【Daily】9 Dec. Brief of Pak BizNews
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KSE 100 41,652 ▼0.40% KMI 30 69,945 ▼0.43% KASB Tech Index 546 ▼1.35%
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National News
Saudi Arabia, China sign strategic deals Saudi Arabia and China showcased deepening ties with a series of strategic deals on Thursday during a visit by President Xi Jinping, including one with tech giant Huawei, whose growing foray into the Gulf region has raised US security concerns. https://epaper.brecorder.com/2022/12/09/1-page/949406-news.html
Forex reserves fall to $6.7bn on repayments The State Bank of Pakistan’s foreign exchange reserves decreased by $ 784 million to $6.715 billion during last week. https://epaper.brecorder.com/2022/12/09/1-page/949412-news.html
Govt seeking $4.2bn from Saudi Arabia Pakistan is seeking $4.2 billion from Saudi Arabia as its foreign exchange reserves have fallen sharply, broadcaster ARY News reported on Thursday citing sources. https://epaper.brecorder.com/2022/12/09/1-page/949413-news.html
CARs: ADB lists barriers to trade flows Pakistan has borders with only two CAREC members - Afghanistan and the PRC - limiting the trade flows with the Central Asian Republics (CARs) because transit through either neighbour country is not fully operational due to institutional barriers, says the Asian Development Bank (ADB). https://epaper.brecorder.com/2022/12/09/1-page/949414-news.html
FX reserves may rise in H2FY23 State Bank of Pakistan (SBP) Governor Jameel Ahmad Thursday said all debt repayments are on track and the country’s foreign exchange reserves are expected to increase in second half of the current fiscal year. https://epaper.brecorder.com/2022/12/09/1-page/949415-news.html
Cabinet approves restoration of 11 revoked POL exploration licences The federal cabinet has approved the restoration of 11 revoked petroleum exploration licenses on the recommendation of the Petroleum Division and exploration activities will start in these 11 blocks. https://epaper.brecorder.com/2022/12/09/1-page/949410-news.html
Electricity bills: PD says doesn’t want to manage tax, surcharge collection The Power Division has expressed willingness to do away with the role of collection of taxes and surcharges on electricity except General Sales Tax (GST) to avert criticism of consumers due to heavy bills.
Pharma supplies: KTBA urges FBR to revisit clarification about ‘further tax’ Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to revisit its earlier clarification regarding the levy of further tax on pharmaceutical supplies to avoid unnecessary litigation.
Oil prices down Oil prices edged lower on Thursday on the prospect of a major crude pipeline that shut after a leak resuming service, which would return a hefty amount of crude to the market at a time when global economic slowdowns are raising fuel demand fears. https://www.brecorder.com/news/40213464/oil-prices-down
Consignments of imported soybean feed: FTO may issue release order today The Federal Tax Ombudsman (FTO) is expected to issue an important order on Friday (December 9) for the possible release of a huge quantity of the stuck-up consignments of imported soybean feed for the poultry sector at Port Qasim, Karachi.
Post-flood rebuilding likely to boost PVC demand in 2023 Polyvinyl chloride (PVC) downstream market in the country is expected to witness an upward trend in the coming years in the aftermath of catastrophic floods and revival of CPEC-related activities, an industry official said on Thursday. https://www.thenews.com.pk/print/1018181-post-flood-rebuilding-likely-to-boost-pvc-demand-in-2023
Rupee extends losses to fourth session The rupee on Thursday extended losses to a fourth consecutive session amid a dollar crunch and delay in the International Monetary Fund’s loan programme, dealers said. https://www.thenews.com.pk/print/1018175-rupee-extends-losses-to-fourth-session
Commodities and Currency: 1-Day Change
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