【Daily】15 Sept. Brief of Pak BizNews
KSE 100 42,012 ▲0.02%
KMI 30 69,469 ▲0.18%
KASB Tech Index 443 ▲2.06%
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
THE RUPEE: PKR sustains more losses
Pakistan's rupee continued to sustain losses against the US dollar for the ninth successive session, settling with a depreciation of 1.02% in the inter-bank on Tuesday, as the dollar strengthened globally while investors remained wary of a rising import bill. As per the State Bank of Pakistan (SBP), the rupee closed at 234.32 after declining by Rs2.4. During the last nine trading sessions, the rupee has cumulatively declined by Rs15.72 or 6.7% against the US dollar.
Economists list factors behind pressure on PKR
smuggling of the dollar, increase in trade deficit, non-materialization of funds from friendly countries as well as absence of investment have contributed to the ongoing pressure on the rupee.
Domestic power consumers
Minister for Power, Khurram Dastgir Khan said on Wednesday that the incumbent government is formulating its policies in the light of available financial resources.
Tax reforms give capital market a level-playing field: SECP chief
Securities and Exchange Commission of Pakistan (SECP) Chairman Aamir Khan Wednesday informed the stock market brokers that the tax reforms have provided a level playing field to capital market, which had resulted in the withdrawal of the advance tax and Capital Value Tax (CVT) and reformed Capital Gain Tax (CGT).
600MW projects offered
The government Wednesday unveiled its policy on fast-track development of solar PV projects at an investors’ conference to offer projects of 600 MW.
FO terms FATF team’s visit smooth and successful
Describing the recent onsite visit of the Financial Action Task Force (FATF) technical team as “smooth and successful”, Foreign Office on Wednesday said that Pakistan is looking forward to a logical conclusion to the ongoing evaluation process in the International Cooperation Review Group (ICRG) and plenary meetings, scheduled to be held in the third week of October in Paris.
Bank assessing situation: ADB expresses concern over future of its projects
The Asian Development Bank has expressed concerns on the progress of funded-projects in the Punjab due to current monsoon flood that has caused widespread countrywide destruction. The Asian Development Bank is assessing the situation and collecting information to assist the government of Pakistan in immediate relief and post-disaster reconstruction efforts.
Extra revenue collection goal: Govt may not pass full relief on to POL consumers
The federal government may not pass on the full relief to the end-consumers in a bid to collect additional revenue from petroleum products from September 16.
36 LNG spot cargoes: PLL seeks exemption from PPRA rules
Fearing extreme volatility in the international market during the upcoming years, Pakistan LNG Limited (PLL) has sought exemption from PPRA rules for procurement of approximately 36 LNG spot cargoes for the period from January to December 2023
Commodities and Currency: 1-Day Change
Gold: USD 1704 ▼0.31%
Silver: USD 20 ▼0.06%
Crude Oil: USD 89 ▲0.02%
USD-PKR: Rs 234 ▲0.19%