【Daily】9 Jan. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jan 9, 2023

-Daily Market-

 KSE 100   41,008 0.64%

 KMI 30     70,097 1.48%

KASB Tech Index   523 2.36%


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


IMF team due in 2-3 days: Shehbaz

Prime Minister Shehbaz Sharif Friday assured the Managing Director of the International Monetary Fund (IMF), Ms Kristalina Georgieva, that Pakistan was committed to successfully completing the ongoing IMF programme and thanked her for understanding the challenges that Pakistan had been facing.



IMF says its delegation expected to meet Finance Minister Dar on sidelines of Geneva conference

The International Monetary Fund (IMF) delegation is expected to meet with Finance Minister Ishaq Dar on the sidelines of the Geneva conference on Monday (January 9), a spokesperson for the Washington-based lender told Business Recorder.



Pakistan repays over $1bn external debt

The country has successfully repaid over one-billion-dollar external debt to international financial institutions on Friday. Although the country is facing a serious crisis of foreign exchange reserves, it is meeting international financial obligations to avoid default. Sources said that cumulatively, on Friday, the country repaid some $1.2 billion to the two foreign banks.



PM Shehbaz to leave for Geneva today, will present case of Pakistan's flood victims

Prime Minister Shehbaz Sharif said Sunday that he will leave for Geneva today to co-host the International Conference on Resilient Pakistan along with United Nations Secretary-General António Guterres to "present the case of flood victims before the world."



SBP reserves fall to $4.5b after debt repayments to foreign banks

The foreign exchange reserves held by the central bank fell to $4.5 billion after Pakistan returned over $1 billion loans of two foreign commercial banks, hardly enough to finance 25 days of import.



Exchange firms offer to open credit letters for imports

The exchange firms on Saturday offered the government their willingness to pay for the opening of letters of credit (LCs) for imports as banks have been hesitant to do so due to the shortage of dollars.



Govt set to sell LNG plants to Qatar

The government has quietly delisted two power plants, which over four years ago, had been put on an active list for privatisation to raise an estimated $1.5 billion, aimed at selling these state assets to Qatar in a direct deal to avoid a looming sovereign default.



PM to visit UAE on Jan 10 amid economic crunch

Prime Minister Shehbaz Sharif will travel to the United Arab Emirates (UAE) on January 10 on a visit as part of a desperate attempt by Pakistan to shore up its depleting foreign reserves.



FBR estimates Rs170bn shortfall in tax collection

In the wake of continued import compression, the Federal Board of Revenue has projected a downward revision in the tax collection target by Rs170 billion and now estimates to fetch Rs7,300 billion by June 30, 2023, against an earlier target of Rs7,470 billion.



Pak Suzuki extends plant closure till January 13

Pak Suzuki Motor Co. Ltd. (PSMC) has extended the closure of its plant till January 13, blaming inventory shortages.



Chicken, wheat flour prices push SPI up 1.09pc

Surge in the prices of chicken, rice and wheat flour pushed weekly inflation up 1.09 percent during the seven-day period ended January 5.





Commodities and Currency: 1-Day Change


USD 1882 0.67%


USD 24 0.70%

️Crude Oil

USD 75 1.25%



Rs 228 0.34%

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