【Daily】12 Aug. Brief of Pak BizNews
KSE 100 42,243 ▼0.59%
KMI 30 69,102 ▼0.43%
KASB Tech Index 413 ▼1.57%
KASB Market View
THE RUPEE: PKR strengthens further
The Pakistani rupee maintained its momentum against the US dollar for the eighth successive session, appreciating further to close near the 219 level in the inter-bank market on Thursday. As per the State Bank of Pakistan (SBP), the rupee settled at 218.88, an appreciation of Rs3.03 or 1.38% against the greenback. The rupee even hit the 217 level before losing some of its intra-day gain by the end of the session.
The country’s foreign exchange reserves declined by over $2 billion during the first 5 weeks of this fiscal year due to massive external debt servicing. The reserves also reached below the $14 billion mark in the first week of August followed by continued debt payment.
CASA-1000: NTDC seeks $35m financing
National Transmission and Despatch Company (NTDC) has sought additional financing of $35 million for additional activities of the “challenging” Central Asia- South Asian Electricity Transmission and Trade Project (CASA-1000)
Rs50bn loan from consortium of banks
The Economic Coordination Committee (ECC) of the Cabinet decided to issue a letter of comfort to the Pakistan State Oil (PSO) for securing Rs50 billion loan from a consortium of banks on an urgent basis to fulfil international and domestic payment obligations.
Import of petroleum products: PSO receives Rs62bn for confirmation of LCs
Pakistan State Oil (PSO) has received Rs62 billion from the Finance Division and the Power Division for confirmation of letters of credit (LCs) to import petroleum products.
Purchase of coal
China Power Hub Generation Company (Pvt.) Ltd (CPHGC) has sought Rs 167 billion from government to procure coal for five months (August-December 2022) from South Africa as coal supply from Afghanistan is considerably less than the agreed quantity.
The National Electric Power Regulatory Authority (NEPRA) has increased tariff of the K-Electric (KE) by Rs 11.10 per unit for June 2022 under monthly Fuel Charges Adjustment (FCA) mechanism, with the additional amounts to be charged in the billing months of August and September.
Japanese meet PM, say mulling investing $1bn
A delegation of Japanese investors met with Prime Minister Shehbaz Sharif on Thursday and expressed interest in investing $1 billion in various sectors of the economy.
Oil demand rises as gas prices surge: IEA
Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency said Thursday.
ICI Pakistan in FY22
Emerging successful from the pandemic hit year, ICI Pakistan Limited’s (PSX: ICI) financial performance in FY22 continued to show growth. The company announced 69 percent increase in consolidated earnings in FY22 that includes its polyester, soda ash and chemicals, agri sciences, pharma and animal health business segments as well as its subsidiaries ICI Pakistan PowerGen Limited and NutriCo Morinaga (Private) Limited.
Sindh Excise Dept collects over Rs8,912m in July
Sindh Excise Department has collected over Rs8,912 million in the first month of the current financial year.
Clearance of import shipments at Karachi Port: Computer industry concerned at inordinate delay
The computer industry has expressed serious concern over the delay in clearance of imported shipment of IT equipment at the Karachi Port for the last two months.
Pakistan, Turkiye to sign PTA today
Pakistan and Turkiye are all set to sign Preferential Trade Agreement (PTA) on Friday (today) as Turkish Minister for Trade, Mehmet Mus has arrived in Islamabad to seal commonly known Trade in Goods Pact, which will be followed by deeper market access in services and investment.
Commodities and Currency: 1-Day Change