【Daily】21 March Brief of Pak BizNews

-Daily Market-

KSE 100 40,918 ▼1.00%

KMI 30 70,375 ▼1.38%

KASB Tech Index 494 ▲0.34%

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

$7.407bn borrowed from multiple financing sources in 8 months

The government has borrowed $7.407 billion from multiple financing sources, including $900 million from foreign commercial banks, during the first eight months (July-February) of 2022-23 compared to $12.178 billion borrowed during the same period of last fiscal year.

https://epaper.brecorder.com/2023/03/21/1-page/957767-news.html

Jul-Feb FDI down 40pc YoY

The Foreign Direct Investment (FDI) in the country fell by 40 percent in the first eight months of current fiscal year (FY23).

https://epaper.brecorder.com/2023/03/21/1-page/957766-news.html

Jul-Feb CA declines 68pc YoY

The country’s current account deficit narrowed by 68 percent during the first eight months of this fiscal year (FY23) supported by lower import bill. The State Bank of Pakistan (SBP) on Monday reported that Pakistan recorded a current account deficit of $3.861 billion in July-Feb of FY23 compared to $12.077 billion in same period of last fiscal year (FY22), depicting a decline of $8.216 billion.

https://epaper.brecorder.com/2023/03/21/1-page/957760-news.html

Petrol subsidy to bikers: two options under study

On an average consumption of 17.5 litres per month, the two options under consideration for petrol subsidy to a motorcycle owner are Rs 10,500 per year if the

subsidy amount is Rs50 per litre and Rs 21,000 per year if the subsidy is Rs 100 per litre.

https://epaper.brecorder.com/2023/03/21/1-page/957764-news.html

Power generation cost falls 10.3pc in February

Power generation cost declined by 10.3 percent in February this financial year compared to the same month last fiscal as the share of nuclear and hydropower went up in overall electricity generation mix.

https://www.thenews.com.pk/print/1052162-power-generation-cost-falls-10-3pc-in-february

The final offer

A Russian led consortium is visiting Pakistan to finance and construct Katzarah mega dam in Pakistan, after failure to finalise a deal in September 2012 and September 2018 for the construction of the Diamer Bhasha Dam in a government-to-government deal.

https://www.thenews.com.pk/print/1052171-the-final-offer

No subsidized gas for fertilizer plants after May

The Economic Coordination Committee (ECC) of the Cabinet has decided to do away with subsidized gas to fertilizer plants after May 31, 2023, well informed sources told Business Recorder.

https://epaper.brecorder.com/2023/03/21/1-page/957765-news.html

FBR asked to introduce interim tax relief measures

The steel industry has asked the Federal Board of Revenue (FBR) to urgently introduce interim tax relief measures to ensure availability of steel scrap till issue of letters of credit (LCs) is resolved.

https://epaper.brecorder.com/2023/03/21/36-page/957828-news.html

Commodities and Currency: 1-Day Change

Gold:USD 1986 ▲0.15%

Silver:USD 23 ▼0.06%

Crude Oil:USD 67 ▼0.88%

USD-PKR:Rs 284 ▲0.81%