【Daily】14 July Brief of Pak BizNews
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KSE 100 41,862.77▲1.25% KMI 30 69,051.52 ▲1.63% KASB Tech Index 386.03▲2.98%
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National News
Govt raises Rs506bn from sale of MTBs The federal government on Wednesday raised some Rs 506 billion against sale of short-term security paper. The State Bank of Pakistan (SBP) conducted an auction for sale of 3-month, 6-month and 12-month Government of Pakistan Market Treasury Bills (MTBs) through Primary Dealers on Wednesday (July 13) with settlement date on July 14, 2022. https://www.brecorder.com/news/40185809/govt-raises-rs506bn-from-sale-of-mtbs
IMF announces staff-level agreement with Pakistan The International Monetary Fund (IMF) team has reached a staff-level agreement (SLA) with Pakistan authorities for the conclusion of the combined seventh and eighth reviews of the Extended Fund Facility (EFF), with the agreement now subject to approval of the Executive Board, it was formally announced by the Washington-based lender early on Thursday. https://www.brecorder.com/news/40185815/imf-announces-staff-level-agreement-with-pakistan
Pakistan’s regional exports increase 18.3pc in 11MFY22 Pakistan’s exports to regional countries witnessed an increase of 18.26 percent in the first eleven months of fiscal year (2021-22), as compared to the corresponding period of last year (11MFY21).
Coal import for power generation: Pakistan’s delegation to visit Afghanistan on 17th Mushtaq Ghumman 14 Jul, 2022 A Pakistan delegation led by Secretary Commerce, Sualeh Ahmad Faruqui will visit Afghanistan on July 17-18, 2022 for talks on import of coal for power generation, well informed sources told Business Recorder.
Gas price hike to fuel inflation The impact of the proposed gas price hike of up to 235 per cent on monthly headline inflation will be between 50 and 100 basis points. https://www.dawn.com/news/1699511/gas-price-hike-to-fuel-inflation
Restoration of power supply from Neelum-Jhelum project ordered Prime Minister Shehbaz Sharif on Wednesday took notice of a technical fault in the 969MW Neelum-Jhelum Hydropower Project and directed relevant departments to ensure immediate restoration of power supply from the project. https://www.dawn.com/news/1699495/restoration-of-power-supply-from-neelum-jhelum-project-ordered
Growers reject urea price hike to Rs2,350 Sindh Chamber of Agriculture has rejected unilateral increases in urea prices and accused manufacturers of passing on the burden of 10 per cent super tax to growers. https://www.dawn.com/news/1699507/growers-reject-urea-price-hike-to-rs2350
Saudi crown prince accepts PM’s invitation to visit country Prime Minister Shehbaz Sharif has invited the Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to visit Pakistan which the latter accepted on Wednesday. https://epaper.brecorder.com/2022/07/14/11-page/936632-news.html
Dollar surpasses Rs210, near all-time high The dollar jumped over one per cent against the rupee to cross the 210 mark in the interbank market on Wednesday as trading resumed after a gap of six days. https://www.dawn.com/news/1699512/dollar-surpasses-rs210-near-all-time-high
IT Exports Surge By 25.45 Percent IT exports have surged at the growth rate of 25.45 percent in eleven months of the last financial year. “ICT export remittances, including telecommunication, computer, and information services for the period July 2021 to May 2022 during Financial Year 2021-22 have surged to the $2.381 billion at a growth rate of 25.45 % in comparison to the $1.898 billion during the same period in FY 2020-21,” the official of the ministry told APP. https://nation.com.pk/2022/07/14/it-exports-surge-by-25-45-percent/
Oil edges up after U.S. stock build, big inflation figure Oil prices rose modestly on Wednesday even after U.S. oil inventories rose and after U.S. inflation figures bolstered the case for another big Federal Reserve interest rate increase.
Stocks, US Futures Pare Drop as China Tech Gains: Markets Wrap Stocks in Asia gyrated, while US equity futures pared declines Thursday as investors assessed the prospect of a recession on hardened expectations for more aggressive Federal Reserve monetary tightening after sizzling US inflation data.
Commodities and Currency: 1-Day Change
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