【Daily】21 Feb. Brief of Pak BizNews
-Daily Market-
KSE 100 40,674 ▼1.08%
KMI 30 70,184 ▼1.12%
KASB Tech Index 505 ▲0.16%
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
Islamabad gets ‘positive signals’ for help from Riyadh, Beijing
Pakistan has received “positive signals” from China and Saudi Arabia for crucial financial support at a time when it is desperately looking towards its old allies in the wake of the current economic crunch.
https://tribune.com.pk/story/2402210/islamabad-gets-positive-signals-for-help-from-riyadh-beijing
Finance (Supplementary) Bill, 2023 adopted; NA acquiesces to IMF tax stipulation
The National Assembly Monday passed the Finance (Supplementary) Bill, 2023, proposing additional taxes and duties of Rs170 billion to meet the understanding reached with the International Monetary Fund for Extended Fund Facility.
https://epaper.brecorder.com/2023/02/21/1-page/955542-news.html
Jul-Jan FDI dips 44pc
Foreign Direct Investment (FDI) in Pakistan constricted by 44 percent during the first seven months of this fiscal year (FY23).
https://epaper.brecorder.com/2023/02/21/1-page/955543-news.html
Jul-Jan: C/A falls hugely on import curbs
The country’s current account deficit (CAD) sharply fell by 67 percent during the first seven months of this fiscal year (FY23) supported by lower import bill.
https://epaper.brecorder.com/2023/02/21/1-page/955544-news.html
Imposing/raising time-bound RDs, ACDs; FBR extends time period to March 31st for over 600 luxury items
The Federal Board of Revenue (FBR) has decided to extend the time period up to March 31, 2023, for imposing/raising time-bound regulatory duties and Additional Customs Duties (ACDs) on the import of over 600 luxury and non-essential items including vehicles, chocolates/electronics/cosmetics, home appliances, furniture.
https://epaper.brecorder.com/2023/02/21/12-page/955617-news.html
Government likely to increase SLR by 500 bps
In a move to regulate the money supply, control inflation, maintain financial stability, and promote Islamic banking, the government is set to increase the Statutory Liquidity Ratio (SLR) for Islamic banking institutions by 500 basis points (bps).
https://mettisglobal.news/government-likely-to-increase-slr-by-500-bps/
PKR maintains upward momentum
The Pakistani rupee maintained its positive momentum against the US dollar for the fifth successive session, appreciating 0.36% in the inter-bank market on Monday.
https://epaper.brecorder.com/2023/02/21/1-page/955551-news.html
Motion filed with Nepra; Govt seeks additional surcharge of Rs3.39/unit for 4 months
The Federal Government has filed a Motion with National Electric Power Regulatory Authority (Nepra) to impose additional surcharge of Rs 3.39 per unit across the country for four months, i.e., March-June, 2023, which will be reduced to Re .1 per unit from July 1, 2023, sources in Power Division told Business Recorder.
https://epaper.brecorder.com/2023/02/21/12-page/955615-news.html
Fuel cost for power generation rises 59pc
The cost of fuel for electricity generation in January went up 59 per cent to Rs11.20 per unit from a month ago, according to data recently released by the National Electric Power Regulatory Authority.
https://www.dawn.com/news/1738270/fuel-cost-for-power-generation-rises-59pc
Toyota Pakistan Hike Car Prices to Pass on Increase in Sales Tax
Toyota Pakistan increase car prices for the fourth time in a month's time to pass on the impact of 1 percent increase in sales tax, according to the letter issued by the company.
https://augaf.com/toyota-pakistan-hike-car-prices-to-pass-on-increase-in-sales-tax/
Suzuki increases prices for third time within 30 days
Suzuki’s decision marks the third price increase it has made within the span of a month with the previous two upwards revisions being made on January 24 and and February 8. The current increase will come into effect immediately as of February 20.
https://profit.pakistantoday.com.pk/2023/02/20/suzuki-increases-prices-for-third-time-within-30-days/
Honda announces third price increase within four weeks
This round marks the third price increase that Honda has enacted within the past four weeks with the previous increases coming on January 24, and February 4.
https://profit.pakistantoday.com.pk/2023/02/18/honda-announces-third-price-increase-within-four-weeks/
Jul-Jan 2022-23; IT, ITeS export remittances up 2.4pc to $1.523bn YoY
The IT and IT-enabled Services (ITeS) export remittances comprising computer services and call centre services increased by over 2.4 percent during the first seven months of the current fiscal year 2022-23 and remained $1.523 billion compared with $1.488 billion during the same period of the last fiscal year.
https://epaper.brecorder.com/2023/02/21/3-page/955565-news.html
Pakistan seeks renewal of US tariff waiver
Pakistan joined 26 other nations on Monday in urging US lawmakers to expedite legislation for the renewal of the Generalised System of Preference (GSP) programme for developing countries.
https://www.dawn.com/news/1738272/pakistan-seeks-renewal-of-us-tariff-waiver
Commodities and Currency: 1-Day Change
Gold: USD 1847 ▼0.20%
Silver: USD 22 ▼0.50%
Crude Oil: USD 77 ▼1.03%
USD-PKR: Rs 262 ▼0.19%
