【Daily】23 July Brief of Pak BizNews
-Daily Market-
KSE 100 39,831.75 ▼1.55%
KMI 30 65,147.94 ▼1.89%
KASB Tech Index 367.52 ▼1.59%
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
SECP issues Self-Regulatory Organisations (Registration) Regulations, 2022
To promote the culture of self-regulatory organisations (SROs), the Securities and Exchange Commission of Pakistan (SECP) has issued the Self-Regulatory Organisations (Registration) Regulations, 2022 for the corporate sector.
EOBI disburses Rs46bn to pensioners
Federal minister for overseas Pakistani & Human Resources Development Sajid Hussain Toori has claimed that Employees’ Old-Age Benefits Institution (EOBI) has collected Rs 31.3 billion for the year of 20122. The institution has disbursed around Rs.46 Billion in FY-2021-22 to the pensioners.
https://www.brecorder.com/news/40187389/eobi-disburses-rs46bn-to-pensioners
Incompetent food dept creates famine-like situation in Upper Chitral
A famine-like situation has been created in Upper Chitral district due to the “mismanagement and incompetence” of the Khyber-Pakhtunkhwa Food Department officials who failed to ensure the supply of the commodity to the district despite repeated requests by the people of the area.
Elahi will be elected as CM with clear majority: PTI leader
Pakistan Tehreek-e-Insaf (PTI) senior leader and former federal minister Farrukh Habib was confident that Punjab Assembly Speaker Parvaiz Elahi will be elected as the Punjab Chief Minister with a clear majority.
https://www.brecorder.com/news/40187454/elahi-will-be-elected-as-cm-with-clear-majority-pti-leader
Guddu power plant fire: Probe report sent to Genco-II board
Managing Director, Genco Holding Company Limited (GHCL), Muhammad Imran has sent inquiry report of Guddu ST-16 fire incident to the Board of CPGCL (Genco-II) for action against seven employees responsible for the mishap.
https://www.brecorder.com/news/40187459/guddu-power-plant-fire-probe-report-sent-to-genco-ii-board
Non-availability of forex: CPHGC lands in hot water as SBP stops payments
China Power Hub Generation Company (Pvt.) Ltd. (CPHGC) has revealed that State Bank of Pakistan (SBP) has stopped various payments relating to its coal trade due to non-availability of the foreign exchange in the country, which has resulted in default in payments to its coal suppliers.
Service charges/commission/fees: Payments to non-residents brought into the tax net
The service charges/ commission/ fees paid by the exchange companies licensed by the State Bank of Pakistan (SBP) to non-resident persons have been brought under the tax net.
Tax rate on income of banking firms enhanced
The tax rate on income of banking companies has been enhanced to 39 per cent for tax year 2023 from the current 35 per cent through an amendment in the Income Tax Ordinance 2001 through Finance Act 2022.
https://www.brecorder.com/news/40187471/tax-rate-on-income-of-banking-firms-enhanced
Small retailers: fixed tax regime rationalized
The Federal Board of Revenue (FBR) has rationalized the fixed tax regime for small retailers through the Finance Act, 2022.
https://www.brecorder.com/news/40187472/small-retailers-fixed-tax-regime-rationalized
Financial crunch: KE demands clearance of TDC net difference
K-Electric (KE) has cautioned the federal government that it has reached an alarming and unsustainable level of bank borrowings and will not be in a position to clear over-dues unless the net difference of its KE demands clearance of Tariff Differential Claim (TDC) net difference TDC amounting to Rs 25.6 billion is cleared
https://www.brecorder.com/news/40187473/financial-crunch-ke-demands-clearance-of-tdc-net-difference
Demand for dollar to ebb: Miftah
Finance Minister Miftah Ismail has expressed the hope that demand for the US dollar would decrease in the next few days following reduced imports, and the situation in terms of the exchange rate would reverse.
https://www.brecorder.com/news/40187475/demand-for-dollar-to-ebb-miftah
Russia resumes ‘unstable’ gas supplies to Europe
Russia on Thursday restored critical gas supplies to Europe through Germany via the Nord Stream pipeline after 10 days of maintenance, but suspicion lingered that the Kremlin would trigger an energy crisis on the continent this winter.
https://www.brecorder.com/news/40187467/russia-resumes-unstable-gas-supplies-to-europe
ECB surprises with aggressive rate hike, first since 2011
The European Central Bank raised interest rates by more than expected on Thursday as concerns about runaway inflation trumped worries about growth, even while the euro zone economy is suffering from the impact of Russia’s war in Ukraine.
https://www.brecorder.com/news/40187468/ecb-surprises-with-aggressive-rate-hike-first-since-2011
Commodities and Currency: 1-Day Change
Gold: USD 1,712.70▼0.04%
Silver: USD 18.677▼0.22%
Crude Oil USD 97.34▲1.06%
USD-PKR: Rs 227.500/USD▲0.22%
