【Daily】26 June Brief of Pak BizNews

-Daily Market-

KSE 100 40,065 ▼0.22% 

KMI 30 68,895 ▼0.23%

KASB Tech Index 402 ▼1.31%

 

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

PM again meets IMF chief amid hopes for deal

Prime Minister Shehbaz Sharif held a meeting with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva in Paris on Friday and reiterated the resolve of Pakistan to complete the loan programme with the financial institution.

https://www.thenews.com.pk/print/1084258-pm-again-meets-imf-chief-amid-hopes-for-deal

 

Govt slaps Rs215bn more taxes on IMF diktat

Finance Minister Senator Ishaq Dar, while winding up the budget debate on Saturday, announced pension reforms and an increase in tax collection from Rs9,200 billion to Rs9,415 billion.

https://www.thenews.com.pk/print/1084257-govt-slaps-rs215bn-more-taxes-on-imf-diktat

 

SBP lifts import curbs to save IMF loan deal

The State Bank of Pakistan on Friday scrapped all import restrictions in a bid to salvage a $6.7 billion International Monetary Fund (IMF) loan programme that is due to expire at the end of this month.

https://e.thenews.com.pk/detail?id=214114

 

UAE firm to pay $50m upfront to Karachi Port

Federal Minister for Maritime Affairs Faisal Sabzwari said on Friday that Abu Dhabi Ports (AD Ports) of the UAE will pay $50 million upfront to the Karachi Port and will invest $102 million for expansion in the next three to five years under a deal reached between AD Ports and Karachi Port Trust (KPT).

https://e.thenews.com.pk/detail?id=214149

 

CDWP clears 28 uplift projects worth Rs309.14bn

Just ahead of completion of the outgoing fiscal year, the government has cleared 28 development projects worth Rs309.14 billion as part of the Public Sector Development Programme (PSDP) of the next fiscal year.

https://www.thenews.com.pk/print/1084271-cdwp-clears-28-uplift-projects-worth-rs309-14bn

 

Steel, glass, and tiles industries: CCP vows to conduct probe into alleged cartelization practices

The Competition Commission of Pakistan (CCP) has pledged to conduct a comprehensive investigation into alleged cartelization practices within the steel, glass, and tiles industries.

https://www.brecorder.com/news/40249544/steel-glass-and-tiles-industries-ccp-vows-to-conduct-probe-into-alleged-cartelization-practices

 

Weekly inflation steady at 34pc

Short-term inflation was almost steady at around 34 per cent during the week that ended on June 22, official data showed on Friday.

https://www.dawn.com/news/1761449/weekly-inflation-steady-at-34pc

 

ECC allows Sindh mills to export 32,000 tonnes of sugar

The Economic Coordination Committee on Friday approved the export of 32,000 metric tonnes of sugar to mills located in Sindh within 60 days. Additionally, a supplementary grant of Rs250 billion was approved to enhance the financial resources of the provinces for the outgoing fiscal year.

https://e.thenews.com.pk/detail?id=214154

 

Indus Motor halts production for fifth time in 2023

Indus Motor Company (IMC), Toyota vehicles maker in Pakistan, on Friday announced a two-day plant shutdown on “insufficient inventory level”, making its fifth announcement for production cuts in the ongoing calendar year.

https://e.thenews.com.pk/detail?id=214118

 

Commodities and Currency: 1-Day Change

Gold: USD 1935 ▲0.29%

Silver: USD 23 ▲1.84%

Crude Oil: USD 69 ▲0.01%

USD-PKR: Rs 285 ▲0.25%