【Daily】1 March Brief of Pak BizNews
-Daily Market-
KSE 100 40,510 ▼0.67%
KMI 30 68,762 ▼1.36%
KASB Tech Index 494 ▼2.31%
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
IMF prior actions likened to terms imposed in 1998 The International Monetary Fund (IMF) has asked Pakistan to implement four prior actions, including the imposition of a permanent surcharge of Rs3.82 per unit on electricity. Pakistani officials called the new demands ‘deliberate efforts’ to put pressure on Pakistan’s falling economy on the pattern of 1998 when the country had conducted nuclear tests. https://www.thenews.com.pk/print/1045312-imf-prior-actions-likened-to-termsimposed-in-1998
Moody’s downgrades Pakistan’s credit rating to ‘Caa3’ Moody's Investors Service has downgraded the government of Pakistan's local and foreign currency credit ratings to Caa3 from Caa1 in the wake of the drop in the country's foreign exchange reserves and rise in risk of default on foreign debt repayments.
MPC to meet tomorrow; Hike in policy rate on the cards?
The SBP’s Monetary Policy Committee (MPC) meeting has preponed and now it will be held on March 02, 2023 which was earlier scheduled for March 16, 2023. https://epaper.brecorder.com/2023/03/01/1-page/956173-news.html
MoF says inflation likely to remain high in coming months Inflation is expected to remain high in the coming months around 28 to 30 per cent consequent to uncertain political and economic environment, pass through of currency depreciation, recent rise in energy prices, and increase in administered prices. https://epaper.brecorder.com/2023/03/01/1-page/956175-news.html
Rs2bn shortfall in Feb collection The Federal Board of Revenue (FBR) has provisionally collected Rs 525 billion in February 2023 against the assigned target of Rs 527 billion, reflecting a shortfall of Rs 2 billion.
https://epaper.brecorder.com/2023/03/01/12-page/956244-news.html
Rupee registers losses, settles at 261.5 against US dollar As per the State Bank of Pakistan (SBP), the rupee settled at 261.50 against the greenback, a decline of Rs1.58 in the inter-bank market. https://www.brecorder.com/news/40228806/rupee-registers-losses-settles-at-2615against-us-dollar
Petrol price reduced by Rs5; diesel’s remains unchanged Federal government on Tuesday has announced to roll back per litre ex-depot price of petrol by Rs 5 per litre; however, kept the high speed diesel (HSD) price unchanged with effect from March 1-15, 2023. https://epaper.brecorder.com/2023/03/01/1-page/956176-news.html
IMF has concerns about next year’s circular debt: Dastgir Minister for Power, Khurram Dastgir Khan said on Tuesday that International Monetary Fund (IMF) has concerns on government’s proposed mode to deal with power sector circular debt in the next fiscal year. Responding to questions during a press conference, the Minister, who also faced IMF team during its recent visit, said that issues related to circular debt flow in current fiscal year have already been sorted out but the Fund is concerned over next year’s plan. https://epaper.brecorder.com/2023/03/01/1-page/956174-news.html
‘Advance to Deposit Ratio’; Higher rate of tax will not apply on banks for TY 2024 Minister for Power, Khurram Dastgir Khan said on Tuesday that International Monetary Fund (IMF) has concerns on government’s proposed mode to deal with power sector circular debt in the next fiscal year. Responding to questions during a press conference, the Minister, who also faced IMF team during its recent visit, said that issues related to circular debt flow in current fiscal year have already been sorted out but the Fund is concerned over next year’s plan.
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https://epaper.brecorder.com/2023/03/01/1-page/956178-news.html Non-resident banking company; Profit on debt, capital gains from debt, debt instruments exempted from tax The federal government hasexempted profit on debt and capital gains from debt and debt instruments from tax chargeable derived by any non-resident banking company, wellinformed sources told Business Recorder. https://epaper.brecorder.com/2023/03/01/12-page/956248-news.html 17pc tax applicable on mobile phones valuing above $200 There is no change in sales tax regime of locally manufactured mobile phones andimported mobile phones valuing less than US 200 dollars which shall be continued to be chargeable under the Sales Tax Act.https://epaper.brecorder.com/2023/03/01/12-page/956246-news.html |
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Commodities and Currency: 1-Day Change Gold: USD 1838 ▲0.05% Silver: USD 21 ▲0.54% Crude Oil USD 78 ▲0.58% USD-PKR: Rs 262 ▲0.19% |
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