【Daily】29 Aug Brief of Pak BizNews
|
-Daily Market- |
||||||||||
|
KSE 100 42,591 ▼1.02% KMI 30 70,399 ▼1.48% KASB Tech Index 432 ▼2.09%
KASB Market View
National News
Floods to cause $4b loss to economy The unusual heavy monsoon rains and flash floods are initially estimated to cost Pakistan’s economy over $4 billion in the current fiscal year as the calamity has badly hurt agricultural activities in Sindh and Balochistan. While it is early to assess the actual impact, Pakistan, where agriculture has a 23% share in gross domestic product (GDP), can remain highly vulnerable in the aftermath of the floods. https://tribune.com.pk/story/2373398/floods-to-cause-4b-loss-to-economy
Irreparable damage to cotton crop Due to global warming-induced rainfalls and flooding, the cotton crop has suffered irreparably taking prices of the crop to the highest ever witnessed in Pakistan. https://tribune.com.pk/story/2373487/irreparable-damage-to-cotton-crop
FATF team to visit Pakistan next month The Onsite Inspection Team of the Financial Action Task Force (FATF) is all set to visit Pakistan in the first week of September to assess rules, regulations, and strengthening of institutional mechanism in order to decide on removing the country from the grey list. https://www.thenews.com.pk/print/985896-fatf-team-to-visit-pakistan-next-month
Inflation breaks all records, climbs to 44.58% Inflation measured by the Sensitive Price Index has reached the highest level in the history of the country due to an increase in the prices of petroleum products and disruption in the supply of commodities due to floods and heavy rains. https://tribune.com.pk/story/2373389/inflation-breaks-all-records-climbs-to-4458
PSO scraps HSFO delivery tenders Pakistan State Oil (PSO) has scrapped tenders for delivery of High Sulphur Furnace Oil (HSFO) cargoes for September 1-15, 2022 due to low upliftment by the power plants, well informed sources told Business Recorder. https://epaper.brecorder.com/2022/08/29/1-page/941087-news.html
Lucky to buy back 10m shares to improve ‘future financial position’ Lucky Cement Ltd told investors on Friday it wants to buy back up to 10 million of its own shares from the stock market for the purpose of cancellation. https://www.dawn.com/news/1706994/lucky-to-buy-back-10m-shares-to-improve-future-financial-position
SBP sets higher Rs1.8tr agri credit target to help flood-hit farmers In the backdrop of massive damages to agriculture by unprecedented floods caused by historic monsoon rains, the State Bank of Pakistan (SBP) on Friday set a little higher Rs1,800 billion agriculture credit target for 2022-23.
2600MW production target to be achieved by next year: Dastgir Federal Minister for Power Engineer Khurram Dastgir Khan has said that the 2600-MW production target of Thar Coal will be achieved by the next year. https://epaper.brecorder.com/2022/08/27/8-page/941003-news.html
Demand drop builds up huge diesel dead stock A major flood-led slump in the consumption of high speed diesel (HSD) has led to the cancellation of two cargoes by the state oil company, owing to a built-up of a huge dead stock, which also forced refineries to scale down their operations significantly, The News learnt on Friday. https://www.thenews.com.pk/print/985748-demand-drop-builds-up-huge-diesel-dead-stock
Govt aims to collect Rs91bn thru GST, PL on POL products The federal government may impose General Sales Tax (GST) on all petroleum products with effect from October 1, 2022 to generate revenues amid decreasing oil prices in global market, sources in petroleum division said. https://epaper.brecorder.com/2022/08/27/1-page/940969-news.html
Commodities and Currency: 1-Day Change
|
