【Daily】8 Feb. Brief of Pak BizNews
-Daily Market-
KSE 100 41,523 ▲0.81%
KMI 30 71,952 ▲1.11%
KASB Tech Index 514 ▲4.39%
KASB Market View
- Macroeconomic economic concerns and the heightened 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
Pakistan awaits fiscal, economic policies draft from IMF
With just 48 hours left in the timeline for the conclusion of the pending 9th Review, the IMF has not yet shared the draft of Memorandum of Financial and Economic Policies (MEFP) with the Pakistani authorities, a document on the basis of which a staff level agreement would be struck.
https://www.thenews.com.pk/print/1038595-pakistan-awaits-fiscal-economic-policies-draft-from-imf
FY24 budget: FBR invites proposals on income tax
The income tax budget (2023-24) would focus on policy for taxation of real income, phasing out of tax concessions/exemptions, removal of tax distortions/anomalies and increase the incidence of tax on affluent class.
https://epaper.brecorder.com/2023/02/08/1-page/954504-news.html
Rs650bn collection likely; 1pc hike in ST thru ordinance on the cards
The Federal Board of Revenue (FBR) has estimated to collect Rs650 billion during Feb-June (2022-23) by increasing the standard rate of one percent sales tax from 17 to 18 percent through the promulgation of the Tax Laws Amendments Ordinance, 2023.
https://epaper.brecorder.com/2023/02/08/12-page/954582-news.html
Islamic NPC rates revised upward
Following the decision of the federal government, the State Bank of Pakistan (SBP) has notified revised profit rates of Islamic Naya Pakistan Certificates (Islamic NPC). The maximum rate of return rose to 15.50 percent for investment in Pak rupee.
https://epaper.brecorder.com/2023/02/08/12-page/954580-news.html
Rupee falls 0.35%, settles at 276.28 against US dollar
As per the State Bank of Pakistan (SBP), the currency closed at 276.28 against the US dollar, a decline of Re0.98. The currency has depreciated by 25.82% during the ongoing fiscal year against the greenback.
https://www.brecorder.com/news/40224835/rupee-falls-035-settles-at-27628-against-us-dollar
TAPI gas pipeline; Pakistan willing to go ahead with or without India
Pakistan has shown willingness to go ahead with Turkmenistan-Afghanistan-Pakista-India (TAPI) gas pipeline project with or without India as Afghanistan is ready to raise special force for the project.
https://epaper.brecorder.com/2023/02/08/12-page/954586-news.html
Petrol short supply irks motorists
In about a week, people have to bear the brunt of petroleum products’ short supply in view of its possible price hike.
https://www.thenews.com.pk/print/1038553-petrol-short-supply-irks-motorists
IMF terms: Govt to impose surcharge of Rs3.50 per unit on power tariff
In line with the IMF diktat, the government has decided to impose a surcharge of Rs3.50 on electricity bills and in principle to do away with the subsided tariff of Rs19.90 available to the export sector. The Fund wants the government to end the subsidy being given to the export sector.
https://www.thenews.com.pk/print/1038593-imf-terms-govt-to-impose-surcharge-of-rs3-50-per-unit-on-power-tariff
Thar coal-based power plant: COD achieved
The Private Power and Infrastructure Board (PPIB) has announced achievement of Commercial Operation Date (COD) of the country’s largest Thar coal-based power project located at Thar Block-1.
https://epaper.brecorder.com/2023/02/08/1-page/954499-news.html
Imports restrictions, non-release of machines hampering coal mining
Amidst an economic crisis, and the country scrambling for cheap energy, restrictions on imports and non release of machinery are severely impacting coal mining activities.
https://profit.pakistantoday.com.pk/2023/02/07/imports-restrictions-non-release-of-machines-hampering-coal-mining/
Commodities and Currency: 1-Day Change
Gold: USD 1890 ▲0.27%
Silver: USD 22 ▲0.75%
Crude Oil USD 77 ▲0.25%
USD-PKR: Rs 276 ▲0.18%
