【Daily】18 July Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jul 18, 2022

-Daily Market-

 KSE 100   42,074.91 ▼0.65%

 KMI 30     69,674.92 ▼0.59%

KASB Tech Index   389.76 ▼0.41%


  KASB Market View


  • Talks of a record hike by the US Fed have taken a toll on global oil prices, causing them to fall to around USD 96/bbl.
  • Falling oil prices will improve inflation outlook for the country, likely supporting cyclical sectors
  • Investors are expected to focus on the result season, in which the impact of the super tax will be apparent


  National News


$1.17bn tranche to be released in three to six weeks: IMF

The International Monetary Fund (IMF) has said that its agreement with Pakistan would lead to a “straight away” disbursement of $1.17 billion to the country.



Auto sector posts record sales in FY22

Despite surging prices, record fuel and interest rates, curbs on auto financing and the suspension of advance booking by some assemblers in May, the sales of cars, jeeps and pickups posted an all-time high in FY22.



Eyeing $4bn from friendly countries this month

Pakistan is likely to get $4 billion from friendly countries this month to bridge a gap in foreign reserves highlighted by the International Monetary Fund, Finance Minister Miftah Ismail said, two days after sealing a deal with the lender.



Govt faces $4b financing gap despite IMF deal

Pakistan was still facing a $4 billion financing gap that will be bridged by selling stakes of listed government companies to a friendly country, buying oil and gas on deferred payments and arranging cash deposits, said Finance Minister Miftah Ismail on Saturday.



FATF’s on-site visit likely in September

Global financial crime watchdog the Financial Action Task Force (FATF) will send its on-site mission to Pakistan sometime in September, a visit anticipated by diplomatic circles in Islamabad as a “final walk-through from the FATF process” for the country.



Finnish fund buys 17.6pc stake in TPL Insurance

TPL Corporation said on Friday a Finnish fund has successfully completed the transaction to acquire 17.59 per cent shareholding in TPL Insurance, a subsidiary of the Pakistani conglomerate.



Saudi Arabia says no additional capacity to increase oil production beyond 13 million bpd

Saudi Arabia will not have any additional capacity to increase oil production beyond 13 million barrels per day, Crown Prince Mohammed bin Salman said during his address to the US-Arab summit in Jeddah.



PRL may face brief closure on delayed crude cargo

Pakistan Refinery Limited (PRL) cargo weighing 70,000 tonnes crude oil was behind schedule due to delay in confirmation of its credit letter, which could lead to temporary shutdown of the refinery, The News learnt on Friday.



Four $2.3bn power projects declared ‘problematic’

The Ministry of Economic Affairs has reportedly declared four power sector projects worth $2.3 billion problematic and directed the Power Division and its attached organizations to expedite implementation of the projects.



Three more wheat cargoes due this month

Pakistan would receive four cargoes of imported wheat in the current month as one has already reached on July 5.



Petroleum dealers say will observe strike tomorrow

Pakistan Petroleum Dealers Association (PPDA) has expressed resolve to go on an indefinite strike from July 18 (tomorrow) by closing filling stations across the country, saying the government failed to fulfil its commitment to raise their margin in phases.



$200m loan to transform farming

The World Bank has approved $200 million loan for introducing new technologies in the agriculture sector of Punjab, which is one-third less than the amount that had been initially planned for bringing improvement to cultivation practices in the province.



Commodities and Currency: 1-Day Change


USD 1,706.50▲0.04%


USD 18.637▲2.26%

Crude Oil

USD 94.57▲0.08%



Rs 210.825/USD▲0.68%

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