【Daily】24 Feb. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Feb 24, 2023

-Daily Market-

KSE 100 40,839 ▼0.80%

KMI 30 70,091 ▼1.07%

KASB Tech Index 510 ▼1.30%

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

SBP reserves rise by $66m to $3.258b The foreign exchange reserves held by the central bank rose by $66 million to $3.258 billion in the week ending Feb 17, the State Bank of Pakistan (SBP) said on Thursday, while its total liquid foreign reserves stood at $8.726 billion. https://tribune.com.pk/story/2402854/sbp-reserves-rise-by-66m-to-3258b 

Outsourcing govt borrowing on the cards The Finance Ministry is reportedly working on a plan with SECP to outsource government borrowing aimed at getting money from public at less rates than banks which are lending public money at exorbitant rates. https://www.brecorder.com/news/40228160/outsourcing-govt-borrowing-on-the-cards 

Dissolved assemblies of Punjab and KP: SC issues notices to AGP, others The Supreme Court issued notices to the Attorney General of Pakistan (AGP), advocate generals of all provinces and others regarding not holding elections of the dissolved assemblies of the Punjab and Khyber-Pakhtunkhwa. https://www.brecorder.com/news/40228157/dissolved-assemblies-of-punjab-and-kp-scissues-notices-to-agp-others 

March to September 2023: PD proposes load management plan Power Division is said to have prepared three load shedding scenarios from March 1, 2023 to September 2023, along with fuel requirements and required funding during this period and place the entire scheme at the highest level. https://www.brecorder.com/news/40228149/march-to-september-2023-pd-proposesload-management-plan 

Industries/sectors earning over Rs300m: SC directs payment of 4pc super tax within a week The Supreme Court of Pakistan (SC) has directed the industries/sectors earning income above Rs300 million, which are liable to pay 10 percent super tax for the Tax Year 2022, to deposit the same within one week, at the rate of four percent. https://www.brecorder.com/news/40228152/industriessectors-earning-over-rs300m-scdirects-payment-of-4pc-super-tax-within-a-week 

Import of luxury items ST: FBR empowered to impose higher rate of 25pc The Finance (Supplementary) Act, 2023 has empowered the Federal Board of Revenue (FBR) to impose a higher rate of 25 percent sales tax on the import of luxury items. https://www.brecorder.com/news/40228146/import-of-luxury-items-st-fbr-empoweredto-impose-higher-rate-of-25pc 

Debt and debt instruments: Profit on debt and capital gains given tax exemption The Federal Board of Revenue (FBR) has exempted income tax on profit on debt and capital gains from debt and debt instruments approved by the federal government, derived by any approved non-resident banking company. https://www.brecorder.com/news/40228145/debt-and-debt-instruments-profit-ondebt-and-capital-gains-given-tax-exemption 

US Senators meet PM, discuss trade, investment Prime Minister Shehbaz Sharif on Thursday highlighting the significance of longstanding cooperation between Pakistan and the United States underscored the need to make this partnership diverse and multidimensional. https://www.brecorder.com/news/40228147/us-senators-meet-pm-discuss-tradeinvestment 

Commodities and Currency: 1-Day Change

Gold: USD 1833 ▲0.35%

Silver: USD 22 ▲0.05%

Crude Oil: USD 76 ▲0.85%

USD-PKR Rs 263 ▲0.63%

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