【Daily】24 Oct. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Oct 24, 2022

October 24th, 2022


-Daily Market-

 KSE 100   42,213 0.18%

 KMI 30     71,146 0.43%

KASB Tech Index   503 ▼0.12%


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


Pakistan removed from FATF grey list

Pakistan received good news on Friday when the country was removed from the Financial Action Task Force (FATF) grey list after it implemented two action plans comprising 34 points simultaneously on combating of money-laundering and terror-financing. “We welcome Pakistan to come out from the grey list of FATF for implementing 34 points action plans



Pakistan seeks $6.3b China debt rollover

Pakistan on Saturday requested China to rollover its $6.3 billion debt that is maturing in next eight months as part of its overall plan to arrange $34 billion in the current fiscal year to meet its debt and external trade-related obligations.



Invoking force majeure, drugmaker stops production of all Panadol products

Medicine crisis is likely to worsen in Pakistan after GlaxoSmithKline (GSK) Consumer Healthcare Pakistan on Friday announced to stop production of Panadol Tablets, Panadol Extra Tablets and Children’s Panadol Liquid Range by declaring ‘force majeure’, arguing they were incurring heavy financial losses on the production of Panadol range due to an increase in the price of paracetamol raw ingredients.



SBP provides Rs1.5 trillion to banks

Pakistan’s central bank has injected Rs1.502 trillion into commercial and Shariah-compliant banks for seven to 63 days to help them meet higher demand for liquidity from the government at a stable rate of return.



Q1 govt external borrowing climbs to $2.234bn

The government has borrowed $2.234 billion from multiple financing sources including $1.166 billion from the International Monetary Fund (IMF) during the first quarter (July-September) of the current fiscal year 2022-23 compared to $3.204 billion borrowed during the same period of last fiscal year.



Saudi deferred payment facility: Country imports $100m oil in September

Pakistan imported petroleum products worth $100 million on deferred payment basis under the Saudi oil facility for the seventh consecutive month in September 2022.



Fitch cuts Pakistan’s sovereign credit rating to ‘CCC+’ from ‘B-’

Global ratings agency Fitch cut Pakistan's sovereign credit rating on Friday by a notch to 'CCC+' from 'B-', citing further deterioration in the country's external liquidity and funding conditions and a drop in foreign exchange reserves.





Commodities and Currency: 1-Day Change


USD 1659 0.14%


USD 19 0.92%

Crude Oil

USD 85 ▼0.48%


Rs 221 0.07%

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