【Daily】10 Oct. Brief of Pak BizNews
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KSE 100 42,085 ▼0.18% KMI 30 69,999 ▼0.24% KASB Tech Index 513 ▼0.73%
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National News
Pakistan won’t approach Paris Club for debt rescheduling, says Dar Finance Minister Ishaq Dar has announced that Pakistan will not approach Paris Club – a group of wealthy creditor nations — for debt rescheduling amid Moody’s Investors Service’s decision to cut Pakistan’s sovereign credit rating to Caa1 from B3.
Cement slumps 6.83 percent as construction slowdown takes toll Cement sales declined 6.83 percent to 4.276 million tonnes in September 2022 on the back of contraction in construction activities.
Coal use declines to 14.3pc in power generation Coal’s contribution in power generation decreased to 14.3 percent in August 2022 from 15.4 percent in August 2021, while RLNG share decreased to 12.5 percent from 18.9 percent a year earlier due to lower imports. https://www.thenews.com.pk/print/998123-coal-use-declines-to-14-3pc-in-power-generation
Petroleum price deregulation hits snags without progress on ToRs Government’s move to deregulate the petroleum prices has apparently hit a snag as there has been no progress on the terms of references (ToRs) in this regard, industry officials said.
SPI inflation accelerates on rising tomato, onion prices Weekly inflation increased 0.29 percent week-on-week and 29.44 percent year-on-year during the seven-day period ended October 6, as prices of perishables continued to surge on account of import hurdles. https://www.thenews.com.pk/print/998122-spi-inflation-accelerates-on-rising-tomato-onion-prices
Acquisition of 75.01pc Lotte capital The Board of Directors of ICI Pakistan Limited has authorized the management of the company to submit a binding bid in relation to the acquisition of approximately 75.01 percent of the issued and paid-up capital of Lotte Chemical Pakistan Limited, comprising 1,135,860,105 ordinary shares. https://epaper.brecorder.com/2022/10/08/10-page/944603-news.html
ECNEC approves 13 projects with estimated Rs598.13bn cost The Executive Committee of National Economic Council (ECNEC) Friday accorded approval to 13 projects with estimated cost of around Rs598.13 billion. https://www.thenews.com.pk/print/998177-ecnec-approves-13-projects-with-estimated-rs598-13bn-cost
Major relief in power bills from next month The National Assembly was informed on Friday that major relief would be provided to electricity consumers as the government had decided to reduce the fuel adjustment charges (FAC) per unit to less than one rupee. https://www.thenews.com.pk/print/998174-major-relief-in-power-bills-from-next-month
Tech firm to migrate from GEM to PSX’s main board Technology firm Supernet Ltd told shareholders on Friday it’s decided to migrate to the main board of the Pakistan Stock Exchange (PSX) from the Growth Enterprise Market (GEM) board, which is a separate PSX counter reserved for smaller and riskier companies. https://www.dawn.com/news/1714025/tech-firm-to-migrate-from-gem-to-psxs-main-board
Govt’s solar projects initiative: KE shows interest in procurement of up to 500MW of power K-Electric (KE) has shown an interest in procurement of up to 500 MW from government of Pakistan initiative meant to develop 10 GW of solar PV capacity in the country.
AGTL launches new tractor models Al-Ghazi Tractors Limited (AGTL) has launched new 2023 models with high gloss paint features for all New Holland tractor variants to commemorate 40 successful years of its business in Pakistan. https://www.thenews.com.pk/print/998136-agtl-launches-new-tractor-models
$2bn for flood victims from existing financed projects: WB The World Bank on Saturday assured Finance Minister Ishaq Dar that it would allocate $2 billion funds from existing financed projects for emergency operations in the flood-ravaged areas. https://www.thenews.com.pk/print/998484-2bn-for-flood-victims-from-existing-financed-projects-wb
Commodities and Currency: 1-Day Change
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