【Daily】26 July Brief of Pak BizNews
-Daily Market-
KSE 100 46,683 ▲0.57%
KMI 30 77,858 ▲0.55%
KASB Tech Index 464 ▲0.95%
KASB Market View
- The market is expected to trade within a narrow range ahead of the long weekend and rollover week. We suggest a sell-on-strength stance on anticipation of profit-taking
- Moreover, news reports suggest that five government-owned entities will sign an MoU to inject equity in the USD 10-11bn refinery, indicating that the refinery policy is nearing its approval. The existing refineries are likely to benefit from this development.
National News
Policy continuation, forex financing a must for growth
The Finance Division has stated that prudent and effective economic decisions, political and economic certainty, as well as, a continuation of friendly economic policies along with enough foreign exchange financing will be required to achieve higher and sustainable economic growth.
https://epaper.brecorder.com/2023/07/27/1-page/968322-news.html
Foreign investors; Repatriation of profit, dividend dives to 18-year low
The repatriation of profit and dividend by foreign investors plunged by 80 percent, ie, to 18 years lowest level of $ 331 million during the last fiscal year (FY23).
https://epaper.brecorder.com/2023/07/27/1-page/968312-news.html
Import of cash USD to help narrow rate differences: expert
The permission of import of cash US dollars by Exchange Companies (ECs) will increase the dollar inflows and reduce the difference between interbank market rate and the open market rate.
https://epaper.brecorder.com/2023/07/27/12-page/968397-news.html
Ministry of Finance expects inflation ‘to ease out’ in July
Ministry of Finance expects inflation “to ease out” in July compared to the previous month, and “remain in the range of 25-27%”.
https://www.brecorder.com/news/40254755/ministry-of-finance-expects-inflation-to-ease-out-in-july
Five state-owned firms to sign MoU for equity financing of Saudi-backed refinery
Five state-owned enterprises (SOEs) will sign a memorandum of understanding (MoU) on Thursday (today) to finance their equity share in a $10-11 billion greenfield refinery project that will be jointly developed with Saudi Aramco, a senior energy ministry official said.
https://www.thenews.com.pk/print/1094477-five-state-owned-firms-to-sign-mou-forequity-financing-of-saudi-backed-refinery
Discos, K-Electric may charge additional Rs1.81, Rs2.31 per unit in August bills
The National Electric Power Regulatory Authority hinted on Wednesday that ex-WAPDA distribution companies may be allowed to collect an additional Rs1.81 per unit from their clients in the upcoming August bills.
https://www.thenews.com.pk/print/1094614-discos-k-electric-may-charge-additional-rs1-81-rs2-31-per-unit-in-august-bills
Fertilizer offtake declines by 4.8% YoY in June’23
The country’s overall nutrient offtake fell by 4.8% YoY to 460,000 tonnes during June 2023 compared to the same month last year, the latest monthly report of fertilizer offtake issued by the National Fertilizer Development Company (NDFC) showed.
https://mettisglobal.news/fertilizer-offtake-declines-by-4-8-yoy-in-june23/
Investment Board Ordinance 2001; Cabinet approves draft amendment bill
The federal cabinet has approved the draft amendment bill of the Investment Board Ordinance 2001 for the promotion of foreign investment in Pakistan.
https://epaper.brecorder.com/2023/07/27/1-page/968316-news.html
Fed Set to Raise Rates to 22-Year High and Decide If It's Done Hiking
Federal Reserve policymakers are poised to hike interest rates to the highest level in 22 years, while retaining a tightening bias that signals the possibility of an additional move later in the year.
https://www.bloomberg.com/news/articles/2023-07-25/a-guide-to-the-fed-s-interest-rate-decision-hike-with-options-for-more#xj4y7vzkg
Commodities and Currency: 1-Day Change
Gold: USD 1965 ▲0.06%
Silver: USD 25 ▼0.20%
Crude Oil: USD 79 ▼0.41%
USD-PKR: Rs 285 ▼1.12%
