【Daily】22 Dec. Brief of Pak BizNews
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KSE 100 39,838 ▲1.26% KMI 30 67,004 ▲1.71% KASB Tech Index 519 ▲1.85%
KASB Market View
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. https://epaper.brecorder.com/2022/12/23/1-page/950544-news.html
Forex reserves decline $570m The country’s total liquid foreign reserves fell by $570 million during the last week due to external debt servicing. https://epaper.brecorder.com/2022/12/23/1-page/950546-news.html
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 https://epaper.brecorder.com/2022/12/23/1-page/950545-news.html
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. https://epaper.brecorder.com/2022/12/23/1-page/950547-news.html
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. https://epaper.brecorder.com/2022/12/23/1-page/950536-news.html
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. https://www.thenews.com.pk/print/1022808-ffbl-shuts-down-dap-plant-on-low-demand
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. https://www.thenews.com.pk/print/1022815-new-oil-gas-reserves-discovered
Commodities and Currency: 1-Day Change
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