【Daily】13 March Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Mar 13, 2023

-Daily Market-

KSE 100 41,794 0.50%

KMI 30 71,775 0.43%

KASB Tech Index 512 0.93%

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

Dar expects to close IMF deal as talks set to resume

Pakistan has seemingly been on the verge of signing the much-anticipated staff-level agreement with the International Monetary Fund (IMF) for several weeks now, but the coming week may see the finance minister “close the deal”, sources in the finance ministry told Dawn.


Govt plans to borrow Rs6.970tr domestic debt in March-May

The government is set to borrow Rs6.970 trillion through treasury bills and bonds in March-May to meet its high financing needs.


Government seeks review of OMCs’ exchange rate formula

The federal government has asked the Oil and Gas Regulatory Authority (OGRA) to review the existing formula of exchange rate adjustment on import of petroleum products, The News learnt on Friday.


Remittances tumble 10.8pc to $17.9bn

Remitt-ances sent by overseas Pakistanis fell by almost 11 per cent during the first eight months of the current fiscal year.


Two fertiliser plants to get indigenous gas

The government has formed a body to allocate indigenous gas to two fertiliser plants, namely Fatima Fertiliser Company Limited (FFCL) and Agritech Limited, to produce urea locally in order to reduce reliance on imports.


Fuel charge adjustment for January: Per unit tariff hiked by Rs1.71 for KE, Rs0.48 for other firms

The National Electric Power Regulatory Authority (Nepra) has increased the power tariff for the consumers of KE and XWDiscos by Rs1.71/unit and Rs0.48/unit respectively onaccount of the monthly fuel charge adjustment (FCA) for January 2023. 


Govt plans fresh Rs3.23 surcharge for FY24

The unprecedented hike in electricity tariffs continued its upward journey to burden hapless consumers before the Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) for an economic bailout could see the light of the day.


Weekly inflation spikes to 42.27pc

Weekly inflation clocked in at 42.27 per cent year-on-year owing to the rising prices of edible oil, pulses and vegetables, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday.


Auto assemblers raise prices after 7pc hike in GST

Auto assemblers have started passing on the impact of a seven per cent jump in general sales tax (GST) to 25pc.


Govt eyes Russian crude oil at $50/barrel

Top officials of the Petroleum Division are trying to procure Russian crude oil at close to $50/barrel, $10/barrel below the cap price imposed by G7 countries on Russian oil in the wake of the war on Ukraine, sources said.


Payments to OMCs: Ogra completes 80pc audit of IFEM claims of PSO, 4 refineries

The Oil and Gas Regulatory Authority (Ogra) has completed 80 percent audit of Inland Freight Equalization Margin (IFEM) claims of Pakistan State Oil (PSO) and four refineries to clear the payments to Oil Marketing Companies (OMCs).


Commodities and Currency: 1-Day Change

Gold: USD 1887 1.04%

Silver: USD 21 1.74%

Crude Oil: USD 77 0.26%

USD-PKR: Rs 277 ▼1.00%

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