【Daily】9 Dec. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Dec 9, 2022

-Daily Market-

 KSE 100   41,652 ▼0.40%

 KMI 30     69,945 ▼0.43%

KASB Tech Index   546 ▼1.35%


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


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.



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.



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.



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).



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.



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.



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.



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.



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.





Commodities and Currency: 1-Day Change


USD 1808 0.37%


USD 23 0.99%

️Crude Oil

USD 73 0.80%



Rs 225 0.11%


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