【Daily】15 Nov. Brief of Pak BizNews

-Daily Market-

 KSE 100   42,851 ▼0.56%

 KMI 30     72,333 ▼1.06%

KASB Tech Index   540 ▲1.87%

 

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

 

Russia ready to offer coal, not LNG

Russia has reportedly declined to sell Liquefied Natural Gas (LNG) to Pakistan on short notice but is ready to offer coal, well informed sources in Ministry of Energy (Petroleum Division) told Business Recorder.

https://epaper.brecorder.com/2022/11/15/1-page/947469-news.html 

 

Power sector needs 315,730 MTs of fuel in 3 months

National Power Control Centre (NPPC) has determined the accumulated fuel requirement of 315,730 MTs for power sector for three months, i.e., November and December 2022 and January 2023

https://epaper.brecorder.com/2022/11/15/1-page/947470-news.html 

 

HSD: ECC allows increase in premium

The Economic Coordination Committee (ECC) of the Cabinet has allowed increase in premium on high-speed diesel (HSD) subject to maximum capping at US$ 16.75 per barrel for importing Oil Marketing Companies (OMCs) other than PSO for the month of November 2022.

https://epaper.brecorder.com/2022/11/15/1-page/947467-news.html 

 

THE RUPEE: PKR: another marginal decline

Pakistan’s rupee registered another marginal decline, falling 0.02% against the US dollar in the inter-bank market on Monday.

https://epaper.brecorder.com/2022/11/15/1-page/947473-news.html 

 

UK removes Pakistan from its ‘High Risk Third Countries’ list

Foreign Minister Bilawal Bhutto-Zardari Monday shared “some good news”, announcing that the United Kingdom has officially removed Pakistan from its ‘High-Risk Third Countries’ list.

https://www.brecorder.com/news/40208839/uk-removes-pakistan-from-its-high-risk-third-countries-list 

 

POL products’ prices may be adjusted in PL

The government may likely to adjust the prices of petroleum products in petroleum levy (PL) which the government committed with the IMF to increase each month.

https://www.brecorder.com/news/40208836/pol-products-prices-may-be-adjusted-in-pl 

 

Sufficient forex stocks available: SBP

Governor State Bank of Pakistan (SBP) Jameel Ahmad has said that the State bank has sufficient stocks of foreign exchange reserves and Letter of Credits (LC) cases up to 100,000 will be cleared by end of this week.

https://www.brecorder.com/news/40208846/sufficient-forex-stocks-available-sbp 

 

Default risks surge, 5-year CDS widens to 64.19pc

Pakistan’s five-year credit default swap, used to insure against restructuring or default, has sharply widened as investors become wary of the country’s ability to meet its bond obligations.

https://www.thenews.com.pk/print/1009970-default-risks-surge-5-year-cds-widens-to-64-19pc 

 

Textile millers seek priority gas supply in winter

Textile millers demanded the government to prioritise the export-oriented industry in Sindh and Balochistan for gas supply so they were not forced to shut down and could continue generating electricity from the fuel during winter.

https://www.thenews.com.pk/print/1009972-textile-millers-seek-priority-gas-supply-in-winter 

 

OPEC cuts oil demand growth forecast again

OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year's figure, citing mounting economic challenges including high inflation and rising interest rates.

https://www.thenews.com.pk/print/1009975-opec-cuts-oil-demand-growth-forecast-again 

 

Commodities and Currency: 1-Day Change

Gold: USD 1774▼0.16%

Silver: USD 22 ▼0.06%

Crude Oil: USD 86 ▼0.30%

USD-PKR: Rs 222 ▲0.18%