【Daily】7 March Brief of Pak BizNews

-Daily Market-

KSE 100 41,434 ▲0.24%

KMI 30 70,875 ▲0.19%

KASB Tech Index 503 ▲0.97%

 

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 says govt required to give BoP assurance

 

Pakistan will be required to give an assurance that its balance of payments (BoP) deficit is fully financed for the fiscal year ending in June to unlock the next tranche of IMF funding, the fund’s resident representative said on Monday.

https://epaper.brecorder.com/2023/03/07/1-page/956682-news.html

 

SOEs: MoF prepares draft policy

 

Ministry of Finance (MoF) has prepared a draft State-Owned Enterprises (SOEs) policy with technical support from Asian Development Board (ADB), aimed at improving their performance sans any special treatment.

https://epaper.brecorder.com/2023/03/07/1-page/956684-news.html

 

ECC approves Hajj Policy 2023 with $90m forex cover

 

The Economic Coordination Committee (ECC) of the Cabinet has approved the Hajj Policy for 2023 with foreign exchange cover of US$ 90 million and decided to provide Rs12 billion for conducting the 7th Population and Housing Census in the country.

https://epaper.brecorder.com/2023/03/07/1-page/956676-news.html

 

Jul-Nov period; Nepra allows imposition of power surcharges

 

The National Electric Power Regulatory Authority (Nepra) has put a stamp on an

additional surcharge of Rs3.39 per unit from March to June 2023 and Rs1.43 per unit (Re1 per unit new surcharge and Rs0.43 per unit existing) to be charged from July to November 2023.

https://epaper.brecorder.com/2023/03/07/1-page/956677-news.html

 

EFERT’s base plant undergoes unplanned shutdown

 

The base plant of Engro Fertilizers Limited (PSX: EFERT) is undergoing an unplanned shutdown from March 4, 2023, the notification issued to PSX revealed on Monday.

https://mettisglobal.news/eferts-base-plant-undergoes-unplanned-shutdown/

 

GIDC outstanding amount reaches Rs445.6bn

 

The total outstanding amount of the Gas Infrastructure Development Cess (GIDC) is approximately Rs445.6 billion, the public document revealed on Monday.

https://mettisglobal.news/gidc-outstanding-amount-reaches-rs445-6bn/

 

Arrangements aimed at restoring ‘FASTER’ finalized

 

The Federal Board of Revenue (FBR), Monday night, finalised all arrangements with the help of the Pakistan Revenue Automation Limited (PRAL) for restoring the “FASTER” system for payment of sales tax refunds of billions to the exporters.

https://epaper.brecorder.com/2023/03/07/14-page/956755-news.html

 

Commodities and Currency: 1-Day Change

 

Gold: USD 1853 ▲0.01%

Silver: USD 21 ▲0.10%

Crude Oil: USD 81 ▲0.26%

USD-PKR: Rs 276 ▲0.15%