【Daily】21 June Brief of Pak BizNews
-Daily Market-
KSE 100 40,653 ▲0.08%
KMI 30 69,674 ▲0.44%
KASB Tech Index 414 ▲0.58%
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
Govt unveils plan to revitalize economy
The federal government on Tuesday unveiled an elaborate Economic Revival Plan in the wake of economic hardships being faced by the country during a high-level meeting attended by the civil and military leadership.
https://www.thenews.com.pk/print/1082730-govt-unveils-plan-to-revitalise-economy
Pakistan seeks Shehbaz-IMF chief meeting in Paris
As hopes diminish for the revival of the IMF programme, which will expire on June 30, 2023, Pakistan has made a request for holding a meeting of Prime Minister Shehbaz Sharif with the IMF MD on the sidelines of the upcoming New Global Financing Pact Summit being held in Paris from June 22-23.
https://www.thenews.com.pk/print/1082750-pakistan-seeks-shehbaz-imf-chief-meeting-in-paris
Pakistan receives no bid for six LNG cargoes
Pakistan LNG Limited (PLL) Tuesday received zero bids against its June 13 tender for the purchase of six spot cargoes to be delivered during the period between October and December this year.
https://www.thenews.com.pk/print/1082746-pakistan-receives-no-bid-for-six-lng-cargoes
Pakistan, China sign deal for 1,200 MW nuclear power project
Prime Minister Shehbaz Sharif has said that Pakistan was facing economic challenges
and was engaged with the IMF to finalize the 9th Review but there was an inordinate
delay and it was at that critical juncture that China came to Pakistan’s rescue.
https://www.thenews.com.pk/print/1082749-pakistan-china-sign-deal-for-1-200-mw-nuclear-power-project
Govt to continue with additional tax on certain income, profits, gains
Despite opposition extended by the Anomalies Committee on the inclusion of 99-D
(Additional tax on certain income, profits and gains) for bringing up to 50 percent gains under the tax net, the government has decided to keep this proposal intact with some changes for its implementation.
https://www.thenews.com.pk/print/1082775-govt-to-continue-with-additional-tax-on-certain-income-profits-gains
Foreign direct investment falls 21pc in July-May
Pakistan’s foreign direct investment inflows dropped by 21 percent in 11 months of the current fiscal year as compared to the same period the previous year, State Bank of Pakistan data showed.
https://www.thenews.com.pk/print/1082786-foreign-direct-investment-falls-21pc-in-july-may
Government awards 3 oil and gas blocks, 15 remain unclaimed
Only three of 18 oil and gas exploration and production blocks offered by the
government have been awarded to local companies, with the rest attracting no interest
from local or foreign investors, officials said on Tuesday.
https://www.thenews.com.pk/print/1082787-government-awards-3-oil-and-gas-blocks-15-remain-unclaimed
Dollar loses Rs3 in open market
The US dollar price gap in the open and interbank markets on Tuesday further narrowed to Rs5 against Rs23 just before the start of the current month.
https://www.dawn.com/news/1760936/dollar-loses-rs3-in-open-market
REER index rises to 87.1 in May
Pakistan’s real effective exchange rate (REER), depicting rupee value against a basket of trading partner currencies, appreciated to 87.1 in May from 86.5 last month, the State Bank of Pakistan (SBP) figures showed on Tuesday.
https://www.thenews.com.pk/print/1082789-reer-index-rises-to-87-1-in-may
UK replaces GSP with DCTS
The United Kingdom (UK) has unveiled a new initiative called the Developing Countries Trading Scheme (DCTS) in place of Generalised Scheme of Preference (GSP).
https://www.brecorder.com/news/40248998/uk-replaces-gsp-with-dcts
KP govt unveils Rs462.42bn budget for four months
The Khyber Pakhtunkhwa caretaker government on Tuesday unveiled the Rs462.426
billion budget for four months, from July 1 to October 31, 2023, which includes Rs350.041 billion for current expenditure and Rs112.385 billion for development funds.
https://www.thenews.com.pk/print/1082748-kp-govt-unveils-rs462-42bn-budget-for-four-months
Commodities and Currency: 1-Day Change
Gold: USD 1947 ▼0.02%
Silver: USD 23 ▼0.27%
Crude Oil: USD 72 ▲0.46%
USD-PKR: Rs 287 ▼0.01%
