【Daily】2 September Brief of Pak BizNews

-Daily Market-

 KSE 100   42,460 ▲0.26%

 KMI 30     70,540 ▲0.27%

KASB Tech Index   437 ▲0.68%

 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

THE RUPEE: PKR gains on IMF inward inflows

The inflow of funds from the International Monetary Fund (IMF) helped add to the gains of the Pakistani rupee for the third successive session, as the local currency appreciated 0.07% against the US dollar in the inter-bank market on Thursday. As per the State Bank of Pakistan (SBP), the rupee closed at 218.60 after appreciating Re0.15 against the greenback. During intra-day trading, the rupee had appreciated to as high as 217.25

https://epaper.brecorder.com/2022/09/02/1-page/941497-news.html

Private sector allowed to import wheat

The Economic Coordination Committee (ECC) of the Cabinet has allowed private sector to import 0.8 Million Metric Tons (MMTs) of wheat without subsidy and at a comparatively lower price than the wheat imported recently by Trading Corporation of Pakistan (TCP)

https://epaper.brecorder.com/2022/09/02/1-page/941487-news.html

Import of onion, tomato given tax exemption

The Federal Board of Revenue (FBR) Thursday exempted all duties and taxes including sales tax and withholding tax on the import of onions and tomatoes till December 31, 2022.

https://epaper.brecorder.com/2022/09/02/1-page/941488-news.html

Aug CPI inflation hits multi-decade high of 27.3pc YoY

Consumer Price Index (CPI) surged to a multi-decade high of 27.3 percent on a year-on-year basis in August 2022 from a year earlier, government data showed on Thursday, as authorities warn massive flooding in the country could exacerbate already skyrocketing prices.

https://epaper.brecorder.com/2022/09/02/1-page/941492-news.html

Import of vegetables from India: FO says no proposal under consideration

Foreign Office, Thursday said that the government of Pakistan is in touch with countries in the broader neighbourhood other than India to facilitate the import of vegetables and other food items following the devastating floods that caused serious damage to the local production of the commodities.

https://epaper.brecorder.com/2022/09/02/1-page/941493-news.html

PM enhances FCA waiver to 300 units

Prime Minister Shehbaz Sharif has announced to exempt consumption of electricity up to 300 units from Fuel Charges Adjustment (FCA) to provide relief to the consumers.

https://epaper.brecorder.com/2022/09/02/1-page/941484-news.html

PM approves 10,000MW solar energy generation plan

Prime Minister Shehbaz Sharif has approved the plan of generating 10,000-MW cheaper electricity through solar energy and directed to hold a pre-bid conference for all the stakeholders next week.

https://epaper.brecorder.com/2022/09/02/1-page/941486-news.html