【Daily】16 Feb. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Feb 16, 2023

-Daily Market-

100 41,327 ▲0.43%

KMI 30 71,505 ▲0.79%

KASB Tech Index 498 ▲2.08%

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

Govt increases petrol price by Rs22.20, takes it to Rs272 per litre

The government increased on Wednesday the price of petrol by Rs22.20 per litre, taking it to Rs272 with effect from February 16. It also announced an increase in the prices of high-speed diesel by Rs17.20 per litre, taking it to Rs280.



Finance (Supplementary) Bill, 2023: Dar unveils taxation measures as Pakistan looks to appease IMF

Federal Minister for Finance and Revenue Ishaq Dar introduced on Wednesday the Finance (Supplementary) Bill, 2023, announcing various amendments that feature taxation measures of Rs170 billion (approximately $640 million), as Islamabad moves to convince the International Monetary Fund (IMF) to revive its bailout programme.



Inflation could average 33% in H1 2023, says Moody's economist

Inflation in Pakistan could average 33% in the first half of 2023 before trending lower, and a bailout from the International Monetary Fund alone is unlikely to put the economy back on track, a senior economist with Moody's Analytics told Reuters.



Askari Bank reports 45% increase in profit after tax in 2022

Askari Bank reported a profit after tax (PAT) of Rs14.07 billion in 2022, an increase of 45% as compared to Rs9.715 billion recorded in 2021. The bank’s foreign exchange income increased by 72% to Rs5.5 billion in 2022.



PKR marches on: Upticks by 2 rupees against greenback

Extending its gaining momentum, the Pakistani rupee (PKR) has further appreciated by 2 rupees against the US dollar in yesterday's interbank session as the currency settles the trade at PKR 265.38 per USD, compared to previous closing of PKR 267.34 per USD.



Ethiopia envoy invites rice exporters

Ethiopia’s Ambassador Extraordinary and Plenipotentiary Jemal Beker Abdula has urged Pakistani rice exporters to explore the Ethiopian market by joining the trade delegation flying to the African nation on March 5. In a meeting with the Rice Exporters Association of Pakistan (REAP) on Tuesday, he said that Pakistani exporters could penetrate the markets of Africa by investing in the agriculture sector and transferring technology to Ethiopia.



Significant cut in oil, gas prices likely after implementation of Russia deal

The finalisation and implementation of deals achieved during the Russia-Pakistan Inter-Governmental Commission (IGC) would result in a significant reduction in the prices of oil and gas in the country.



The Federal Government has given another opportunity to the public to get the withdrawn prize bonds of Rs7500, 15,000, 25,000 and Rs 40,000 redeemed/encashed by June 30, 2023.

Earlier, the government had fixed deadline of June 30, 2022, for redemption/encashment of these prize bonds, however, considering that some of the prize bond holders could not get their bonds redeemed a final opportunity has been given for encashment of prize bonds till 30th June 2023.



No money raised from PIBs auction

The government on Wednesday was unable to raise any funds through an auction of Pakistan Investment bonds (PIBs) on investors' demand for higher returns on the papers.



Jul-Dec LSMI output down 3.68pc

The Large Scale Manufacturing Industries (LSMI) output has declined by 3.68 per cent during the first half (July-December) of 2022-23 when compared with the same period of last year, says the Pakistan Bureau of Statistics.



16.6pc to 124pc hike in gas tariff notified Oil and Gas Regulatory Authority (OGRA)

On Wednesday notified 16.6 percent to 124 percent hike in the tariff of gas across the board for six months-January to June 2023.



International News

World oil demand to hit record as China reopens: IEA

Demand is expected to reach 101.9 million barrels per day on average in 2023, an increase of two million barrels per day from last year, it says in monthly oil market report.



Commodities and Currency: 1-Day Change

Gold: USD 1849 ▲0.21%

Silver: USD 22 ▲0.79%

Crude Oil: USD 79 ▲0.60%

USD-PKR: Rs 265 ▼0.14%

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