【Daily】1 Dec. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Dec 1, 2022

-Daily Market-

 KSE 100   42,349 ▼0.06%

 KMI 30     71,769 0.19%

KASB Tech Index   566 ▼0.38%


KASB Market View


  • Macroeconomic economic concerns and the heighted political noise will likely keep the market’s performance ranged-bound. The upcoming CPI inflation reading may influence expectations of monetary policy tightening.
  • 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


Dar dismisses sovereign default threat

Federal Finance Minister, Senator Ishaq Dar on Wednesday dismissed the impression that the country is faced with a default threat, saying that the government is making efforts to stabilize the economy.



WB says growth to slow to 2pc next year

Remitt-ances to low- and middle-income countries grew by nearly 5% to around $626 billion in 2022 - about half the expansion seen last year - and growth is expected to slow further to around two percent next year, the World Bank reported on Wednesday.




Pakistan’s rupee remained stable on Wednesday and closed unchanged against the US dollar for a second successive day.



Delay in import of spare parts: Haveli Bahadur Shah power plant faces closure

National Power Parks Management Company (Pvt) Ltd (NPPMCL) has cautioned the Private Power & Infrastructure Board (PPIB) that its 1230-MW RLNG-fired Haveli Bahadur Shah power plant will stop operation if State Bank of Pakistan (SBP) does not approve its four transactions to import equipment/ spares.



Encashment of SBLC: Resolve Hubco-CPHGC dispute, PM asks authorities concerned

Prime Minister Shehbaz Sharif has directed the concerned authorities to resolve a dispute between Hub Power Company (Hubco) and M/s China Power Hub Generation Company (CPHGC) on “encashment of Hubco’s Standby Letter of Credit (SBLC) of $150 million”



FCA for Oct 2022: Nepra to allow KE negative adjustment of Rs2.15/unit

National Electric Power Regulatory Authority (Nepra) is to allow negative adjustment of Rs 2.15 per unit in consumer-end tariff of K-Electric (KE) for October 2022 under monthly Fuel Charges Adjustment (FCA) mechanism amid serious concerns of consumers regarding charging about two times higher tariff by the power utility company as compared to Discos.



Rates of kerosene oil, light diesel dip

In the fortnightly prices’ review of petroleum products, the price of kerosene oil (SKO) has been reduced by 5.2 per cent and light diesel oil (LDO) by 3.8 per cent, while the prices of petrol and high-speed diesel (HSD) will be unchanged.



Riba may go in five years: Ishaq Dar

Finance Minister Ishaq Dar said on Wednesday that the government would look into a proposal to ban the opening of interest-based branches of conventional banks. He hoped that interest-based banking might be done away with in five years, adding that this system was horrendous and badly affects the poor.



Oil up more than $2 on tighter supply but OPEC+ talks limit gains

Oil prices rose by more than $2 on Wednesday on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery.



Pakistan remittances drop as illegal flows rise

Remittances to two of South Asia’s largest countries dropped to their lowest level in eight months, with migrant workers finding it more profitable to send money through illegal non-banking channels, Bloomberg reported on Tuesday.



ASA MFB, Systems Ltd partner

ASA Microfinance Bank (ASA MFB) Pakistan Limited has entered into a partnership with Systems Limited and NdcTech to implement Temenos core banking system, a statement said on Wednesday.



REER index appreciates to 100.4 in October

Pakistan’s real effective exchange rate (REER), the value of the rupee against a basket of trading partner currencies, rose to 100.4 in October from 90.7 in the previous month, data from the State Bank of Pakistan showed on Wednesday.



Eurozone inflation falls in Nov

The eurozone annual inflation rate fell for the first time in 17 months in November as it slowed to 10 percent, official data showed Wednesday.





Commodities and Currency: 1-Day Change


USD 1791 1.78%


USD 23 3.34%

Crude Oil

USD 80 ▼0.16%


Rs 225 0.11%

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