【Daily】24 March Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Mar 24, 2023

-Daily Market-

KSE 100 40,376 ▼1.23%

KMI 30 69,540 ▼1.49%

KASB Tech Index 488 ▼1.52%

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

No requirement in Pakistan programme that interferes with polls: IMF The International Monetary Fund (IMF) said on Thursday that decisions regarding the constitutionality, feasibility and timing of provincial and general elections “rest solely with Pakistan’s institutions”, clarifying that there was “no requirement under Pakistan’s Extended Fund Facility-supported programme which could interfere with the country’s ability to undertake constitutional activities” https://www.brecorder.com/news/40233156/no-requirement-in-pakistan-programmethat-interferes-with-polls-imf

Likely hike in policy rate: T-bills RoR soars to 22pc Rate of return on short-term government papers rose to 22 percent on expected hike in the key policy rate at the auction held Wednesday. https://www.brecorder.com/news/40233163/likely-hike-in-policy-rate-t-bills-ror-soarsto-22pc

Ministry given six weeks to draft fuel relief package Government is drafting a fuel pricing scheme aimed at helping the poor, the petroleumminister said, a programme that some economists fear could hinder a crucial International Monetary Fund pay out needed to prevent economiccollapse. https://www.brecorder.com/news/40233168/ministry-given-six-weeks-to-draft-fuel- relief-package

SC gives interim relief against deemed income tax on real estate The Supreme Court of Pakistan on Wednesday granted interim relief againstthe 20% deemed income tax on real estate, which will partially dent revenue collection, as taxmen face a gigantic task of collecting Rs560 billion inone week to achieve the nine- month revenue target. https://tribune.com.pk/story/2407606/sc-gives-interim-relief-against-deemed-income- tax-on-real-estate

Govt to approve amendments to MA, PPA and NA of Uch Power The government is to approve amendments to Master Agreement (MA),Power Purchase Agreement (PPA) and the Novation Agreement (NA) of Uch Power (Private) Limited (UPL) as finalized by CPPA-G and thepower project company. https://www.brecorder.com/news/40233166/govt-to-approve-amendments-to-ma-ppa- and-na-of-uch-power

Commodities and Currency: 1-Day Change

Gold: USD 1995 0.03%

SilverUSD 23 0.08%

Crude Oil: USD 70 0.30%

USD-PKRRs 283 0.05%

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