【Daily】29 Aug Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Aug 29, 2022

-Daily Market-

 KSE 100   42,591 ▼1.02%

 KMI 30     70,399 ▼1.48%

KASB Tech Index   432 ▼2.09%


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


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.



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.



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.



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.



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.



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.



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.



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.



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.



Commodities and Currency: 1-Day Change


USD 1736 ▼0.77%


USD 18 ▼1.59%

Crude Oil

USD 94 1.29%



Rs 221 1.94%





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