【Daily】23 Aug. Brief of Pak BizNews

-Daily Market-

 KSE 100   42,827 ▼1.03%

 KMI 30     70,769 ▼0.76%

KASB Tech Index   426 ▼1.62%

KASB Market View

• Interest rates were kept unchanged at 15% as SBP cited comfort in the prevalent economic cooldown
• Confirmation of external funding, including Qatar's USD 2.0bn may ease pressure on the Pak Rupee
• The recent political noise may keep investors concerned over the near term

National News

Policy rate kept unchanged at 15pc

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to maintain the policy rate unchanged at 15 percent due to some positive developments on the domestic and external front.

https://www.brecorder.com/news/40193251/policy-rate-kept-unchanged-at-15pc-mpc-sees-headline-inflation-surging-to-its-peak-in-q1

Export-oriented sectors: Govt backs out of subsidised power decision

In a major U-turn, the Federal Government has reportedly backed out from its decision to supply electricity to five export-oriented sectors (erstwhile zero rated sectors) at cents 9 per unit for the entire current fiscal year (CFY 2022-23) after a summary approved by the Prime Minister was sent by the Finance Division in “violation” of rules of business 1974, well informed sources in Commerce Ministry told Business Recorder.

https://www.brecorder.com/news/40193255/export-oriented-sectors-govt-backs-out-of-subsidised-power-decision

Pakistan to get $2bn from Qatar: SBP

Pakistan will receive $2 billion from Qatar in bilateral support to help ease the South Asian nation’s funding crunch and the consequent risk of a default, the central bank said on Monday.

https://www.thenews.com.pk/print/984647-pakistan-to-get-2bn-from-qatar-sbp

11,300MW to be added to national grid: Wapda

The newly-appointed chairman of the Water and Power Development Authority (Wapda) on Monday linked the economic stability and social uplift of the country with the completion of 10 hydel power projects.

https://www.dawn.com/news/1706314/11300mw-to-be-added-to-national-grid-wapda

Auto financing falls in July

The meteoric rise in vehicle prices, soaring interest rate and the State Bank of Pakistan’s (SBP) strict rules have resulted in a slight drop of two per cent month-on-month (MoM) in auto financing to Rs361 billion in July.

https://www.dawn.com/news/1706319/auto-financing-falls-in-july

Rs36bn tax on cigarettes imposed

To fetch additional Rs38 billion in taxes, the government has promulgated an ordinance to slap an additional Rs36 billion tax on cigarettes, Rs2 billion on tobacco processing and reduced levies on transport vehicles.

https://www.thenews.com.pk/print/984723-rs36bn-tax-on-cigarettes-imposed

Commodities and Currency: 1-Day Change