【Daily】31 Jan. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jan 31, 2023

-Daily Market-

 KSE 100   39,871 ▼1.43%

 KMI 30     67,996 ▼1.07%

KASB Tech Index   480 ▼2.01%


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


Govt to brief IMF on steps for extra taxation today

The government will share its plan with the visiting IMF’s review mission for taking additional taxation measures to fetch over Rs200 billion through the Presidential Ordinance, rationalising expenditure, and hiking both electricity and gas tariffs for erasing the monster of the circular debt.



Govt offers its SOE stakes to 2 UAE firms

The Government has reportedly offered its stakes in five top State Owned Entities (SOEs) to two top companies of the United Arab Emirates (UAE), well informed sources in Finance Division told Business Recorder.



Alvi approves SOEs (Governance and Operations) Bill, 2022

President Dr Arif Alvi on Monday accorded assent to the State-Owned Enterprises (Governance and Operations) Bill, 2022.



UAE reschedules president's trip to Pakistan

The Prime Minister's Office (PMO) on Monday issued a statement announcing Sheikh Mohamed bin Zayed Al Nahyan, United Arab Emirates (UAE) President's official one-day visit to Islamabad has been rescheduled due to bad weather.



PKR: more losses

Pakistan’s rupee continued to sustain heavy losses against the US dollar in the inter-bank market, closing the session on Monday with another 2.61% fall.



Oil import LCs shrink up to 20pc on rupee devaluation

Pakistan’s oil sector on Monday sought urgent revision in the exchange loss adjustments mechanism on import of petroleum products as the letters of credit limits have shrunk by 15-20 percent overnight on account of rupee devaluation.



Russia vows to cooperate with Pakistan on energy

A week after Pakistan and Russia signed an agreement for supply of Russian crude and oil products, Russian Foreign Minister Sergey Lavrov Monday said his country would “cooperate fully” to meet the energy needs of Pakistan.



NEPRA to consider relief worth almost Rs12bn for Karachiites in Feb bills

The National Electric Power Regulatory Authority (NEPRA) is scheduled to conduct a public hearing on January 31, 2023, on a request submitted by K-Electric (KE) for a reduction in the power price by Rs 10.26 per unit on account of Fuel Charge Adjustments (FCA) for December 2022.



Getting Daharki Power shares; ECC allows FF $2.9m equity investment

Econo-mic Coordination Commit-tee (ECC) of the Cabinet has allowed Fauji Foundation (FF) equity investment of $ 2.9 million for acquisition of 2,750,000 shares (18.64 per cent) of Daharki Power Holdings Limited BVI, sources in Finance Ministry told Business Recorder.



Commodities and Currency: 1-Day Change


USD 1919 ▼0.19%


USD 24 ▼0.17%

 Crude Oil

USD 78 ▼0.40%


Rs 263 0.17%

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