【Daily】22 Nov. Brief of Pak BizNews
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KSE 100 42,761 ▲0.07% KMI 30 72,349 ▼0.02% KASB Tech Index 551 ▲2.43%
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Jul-Oct CAD plummets 47pc YoY The country’s current account deficit fell sharply by 47 percent during the first four months of this fiscal year (FY23) supported by lower import bills. The State Bank of Pakistan (SBP) Monday reported that Pakistan posted a $2.821 billion current account deficit during July-Oct of FY23 against $5.305 billion in the same period of last fiscal year (FY22), depicting a decrease of $2.484 billion. https://epaper.brecorder.com/2022/11/22/1-page/948011-news.html
Net FDI plunges by 62% YoY in October 22 The foreign direct investment in Pakistan during October stood at $95 million, showing a drop of 62% YoY compared to $247mn in the same month last year, the monthly data released by the central bank showed on Monday. https://mettisglobal.news/net-fdi-plunges-by-62-yoy-in-oct22/
Default risk: Credit default swap shoots up to 92.53pc on political unrest The cost of insuring exposure to Pakistan’s five-year sovereign debt rose by 1,224 basis points over the weekend, hitting the highest ever level of 92.53 percent, a local brokerage data showed on Monday.
High FFO stock; ARL on verge of closure Attock Refinery Limited (ARL) is likely to stop operations within the next 7-8 days due to higher stocks of Furnace Fuel Oil (FFO) as the refinery is now operating on 60 per cent capacity, which may also hit supply of J-1 to Islamabad Airport and JP-8 to Pakistan Air Force, well informed sources told Business Recorder. https://epaper.brecorder.com/2022/11/22/7-page/948051-news.html
OGRA reserves decision on SSGCL petition for gas price hike The Economic Coordination Committee (ECC) of the Cabinet has decided that tariff of new solar power plants will be indexed annually rather than on a quarterly basis on rate variation of USD/ PKR, official sources told Business Recorder. https://www.thenews.com.pk/print/1012359-ogra-reserves-decision-on-ssgcl-petition-for-gas-price-hike
Saudi Aramco seeks 20-year tax holiday for refinery project Saudi oil giant Aramco would not move forward on setting up a refinery in Pakistan without securing firm commitments and assurances from Pakistan government against its demands, including a 20-year tax holiday, The News learnt on Monday. https://www.thenews.com.pk/print/1012507-saudi-aramco-seeks-20-year-tax-holiday-for-refinery-project
New solar power plants; Tariffs to be indexed annually: ECC The Economic Coordination Committee (ECC) of the Cabinet has decided that tariff of new solar power plants will be indexed annually rather than on a quarterly basis on rate variation of USD/ PKR, official sources told Business Recorder. https://epaper.brecorder.com/2022/11/22/1-page/948008-news.html
Govt to fully support Vitol business activity in Pakistan: Dar Finance Minister Ishaq Dar on Monday has appreciated Vitol’s contribution in Pakistan economy and said that the present government will fully support foreign direct investment and will provide conducive environment to the foreign investors, a press release issued by Finance division read. https://mettisglobal.news/govt-to-fully-support-vitol-business-activity-in-pakistan-dar/
ITeS export remittances increase by 2.89pc in four months The IT and IT-enabled Services (ITeS) export remittances comprising computer services and call centre services increased by 2.89 percent during the first four months of the current fiscal year 2022-23 and remained $ 854 million compared to $ 830 million during the same period of last fiscal year. https://epaper.brecorder.com/2022/11/22/4-page/948029-news.html
APTMA seeks zero-rating regime revival for export boost APTMA has asked PM Shehbaz Sharif to restore the zero-rating status for survival of the export industry, saying around 60 percent the textile industry had closed down on an extreme liquidity crunch, while the rest were on their way to closure, it warned. https://www.thenews.com.pk/print/1012357-aptma-seeks-zero-rating-regime-revival-for-export-boost
Commodities and Currency: 1-Day Change
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