【Daily】22 Sept. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Sep 22, 2022

-Daily Market-

 KSE 100   40,966 ▼0.62%

 KMI 30     67,012 ▼1.11%

KASB Tech Index   451 ▼0.85%


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 declines for 14th consecutive session

The rupee's woeful fall continued as it neared its all-time low against the US dollar, depreciating for the 14th successive session to settle at 239.65 on Wednesday, driven by expectations of a rising import bill and a strong USD on the international front.



PM apprises IMF, WB heads of scale of monsoon mayhem

World Bank Group President David Malpass and International Monetary Fund (IMF) Managing Director Karis-talina Georgieva separately called on Prime Minister Muhammad Shehbaz Sharif here on Wednesday.



Jul-Aug CAD shrinks 19pc YoY

The country’s current account deficit shrank by 19 percent during the first two months of this fiscal year (FY23) due to lower import bill and increase in exports. The State Bank of Pakistan (SBP) Wednesday night reported that cumulatively the country recorded a current account deficit amounting to $1.92 billion in Jul-Aug of FY23 compared to $2.374 billion in the same period of last fiscal year, depicting a decline of $ 456 million.



Headline inflation revised up to 18.0pc

Pakistan’s economy is forecast to slow to 3.5 percent in the fiscal year 2023 (ending 30 June 2023) from 4.5 percent (projected in April 2022) amid devastating floods, policy tightening, and critical efforts to tackle sizable fiscal and external imbalances. The forecast for headline inflation revised up to 18.0 percent from the earlier 8.5 percent projection due to a potentially strong second-round impact from the rupee’s depreciation and fuel and energy price adjustments, says the Asian Development Bank (ADB).



Economist suggests debt swap in the wake of flood losses

In Pakistan, every year the quantum of loans is increasing as the nation is securing new loans for the repayment of old ones and the interest thereon.



Russian plane with relief goods arrives

The first flight from Russia carrying a consignment of relief goods for the flood-hit people arrived in Pakistan on Wednesday.



Plant may be available for 10 more years: Kapco steps up efforts for renewal of its PPA

Kot Addu Power Company (Kapco) has expedited its efforts for renewal of its Power Purchase Agreement (PPA), saying that the plant can be available for another 10 years.



Last phase of G20 DSSI: Pakistan, Japan agree on $160m debt deferral

The governments of Japan and Pakistan have agreed on debt deferral amounting to around $160 million, as the last phase of “the G20 Debt Service Suspension Initiative (DSSI)”.



FY22 KE net profit declines YoY

K-Electric has posted a net profit of Rs 8.52 billion for the fiscal year 2022 as against Rs 11.99 billion during fiscal year 2021.



Banned items that landed till Aug 18th: ECC takes step to clear consignments stuck at ports

The Economic Coordination Committee (ECC) of the Cabinet Wednesday directed that the consignments of previously banned items that landed in Pakistan till 18th August 2022 may be released at the rate of surcharge to clear consignments stuck at ports.



Fed delivers big rate hike

The Federal Reserve raised its target interest rate by three-quarters of a percentage point to a range of 3.00%-3.25% on Wednesday and signalled more large increases to come in new projections showing its policy rate rising to 4.40% by the end of this year before topping out at 4.60% in 2023 to battle continued strong inflation.




Commodities and Currency: 1-Day Change


USD 1668 ▼0.47%


USD 19 ▼0.39%

Crude Oil

USD 83 0.58%


Rs 238 0.15%

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