【Daily】25 Oct. Brief of Pak BizNews
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KSE 100 42,347 ▲0.32% KMI 30 71,388 ▲0.34% KASB Tech Index 509 ▲1.19%
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National News
$1.5bn loan agreement signed with ADB Prime Minister Shehbaz Sharif has expressed gratitude to the Asia Development Bank (ADB) Board for approving US$ 1.5 billion for budget support for Pakistan under the BRACE programme. https://epaper.brecorder.com/2022/10/25/1-page/945809-news.html
Countercyclical support facility loans; Project risks identified by ADB The Asian Development Bank (ADB) has identified several risks to “Countercyclical Support Facility Loans For Islamic Republic of Pakistan: Building Resilience with Active Countercyclical Expenditures Programme” worth $1.5 billion including prolonged economic slowdown and political tensions and compounded crises, including the recent floods, strain government capacity for timely implementation of its programmes. https://epaper.brecorder.com/2022/10/25/1-page/945808-news.html
Interest Rate on ADB Loan Likely to be Over 3% The regular loan of $1.25 billion approved by the Asian Development Bank (ADB) for Pakistan will have a 7-year term, including a grace period of 3 years. https://propakistani.pk/2022/10/24/interest-rate-on-adb-loan-likely-to-be-over-3/
Open market sees massive shortage of USD Consumers were left running from pillar to post as the open market ran massively short of US dollars on Monday with transactions happening only through “connections”, as some currency dealers Business Recorder spoke to put it, raising questions on the mechanisms put in place to ensure availability at a time when the rupee is largely stable in the inter-bank market. https://epaper.brecorder.com/2022/10/25/1-page/945807-news.html
FBR Crosses Rs. 2 Trillion Tax Collection in Record Time The Federal Board of Revenue (FBR) has crossed the revenue collection figure of Rs. 2 trillion during the first four months (July-October 24) of the current fiscal year 2022-2023 (FY23). https://propakistani.pk/2022/10/24/fbr-crosses-rs-2-trillion-tax-collection-in-record-time/
KE given Rs12.7/unit tariff hike National Electric Power Regulatory Authority (Nepra) has approved Quarterly Tariff Adjustment (QTA) of Rs12.70 per unit for KE for fourth quarter of FY 2021-22. https://epaper.brecorder.com/2022/10/25/1-page/945812-news.html
KAPCO requests NEPRA to grant provisional tariff approval Kot Addu Power Company Limited (PSX: KAPCO) on Monday requested NEPRA to approve a provisional tariff for the interim period for, inter alia meeting technical, operational, and dispatch requirements of the power purchaser and the system, the company’s filing on PSX showed today. https://mettisglobal.news/kapco-requests-nepra-to-grant-provisional-tariff-approval/
FCCL increases authorized share capital to Rs50bn The shareholders of Fauji Cement Company Limited (FCCL) on Monday resolved to increase the authorized share capital of the company from Rs25 billion to Rs50bn by the creation of 2.5bn shares of Rs10 each, the company's filing on the bourse showed on Monday. https://mettisglobal.news/fccl-increases-authorized-share-capital-to-rs50bn/
Money Market CISs; SECP allows cumulative exposure In order to broaden the scope of investment avenues for Open-End Money Market Collective Investment Schemes (CISs), the Securities and Exchange Commission of Pakistan (SECP) has allowed the Money Market CISs to take exposure in short term corporate Sukuk along with commercial papers. https://epaper.brecorder.com/2022/10/25/12-page/945868-news.html
Commodities and Currency: 1-Day Change
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