【Daily】18 July Brief of Pak BizNews
KSE 100 45,043 ▼0.06%
KMI 30 76,150 ▼0.57%
KASB Tech Index 454 ▼0.89%
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
PRL, Air Link look to acquire majority stake in Shell Pakistan
Pakistan Refinery Limited (PRL) and Air Link Communication Limited have formally expressed their intention to acquire 77.42 percent stake in Shell Pakistan Limited (SPL), which industry insiders estimate a deal to be valued at over Rs25 billion.
Pakistan bond divergence shows IMF programme concerns
The divergence between different Pakistan bond maturities has been widening since news emerged last month of an International Monetary Fund cash injection, showing investors remain unconvinced about the nation’s ability to pay long-term.
HBL to set up subsidiary to help improve agriculture output: CEO
HBL has obtained approval from the State Bank of Pakistan to set up a special subsidiary in the country, aiming to build capacity in the agricultural sector, its president and chief executive officer Muhammad Aurangzeb said on Monday.
Oil sector claims Rs11bn losses on back of HSD price tamper
Oil sector has claimed inventory losses worth Rs11 billion on account of manipulation in the last downward revision of high-speed diesel (HSD) prices, and demanded an immediate rectification to continue uninterrupted fuel supply across the country.
‘Share of Islamic banking to continue growing’
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) chief on Monday said the rising share of Islamic banking in Pakistan was a testimony that individuals and businesses were inclined towards banking under Islamic principles.
China’s frail Q2 GDP growth raises urgency for more policy support
China's economy grew at a frail pace in the second quarter as demand weakened at home and abroad, with the post-Covid momentum faltering rapidly and raising pressure on policymakers to deliver more stimulus to shore up activity.
Base power tariff hike: PD yet to secure cabinet’s nod
The Power Division has reportedly yet not secured the federal cabinet’s nod for an increase in the base electricity tariff by Rs4.96 per unit across the country for FY 2023-24 to be applicable from July 1, 2023, well-informed sources told Business Recorder.
SIH transaction: CCoP allows Privatisation Commission to move ahead
The Cabinet Committee on Privatization has allowed the Privatization Commission to proceed ahead for the conclusion of the Services International Hotel (SIH) transaction.
Commodities and Currency: 1-Day Change
Gold: USD 1964 ▲0.39%
Silver: USD 25 ▲0.44%
Crude Oil: USD 74 ▲0.35%
USD-PKR: Rs 276 ▼1.17%