【Daily】22 Dec. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Dec 23, 2022

-Daily Market-

 KSE 100   39,838 1.26%

 KMI 30     67,004 1.71%

KASB Tech Index   519 1.85%


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


S&P cuts rating on weakening of several metrics

The S&P Global Ratings lowered its long-term sovereign credit rating on Pakistan to “CCC+” from “B-“, and the short-term rating to “C” from “B” on enduring external, economic and fiscal risks.



Forex reserves decline $570m

The country’s total liquid foreign reserves fell by $570 million during the last week due to external debt servicing.



Reduction in circular debt of gas sector by 70pc

Prime Minister Shehbaz Sharif has directed Petroleum and Finance Divisions to prepare a master plan to reduce circular debt of the gas sector by 70 percent from existing Rs 1.6 trillion to Rs 500 billon by December 28, 2022



Review delay throws IMF’s EFF off the track?

The IMF’s Extended Fund Facility (EFF) has once again fallen off track amid delays in completion of the 9th review, experts said.



Super tax to be applicable in TY23 and onwards: SHC

The Sindh High Court (SHC) has held that super tax on high-earning persons will not be applicable for the Tax Year 2022, but for Tax Year 2023 and onwards.



Imported soybean: Federal govt approves release of 9 consignments

The federal government has approved release of nine stuck-up consignments of imported soyabean, poultry feed, in next two days.



Lucky Cement kick-starts new line, reaches 15.3 MTPA capacity

Lucky Cement has become the largest cement manufacturer of Pakistan with 15.3 million tonnes per annum capacity after the completion of its brownfield expansion in Pezu, Khyber Pakhtunkhwa.



FFBL shuts down DAP plant on low demand

Fauji Fertiliser Bin Qasim Limited (FFBL), Pakistan’s only manufacturer of di-ammonium phosphate (DAP), has shutdown its plant for an indefinite period in the wake of low demand and glut in the farm nutrient market.



New oil, gas reserves discovered

The Oil and Gas Development Company Limited (OGDCL) on Thursday announced discovery of oil and gas reserves from an exploratory well located in District Sanghar, Sindh, making its second discovery in the district within a week.





Commodities and Currency: 1-Day Change


USD 1801 0.35%


USD 24 0.92%

Crude Oil

USD 79 1.38%


Rs 226 0.33%

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