【Daily】31 Aug Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Aug 31, 2022

-Daily Market-

 KSE 100   42,195 ▼0.73%

 KMI 30     69,846 ▼0.63%

KASB Tech Index   431 ▼0.57%


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


First half of Sept: Cut in oil prices expected

An estimated up to Rs20 per litre reduction in the prices of major petroleum products (petrol and high-speed diesel) is expected in the first half of September 2022, sources in the Petroleum Division said.



UN chief launches $160m appeal to assist the flood-hit

The UN on Tuesday launched a $160 million appeal to provide emergency assistance to those affected by catastrophic floods in Pakistan.



Toyota, Millat shut plants

The auto sector crisis deepened as Indus Motor Company (IMC) and Millat Tractor Ltd (MTL) on Tuesday announced production shutdowns due to parts shortages and delivery disruptions due to flood devastation across the country.



FBL to fully transform into an Islamic bank early next year: official

Faysal Bank Limited (FBL) will convert itself into a full-fledged Shariah-compliant lender in January 2023, going to be the largest bank in the world ever to achieve Islamic conversion, an official said on Tuesday.



Onions, tomatoes to be imported from Iran, Afghanistan

The Ministry of Commerce on Tuesday decided to import onions and tomatoes from Afghanistan and Iran to control soaring prices in the country.



Dollar bonds’ yields rebound on IMF deal

Yields on Pakistan’s dollar-denominated sovereign bonds rallied on Tuesday as the country managed to dodge a default on its foreign debt repayments following the resumption of the International Monetary Fund bailout package.



Thar coal power plants to hit 2,000MW target in 2023

Shanghai Electric’s Thar Coal Power Plant is set to start injecting electricity into the system, the country's top energy executive said on Tuesday, while coal-fired projects' generation is seen hitting 2,000MW this year.



Electricity bills: LHC strikes down fuel adjustment charges

The Lahore High Court (LHC), Rawalpindi Circuit bench on Tuesday quashed fuel adjustment charges from the electricity bills.



Oil slides more than $7 on inflation and Iraq exports

Oil prices fell more than $7 a barrel on Tuesday, the steepest decline in about a month, on fears that an inflation-induced weakening of global economies would soften fuel demand and as unrest in Iraq has failed to put a dent in the OPEC nation's crude exports.




Commodities and Currency: 1-Day Change


USD 1734 ▼0.11%


USD 18 0.45%

️Crude Oil

USD 93 0.97%



Rs 220 0.20%




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