【Daily】2 August Brief of Pak BizNews
KSE 100 40075.96▼0.19%
KMI 30 65281.45▼0.25%
KASB Tech Index 406.23▲0.55%
KASB Market View
· CPI for Jul22 reached a 14yr high of 24.9% YoY. This means that a rate hike of 100bps is in the offing in the next monetary policy meeting.
· Encouragingly, trade deficit has decreased by 48% MoM that can translate into a current account surplus of USD 500mn in Jul22. This is expected to provide some respite to the currency
· We recommend defensive sectors including Pharmaceutical and Fertilizer.
Jul CPI inflation soars to highest rate in 14 years
The Consumer Price Index (CPI) based inflation increased by a massive 24.93 percent on year-on-year basis in July 2022 as compared to an increase of 21.3 percent in the previous month and 8.4 percent in July 2021, says the Pakistan Bureau of Statistics (PBS).
Pakistan, Germany sign €17.5m grant agreement
The governments of Pakistan and Germany on Monday signed a grant agreement for the Regional Infrastructure Fund (Phase-II) worth Euro 17.5 million.
FBR surpasses July revenue target
The Federal Board of Revenue (FBR) collected a net revenue of Rs458 billion during July 2022, Profit learnt on Sunday. According to the details, the collection has exceeded the target of Rs443bn set for July by Rs15bn, representing a growth of about 10 per cent over the collection of Rs417bn during the same period last year (1MFY22).
Sukuk bond: Pakistan repays $40m
Pakistan has repaid $40 million coupon on the Islamic denominated Sukuk bond, which was due on July 31, 2022.
Rupee gains 53 paise in interbank trade
The rupee continued to recover in the interbank market on Monday, gaining 87 paise against the dollar in early trade. The rupee, which had closed at 239.37 last week, was being traded at 238.50 around 10am, according to Mettis Global, a web-based financial data and analytics portal.
Petrol, diesel sales decline on slower agri, transport activities
The sale of diesel and petrol declined by 27 percent and 38 percent respectively in the month of July 2022 on the back of long holidays of Eid as well as rains, which slowed down agriculture and transport activities in the country.
Subsidized power to export-oriented sectors
The Finance Ministry would be required to provide Rs77.9 billion to the Power Division if it wanted to provide electricity at a subsidised rate to the five export-oriented sectors for the entire fiscal year of 2022-23.
July imports dip 37.7pc MoM
Pakistan’s imports on a month-on-month (MoM) basis declined by 37.7 percent in July 2022 as it remained $4.913 billion compared to $7.880 billion in June 2022.
Zero duty on imports from China
The Federal Board of Revenue (FBR) has issued a revised list of items allowing concessionary rate of customs duty or zero percent duty on the import of items from China with effect from July 1, 2022.
Commodities and Currency: 1-Day Change