【Daily】9 September Brief of Pak BizNews

-Daily Market-

 KSE 100   41,825 ▲0.14%

 KMI 30     69,138 ▲0.21%

KASB Tech Index   428 ▲0.56%

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

SBP-held foreign exchange reserves increase to $8.8bn after inflow from IMF

Foreign exchange reserves held by the State Bank of Pakistan (SBP) rose $1.1 billion, clocking in at $8.8 billion as of September 2, 2022, following receipt of the $1.12-billion loan tranche from the International Monetary Fund (IMF).

https://www.brecorder.com/news/40196382/sbp-held-foreign-exchange-reserves-increase-to-88bn-after-inflow-from-imf 

Fifth successive loss: rupee depreciates to settle at 225.42 against US dollar

As per the State Bank of Pakistan (SBP), the rupee closed at 225.42 after declining by Rs2 against the greenback. During the five trading sessions, the rupee has cumulatively declined by Rs6.82 or 3% against the US dollar.

https://www.brecorder.com/news/40196340/fifth-successive-loss-rupee-depreciates-to-settle-at-22542-against-us-dollar 

Mari temporarily suspends gas production operations in Balochistan

Mari Petroleum Company Limited on Thursday announced a temporary suspension of production operations at its Zarghun South Gas Field and Ziarat Block after flash floods adversely impacted gas pipelines and road infrastructure in Balochistan.

https://www.brecorder.com/news/40196372/mari-temporarily-suspends-gas-production-operations-in-balochistan 

RLNG issue: expect another winter of gas shortages

Following the footsteps of PTI government, Prime Minister Shahbaz Sharif led federal government has also failed to arrange required quantity of RLNG for winter months due to which domestic consumers will have to face “pressure profiling” again during this period, well informed sources told Business Recorder.

https://epaper.brecorder.com/2022/09/09/12-page/942126-news.html 

Cabinet committee gives go ahead for fertilizer import

After detailed deliberation, the committee allowed the Trading Corporation of Pakistan (TCP) to initiate the process for importing 300,000 MT of urea on government-to-government G2G basis and decided that the provinces will bear their subsidy share.

https://profit.pakistantoday.com.pk/2022/09/08/cabinet-committee-gives-go-ahead-for-fertiliser-import/