【Daily】21 July Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jul 21, 2022

-Daily Market-

 KSE 100   40,459.70 ▲0.17%

 KMI 30     66,402.27 ▲0.06%

KASB Tech Index   373.46 ▲0.30%


  KASB Market View


  • The market will focus on the weakening external accounts balances and its impact on the pak rupee, which continues to test lower levels
  • The result season has commenced, which will likely be impacted by the super tax
  • Defensive sectors like fertilisers will likely garner investor attention


National News


Dollar reaches all-time high at Rs224.92

The US dollar continued its ascent on Wednesday against the Pakistani rupee, closing  at a new all time high of Rs224.92 in the interbank market.



Weighed mainly by global commodity prices: SBP sees FY23 most challenging for economy

The ongoing fiscal year of 2022-23 is being viewed by the central bank as the most challenging for the country’s economy and even worse compared to the challenge of the Covid-19 pandemic because of the global commodity prices and the geopolitical situation.



IMF wants assurance on Saudi funding to Pakistan before it disburses loan: report

The International Monetary Fund (IMF) is looking to assess Saudi Arabia’s commitment to financing Pakistan before the multilateral lender disburses fresh funds to the country, Bloomberg reported, citing people familiar with the matter.



Monthly FCA formula

K-Electric (KE) and Central Power Purchasing Agency Guaranteed (CPPA-G) are said to have sought unprecedented increase of Rs11.39 per unit and Rs9.92 per unit, respectively in their tariffs for June 2022 under monthly fuel charges adjustment formula



Nepra indicates more hike in power tariffs

The country’s power sector regulator Wednesday indicated more increase in electricity tariff through Quarterly Tariff Adjustment (QTA) after the rupee plunged to over Rs 225 to the US dollar against its estimates of Rs 200 to the dollar.



ECC allows TCP to import 200 KMT Urea from China at negotiated rate

The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the import of 200 KMT of Urea from Chinese companies at a negotiated rate of $500/MT (FoB), said a press release issued today.



Pakistan Largest Urea Manufacturer Bring 0.7 Million Ton Urea Capacity Online

Fauji Fertilizer Company, Plant-III, Mirpur Mathelo has resumed production on July 19 2022, according to company filling at the exchange.



PIA slashes international fares by up to 15pc

Pakistan International Airline (PIA) has slashed its international fares up to 15 percent, following the reduction in POL prices



Italy becomes 7th billion-dollar export destination for Pakistan

Italy has become the seventh billion-dollar export country for Pakistan in the world during FY 2021-22 with a record growth of export volume to $1.146 billion, while the remittances from Italy were also on the path to touch billion dollars soon with a total of $ 857 million during the year.



Capital assets in Pakistan: Tax on ‘deemed income’ challenged in LHC

The tax imposed on “deemed income”, through the Finance Act 2022, for taxation of capital assets situated in Pakistan, has been challenged in the Lahore High Court (LHC).



Oil falls on lackluster U.S. summer gasoline demand

Oil prices slipped on Wednesday, after U.S. government data showed lower gasoline demand during the peak summer driving season and as interest rate hikes by central banks to fight inflation fed fears the economy could slow, cutting energy demand



Commodities and Currency: 1-Day Change


USD 1,689.10▼0.65%


USD 18.462▼1.10%

 Crude Oil

USD 99.11▼0.77%


Rs 225.000/USD▲0.11%

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