【Daily】19 July Brief of Pak BizNews
-Daily Market-
KSE 100 41,367.11 ▼1.68%
KMI 30 68,404.35 ▼1.82%
KASB Tech Index 378.74 ▼-2.83%
KASB Market View
Delay in disbursement of IMF tranche amidst political uncertainty is expected to keep the market sentiment bearish for the day.
Investors will keep a close eye on result season where we expect earnings to decline on account of imposition of onetime super tax.
We recommend defensive sectors including Fertilizer and Pharmaceuticals
National News
No objection to talks with caretaker govt: IMF
The Executive Board of the International Monetary Fund (IMF) is expected to meet in the last week of August this year to decide whether to approve or disapprove its deal with Pakistan, and IMF had no objection to holding negotiations with the caretaker government if it comes in Pakistan.
https://www.thenews.com.pk/print/974736-no-objection-to-talks-with-caretaker-govt-imf
Completion of EFF programme; ‘Pakistan’s ability remains highly uncertain’: Moody’s
Pakistan’s ability to complete the current Extended Fund Facility (EFF) programme and maintain a credible policy path that supports further financing remains highly uncertain, while elevated inflation and a higher cost of living are adding to social and political risks, says Moody’s Investors Services (Moody’s).
https://epaper.brecorder.com/2022/07/19/1-page/937127-news.html
Fiscal consolidation; Economic, political uncertainty to challenge the pace: Moody’s
The economic and political uncertainty will challenge the pace of fiscal consolidation in the fiscal year 2023, says Moody’s Investors Services (Moody’s).
https://epaper.brecorder.com/2022/07/19/12-page/937222-news.html
FY22: Over $31bn record remittances received
The country received the highest-ever home remittance inflows of over $ 31 billion during the last fiscal year (FY22).
https://epaper.brecorder.com/2022/07/19/1-page/937128-news.html
July-May LSMI output grows 11.7pc YoY
The Large Scale Manufacturing Industries (LSMI) output has registered a growth of 11.7 percent during July-May 2021-22 as compared to the same period of 2020-21, Pakistan Bureau of Statistics (PBS) said.
https://epaper.brecorder.com/2022/07/19/1-page/937123-news.html
Reko Diq copper-gold project
Barrick Gold Corporation President Mark Bristow Monday stated that the first phase of Reko Diq copper-gold project will be completed by 2027-28, and the scheme will convert it into a “world-class mine and transform Balochistan”.
https://epaper.brecorder.com/2022/07/19/1-page/937130-news.html
‘Political uncertainty’ sees PKR hit new low of Rs216 in interbank
According to the Forex Association of Pakistan, the dollar was trading at a record Rs216 against the local currency at 3:12pm, up Rs5, or 2.4 per cent, from Friday's close of Rs210.95.
https://www.dawn.com/news/1700340/political-uncertainty-sees-pkr-hit-new-low-of-rs216-in-interbank
Govt plans to borrow Rs5.751tr in July-Sept
The government has planned to borrow Rs5.751 trillion from banks in the next three months (July to September) of 2022, to bridge gap in revenue and expenditures, the central bank’s auction calendar showed on Monday.
https://www.thenews.com.pk/print/974814-govt-plans-to-borrow-rs5-751tr-in-july-sept
NEPRA allows KE to remove power subsidies for protected consumers exporters
National Electric Power Regulatory Authority (NEPRA) has allowed K-Electric to increase the number of unprotected consumers, remove power subsidies given to exporting industries, charge commercial peak hours and to recover May fuel adjustment in July and August.
https://www.thenews.com.pk/print/974816-nepra-allows-ke-to-remove-power-subsidies-for-protected-consumers-exporters
Neelum-Jhelum plant shut down for six months
Neelum-Jhelum hydro-power plant, which is non-operational since July 06, will take six months to restore power supply in the national grid.
https://www.thenews.com.pk/print/974717-neelum-jhelum-plant-shut-down-for-six-months
Commodities and Currency: 1-Day Change
Gold: USD 1705.20▼0.31%
Silver: USD 18.540▼1.59%
Crude Oil: USD 99.19▼0.17%
USD-PKR: Rs 216.250/USD▲0.35%
