【Daily】20 July Brief of Pak BizNews
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KSE 100 40,389.07 ▼2.36% KMI 30 66,365.29 ▼2.98% KASB Tech Index 372.34 ▼1.69%
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Fitch, too, revises outlook to negative Ratings agency Fitch has revised Pakistan’s outlook to negative from stable while affirming its long-term foreign-currency (LTFC) issuer default rating (IDR) at “B-”. Rating agency Moody’s changed country’s outlook to negative from stable on June 2. https://epaper.brecorder.com/2022/07/20/1-page/937266-news.html
Pakistan international bond yields surge to 50.6% The interest rates for Eurobond maturing on April 15, 2024, for tenor 10 years recorded an increase of 16% to 50.6% owing to the rising concerns over the deterioration in the country's external liquidity position and financing conditions since early 2022. https://mettisglobal.news/pakistan-international-bond-yields-surge-to-50-6/
Rupee falls to yet another all-time low Pakistan's rupee closed at a record low of 221.99 against the US dollar on Tuesday, going as low as 224 during intra-day trading amid renewed political uncertainty that wrecked market confidence and also gave "speculators" additional fodder. https://epaper.brecorder.com/2022/07/20/1-page/937403-news.html
SBP terms PKR depreciation a feature of market determined exchange rate system The State Bank of Pakistan (SBP) on Tuesday termed the recent depreciation of the Pakistani rupee (PKR) a feature of a market-determined exchange rate system. While taking to its official Twitter handle, the central bank said, “The recent movement in the Rupee is a feature of a market-determined exchange rate system.”
ECC may approve rate of PL on LPG today Finance Minister Miftah Ismail has convened a meeting of the Economic Coordination Committee (ECC) of the Cabinet today (Wednesday) to consider and may approve the rate of Petroleum Levy (PL) on Liquefied Petroleum Gas (LPG). https://epaper.brecorder.com/2022/07/20/11-page/937333-news.html
Pakistan Petroleum Import Bill Doubles in Fiscal Year 2022 Pakistan’s petroleum import bill recorded a sharp increase in the fiscal year 2022 (July-June) from a year ago owing to rising prices in the international market. https://augaf.com/pakistan-petroleum-import-bill-doubles-in-fiscal-year-2022/
Rs1.55/unit hike in KE tariff likely Economic Coordination Committee (ECC) of the Cabinet is to approve an increase of Rs 1.55 per unit in the tariff of Karachi Electric (KE) aimed at bringing its tariff in line with the uniform tariff policy under Quarterly Tariff Adjustment (QTA) to be recovered in three months. https://epaper.brecorder.com/2022/07/20/12-page/937342-news.html
Lucky Motor Corporation increases KIA prices by up to Rs1.1mn On the back of the notable depreciation of the local currency and dismal macros, Lucky Motor Corporation Limited (LMCL) has increased the prices of KIA products by up to Rs1.1 million. Accordingly, the KIA Carnival is now available at Rs12.6mn while Sorento’s variants are priced between Rs7.8mn to Rs7.5mn. https://mettisglobal.news/lucky-motor-corporation-increases-kia-prices-by-up-to-rs1-1mn/
Textile group exports witness 25.53pc growth The country’s textile group exports witnessed a growth of 25.53 percent during the last financial i.e. 2021-22 and remained $19.329 billion compared to $15.399 billion during 2020-21, says the Pakistan Bureau of Statistics (PBS). https://epaper.brecorder.com/2022/07/20/1-page/937269-news.html
Commodities and Currency: 1-Day Change
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