【Daily】15 Aug Brief of Pak BizNews
- Daily Market -
KSE 100 48,424 ▲1.29%
KMI 30 81,325 ▲0.96%
KASB Tech Index 444 ▲0.05%
KASB Market View
- The caretaker Prime minister named was announced and who has sworn as the caretaker Prime Minister Anwaar-ul-Haq Kakar. Now the focus is on how the newly caretaker prime minister will make his cabinet and who will be the finance minister.
- Saudi Arabia would become a stakeholder in the Reqo Diq project. On the other hand, we expect the caretaker Prime minister would announce the increased fuel prices, which will increase the inflation numbers as already we have seen a hike in gas and electricity prices.
- We expect the market to remain robust due to the results season and interest in State-owned entities (SoE) amid expected foreign investment inflows. We believe cyclicals offer attractive capital upside due to undervaluation and future potential lies therein. Stocks like ILP, PPL, OGDC MLCF, ENGRO, and LUCK are expected to remain in the limelight amid investors' anticipation therein.
National News
KSA to join Reqo Diq as shareholder
The civil-military run Special Investment Facilitation Council (SIFC) has approved hiring of consultants to reduce shareholdings of Pakistan and Canada’s Barrick Gold equally in favour of Saudi Arabia in the Reko Diq gold and copper mine project.
https://tribune.com.pk/story/2430403/ksa-to-join-reqo-diq-as-shareholder
Real estate sector; ‘Commercial projects are attracting local, foreign investment’
Commercial real estate projects, including shopping centres and malls, are a catalyst to attract healthy local and foreign investment, stirring the economic activities as hubs of businesses at a massive scale in a mega city.
https://epaper.brecorder.com/2023/08/12/5-page/969530-news.html
RDA inflows surpass $6.5bn mark
Total inflows under the Roshan Digital Accounts (RDA) surpassed the $6.5 billion mark, the State Bank of Pakistan (SBP) reported on Saturday.
https://epaper.brecorder.com/2023/08/13/1-page/969554-news.html
Amendments to Super Tax in Finance Act 2023 challenged in IHC
The Islamabad High Court (IHC) has granted petitioners a reprieve in the form of a stay order, forestalling the implementation of the super tax as stipulated by the Finance Act The petitioners have challenged the retrospective application of the newly-minted tax slabs for the tax year 2023, which have been imposed upon them brought forth through amendments in the Finance Act.
Dollar hits Rs302 in open market
The US dollar hit 302 against the rupee in the open market on Saturday, going beyond the boundaries marked by the International Monetary Fund (IMF) to keep the difference in open and interbank exchange rates in the range of 1 per cent to 1.5 per cent.
https://www.dawn.com/news/1769901/dollar-hits-rs302-in-open-market
Petrol price may increase by Rs15 in Pakistan
Petroleum products are likely to become more expensive from August 16, according to Daily Jang, after the caretaker government announces new prices tomorrow (August 15).
https://wwwthenews.com.pk/latest/1100127-petrol-prices-may-increase-by-rs15-in-pakistan
Plan to reduce gas circular debt shared with IMF
Pakistan has shared with the International Monetary Fund (IMF) a plan for containing gas sector circular debt (CD) estimated to have risen to Rs1.6 trillion.
https://www.dawn.com/news/1769740/plan-to-reduce-gas-circular-debt-shared-with-imf
PRL refutes reports about suspension of Russian crude oil import
Pakistan Refinery Limited (PRL) on Sunday contradicted the report that Russian crude oil import was suspended because of processing issues.
https://www.thenews.com.pk/print/1100030-prl-refutes-reports-about-suspension-of-russian-crude-oil-import
WAPDA adds 8,158MW hydel power to grid
The Water and Power Development Authority (WAPDA) has crossed the 8000 MW mark in hydel electricity generation, contributing 8158 MW to the national grid during peak hours last night. This achievement comes on the heels of the recent resumption of power generation from the 969 MW-Neelum Jhelum Hydropower Project, further bolstering Pakistan’s energy supply.
https://tribune.com.pk/story/2430569/wapda-adds-8158mw-hydel-power-to-grid
Auto sales fail to rev up in July
The auto sector has failed to shift gears in July, the first month of the fiscal year, with sales of cars, light commercial vehicles, vans and jeeps plummeting by more than half compared to a year ago.
https://www.dawn.com/news/1769736/auto-sales-fail-to-rev-up-in-july
Cabinet okays energy saving plan
The cabinet has approved the National Action Plan on Energy Efficiency and Conservation 2023-30 with a focus on saving $6.4 billion due to the enforcement of energy efficiency audits along with several other features.
https://tribune.com.pk/story/2430552/cabinet-okays-energy-saving-plan
Anwaar-ul-Haq Kakar takes oath as interim prime minister
Anwaar-ul-Haq Kakar was sworn in as caretaker prime minister on Monday.
https://www.brecorder.com/news/40257834/anwaar-ul-haq-kakar-takes-oath-as-interim-prime-minister
