【Daily】15 June Brief of Pak BizNews
-Daily Market-
KSE 100 41,514 ▼0.06%
KMI 30 71,662 ▼0.00%
KASB Tech Index 425 ▼0.80%
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
Time running out for Pakistan-IMF deal Time is running out for Pakistan to convince the IMF to release the remaining $2.2 billion
out of the $6.7bn bailout programme before June 30, said Moody’s in its latest report on Wednesday.
https://www.dawn.com/news/1759803/time-running-out-for-pakistan-imf-deal
IMF comes down hard on Pakistan’s budget proposals
The International Monetary Fund (IMF) has expressed its dissatisfaction with the budget proposals announced by Finance Minister Ishaq Dar for fiscal year 2023-24, calling them a missed opportunity to broaden the tax base while criticising the new amnesty scheme that “creates a damaging precedent”.
https://www.brecorder.com/news/40247863/imf-comes-down-hard-on-pakistansbudget-proposals
US Congressman urges Biden administration to help Pakistan secure IMF loan
As Pakistan continues to struggle with repercussions of fast-depleting foreign exchange reserves, US Congressman Al Green urged the Joe Biden-led government to play a role in “providing aid” to the South Asian nation through the International Monetary Fund (IMF) and World Bank.
https://www.thenews.com.pk/print/1080536-us-congressman-urges-bidenadministration-to-help-pakistan-secure-imf-loan
Post-flood rehabilitation: WB okays $200m loan for KP merged areas
The World Bank has approved a $200 million loan for rural infrastructure in the newlymerged areas of Khyber Pakhtunkhwa, especially for post-floods rehabilitation and reconstruction.
https://www.thenews.com.pk/print/1080540-post-flood-rehabilitation-wb-okays-200mloan-for-kp-merged-areas
Yields on treasury bills remain steady
Yields on market treasury bills remained steady on Wednesday in the first auction following the central bank left its key interest rate unchanged at 21 percent to rein in inflation and prevent economic growth from falling further.
https://www.thenews.com.pk/print/1080567-yields-on-treasury-bills-remain-steady
Petrol price likely to decline
The price of motor spirit (MS) is likely to decline by Rs1.90 per litre but the high-speed diesel (HSD) price may increase by Rs3.50 per litre, effective from June 16, according to an estimate.
https://epaper.brecorder.com/2023/06/15/14-page/965182-news.html
Pakistan’s purchase within US cap
The US State Department has said that Pakistan’s purchase of Russian oil at a discounted price proves the effectiveness of the US restrictions that have already deprived Moscow of about $100 billion in oil revenues.
https://www.dawn.com/news/1759805/pakistans-purchase-within-us-cap
Shell decides to exit Pakistan market
Shell Petroleum, global energy giant on Wednesday made the strategic decision to sell its entire 77.42 percent holding in Shell Pakistan Limited and decided to exit the Pakistan market to “simplifying Shell’s portfolio.”
https://epaper.brecorder.com/2023/06/15/1-page/965111-news.html
Govt to buy LNG from Azerbaijan
Pakistan on Wednesday approved a liquefied natural gas (LNG) purchase agreement framework with Azerbaijan, its finance ministry said.
https://epaper.brecorder.com/2023/06/15/1-page/965112-news.html
Gas supply to industries, CNG outlets suspended
Adhering to the clear instructions from the federal government, SSGC has stopped gas supplies to all industries including their units for power generation, fertilizer sector and CNG stations. This decision has been taken in the backdrop of possible striking of cyclone Biparjoy and considering the shortage of natural gas and RLNG.
https://epaper.brecorder.com/2023/06/15/1-page/965107-news.html
Taj Gasoline eyes 41 percent stake in cash-strapped Hascol
Taj Gasoline (Private) Limited on Wednesday announced an intention to acquire at least 41 percent stake in Hascol Petroleum Limited.
https://www.thenews.com.pk/print/1080568-taj-gasoline-eyes-41-percent-stake-incash-strapped-hascol
Commodities and Currency: 1-Day Change
Gold: USD 1948 ▼1.05%
Silver: USD 24 ▼2.32%
Crude Oil USD 68 ▼0.16%
USD-PKR: Rs 283 ▼1.52%
