tuesday morning.
IMF, Pakistan inch closer to revival of loan package
The International Monetary Fund (IMF) and Pakistan moved closer to the revival of their loan package on Saturday as Islamabad has taken several steps to reduce its expenditure, increase energy prices and improve tax collection, as demanded by the IMF.
Coal, LNG import initiated for power generation: Miftah
Finance Minister Miftah Ismail Thursday expressed his optimism that there will be a substantial reduction in loadshedding in the coming few days as the government has started importing coal and LNG.
Refineries await government stance on new policy
Government has yet not reached out to refineries for a policy related to their upgradation, The News learnt on Friday, with analysts suggesting refineries to execute the deep conversion project for protecting future earnings.
KE gets Rs9.52/unit tariff hike
National Electric Power Regulatory Authority (Nepra) has raised K-Electric (KE) tariff by Rs 9.52 per unit for the month of May 2022 under monthly Fuel Charges Adjustment (FCA) mechanism to be charged in the bills of June and July 2022.
Nepra allows Discos Rs7.90/unit tariff hike
National Electric Power Regulatory Authority (Nepra) has increased tariffs of power Distribution Companies (Discos) by 7.90 per unit for May 2022 to recover over Rs 113 billion from consumers under monthly Fuel Charges Adjustment (FCA) mechanism.
Chinese energy company threatens to discontinue import of Afghan coal
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) (HSR) Energy (Private) Limited has threatened to discontinue import of Afghan coal if Nepra does not approve agreed pricing mechanism within one week.
PPIB urges PD to help reinstate tax on dividends
The Private Power &Infrastructure Board (PPIB) has urged the Power Division to play its role in reinstatement of tax on dividends to 7.5 percent as full and final liability for investors, as otherwise shareholders of Independent Power Producers (IPPs) may consider it as creating negative sentiments for their investment, well-informed sources told Business Recorder.
PPIB approves extension of financial closing date
The Private Power & Infrastructure Board (PPIB) has approved extensions in Financial Closing (FC) date of 1320-MW Thar coal power project of M/s Thar Coal-Block 1 Power Generation Company (Pvt.) Ltd (TCB-1) till December 31, 2022 and RCOD of ThalNova Power Thar Private Limited up to June 30, 2022.
Auto industry fears massive drop in sales
Auto industry players anticipate a 30 per cent sales drop in 2022-23 in view of uncertainty after the increase in withholding tax on filers and non-filers, imposition of one per cent capital value tax on vehicles exceeding 1,300cc, strict auto financing rules to compress demand, high interest rates and more price shocks on the cards.
Lotte receives intention from Novatex
Lotte Chemical Pakistan Limited has received a Notice of Public Announcement of Intention from M/s Novatex Limited through its manager to the Offer, Arif Habib Limited, to acquire control of 1,135,860,105 voting shares (75.01 percent of paid up capital) of the Company.
Commodities and Currency: 1-Day Change
Gold: USD 1,729.05▼0.16%
Silver: USD 19.023 ▼0.57%
Crude Oil: USD 96.35▼7.38%
USD-PKR: Rs 207.425/USD▲0.27%