【Daily】3 Aug. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Aug 3, 2022

-Daily Market-

 KSE 100   40,191.61▲0.29%

 KMI 30     65,688.44▲0.62%

KASB Tech Index   407.36▲0.28%


KASB Market View

Cyclical sectors are witnessing a massive fall in volumes for Jul22 on account on economic slowdown and torrential rainfall. This is expected to continue in FY23.
We would see a shift in preference to defensive sectors such as Fertilizer and Pharma.

National News

IMF official says country has met final pre-requisite

Pakistan has met all prior conditions for the combined 7th and 8th review under the Extended Fund Facility (EFF) programme and the International Monetary Fund (IMF) Executive Board meeting is tentatively planned for late August.



PKR gains 46 paise in interbank market as import bill expected to dip

The rupee extended its gains in the interbank market for the third consecutive day on Tuesday, rising to 238 against the dollar.



Cabinet yet to approve hike in gas rates

The federal cabinet has not yet approved the recommendation to raise gas rates approved by the Economic Coordination Committee (ECC) of the Cabinet.



GO to roll out Pakistan’s first Golink Station A revolutionary way of fueling

Gas & Oil Pakistan Ltd. (GO) on Tuesday announced its plans to roll out its new and innovative fuel station concept “goLink” across Pakistan. The goLink Station is a mobile fuel station format that will enable for motorists easy access and convenient fueling services in their direct vicinity.



Over Rs129bn PHL loans; MoF asks PD to engage lenders for rescheduling

The Finance Ministry has advised the Power Division to engage lenders for rescheduling of Rs129.310 billion loans of Power Holding Limited (PHL) as fiscal constraints do not allow it to pay the principal amount, well-informed sources told Business Recorder.



K-Electric newly inducted 450 MW goes offline after gas turbine fault

The first unit of K-Electric’s Bin Qasim Power Station 3 (BQPS-III) is currently offline following a fault identified during a test being conducted as part of plant’s commissioning.



Sazgar Announces a Shocking Price Hike for Haval H6

Sazgar Engineering Works Limited (SEWL) has announced a massive increase in the price of Haval H6. Both variants of the SUVs are locally assembled and were affected by the ongoing dollar rate hike.



July cement despatches decline by 47.7pc

Cement despatches during the first month of current financial year 2022-23 declined by 47.7% as total cement despatches during July 2022 were registered at 2.039 million tons against 3.899 million tons during the same month of corresponding financial year.



Pakistan's textile exports dip 10% in July as energy woes bite: APTMA

Pakistan's textile exports clocked in at a provisional $1.54 billion, a drop of 10%, in July 2022 compared to $1.71 billion in June 2022, stated the All Pakistan Textile Mills Association (APTMA) on Tuesday.



SBP ask banks to expedite payments under Mera Pakistan Mera Ghar scheme

State Bank of Pakistan asked all banks to expedite disbursement of approved cases under Mera Pakistan Mera Ghar scheme as advised earlier by the Central Bank.



SBP Slaps Rs. 131.4 Million Fine on 3 Major Banks

State Bank of Pakistan (SBP) has hammered three commercial banks with different penalties to the tune of Rs. 131.4 million in the quarter ended on June 2022 on account of enforcement action against the violations of its prescribed regulations.



SBP introduces two separate categories of forex, PKR accounts

In order to facilitate the business entities incorporated abroad with majority shareholding of non-resident Pakistanis, the State Bank of Pakistan (SBP) has introduced two separate categories of foreign currency and Pak rupee accounts namely Foreign Currency Business Value Account (FCBVA) and Non-Resident Rupee Business Value Account (NRBVA).



Commodities and Currency: 1-Day Change

Gold: USD 1,783.75▼0.33%

        Silver: USD 19.948▼0.95%

Crude Oil: USD 94.13▼0.31%

USD-PKR: Rs 238.440▲0.08%



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