【Daily】20 Feb. Brief of Pak BizNews
KSE 100 41,119 ▲0.10%
KMI 30 70,981 ▲0.08%
KASB Tech Index 504 ▲0.82%
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
IMF, SBP hold talks on interest rate
The International Monetary Fund (IMF) and State Bank of Pakistan (SBP) on Friday held a round of talks about the possibility of further tightening of monetary policy and building up of foreign exchange reserves for end of June 2023.
External debt servicing jumps 70pc
External debt servicing increased by 70 per cent in the first two quarters of 2022-23 on a year-on-year basis, worsening the shortage of dollars.
Textiles exports decline 14.8 percent in January
A financial and economic crisis in Pakistan is hitting the top foreign exchange earning sector the most, as the textile exports in January 2023 shrank by 14.8 percent, making a fourth consecutive fall in its sales abroad.
Thar coal-based power plant starts commercial operations A 330 megawatts (MW) power plant based on Thar coal has begun commercial operations, with an aim to generate low cost energy and help the country cut its energy import bill.
Govt raises Rs5.8bn via Sukuk auction
The government on Thursday raised Rs5.8 billion by auctioning one, three and five years of variable rental rate (VRR) Government of Pakistan (GIS) Ijara Sukuk to help plug the budget gap, the central bank auction result showed.
Oil industry facing Rs35.88bn cash flow deficit: OCAC
Oil industry was facing a cash flow deficit of Rs35.88 billion on lower exchange loss adjustment and custom duty, as well as the long pending increase in the margins of oil marketing companies (OMCs).
PSO receivables reach Rs734bn
The receivables of Pakistan State Oil (PSO) have reached Rs 734 billion including Rs 163 billion late payment surcharge (LPS) as several clients failed to retire their bills for fuel supplies.
Tariff protection likely to raise MS, HSD prices
Tariff protection incentive given to the local refineries could push up the price of motor gasoline (MS) and high-speed diesel (HSD) by Rs3/litre, indicated the summary of the Petroleum Division on the new refining policy.
Worse to come: Weekly inflation hits 16-week high at 2.89pc Weekly inflation touched a 16-week high to stand at 2.89 percent during the seven-day period ended February 16, with prices of edible oil and fuel oil rising up to 8 percent as per official data.
Supply of fertilizers to farmers at fixed rates directed
Additional Secretary Agriculture (Task Force) Punjab Muhammad Shabbir Ahmad Khan has directed the officers of the department to ensure the supply of fertilizers to the farmers at fixed rates.
PD’s help sought for settlement of PPL receivables of Rs132.11bn against Genco-II
Directorate General of Gas of the Petroleum Division (PD) has sought help from the division for the settlement of long outstanding receivables of Rs132.109 billion against the Central Power Generation Co Ltd (Genco-II), Guddu, to keep payment of government levies intact, avoid budgetary shortfall and negative audit observations.
Commodities and Currency: 1-Day Change
Gold: USD 1853 ▲0.16%
Silver: USD 22 ▲0.25%
Crude Oil USD 77 ▲0.63%