【Daily】21 June Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jun 21, 2023

-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.



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.



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.



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.



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.



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.



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.



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.



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.



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).



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.



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%

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