【Daily】22 Aug Brief of Pak BizNews

-Daily Market-

KSE 100 47,448 ▼1.60% 

KMI 30 80,052 ▼1.33%

KASB Tech Index 463 ▼1.25%

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 otherhand, we expect the caretaker Prime minister would announce the increased fuelprices, which will increase the inflation numbers as already we have seen a hikein gas and electricity prices.

• We expect the market to remain robust due to the results season and interest inState-owned entities (SoE) amid expected foreign investment inflows. We believecyclicals offer attractive capital upside due to undervaluation and future potentiallies therein. Stocks like ILP, PPL, OGDC MLCF, ENGRO, and LUCK are expected toremain in the limelight amid investors' anticipation therein.

 

National News

Power sector grabs finance minister’s immediate attention

Caretaker Finance Minister Shamshad Akhtar has held her first meeting on power sector after assuming the charge and visited Federal Board of Revenue (FBR) to review progress so far on implementation of $3 billion Stand-by-Arrangement (SBA) of the International Monetary Fund (IMF).

https://www.brecorder.com/news/40259159/power-sector-grabs-finance-ministers-immediate-attention

 

Caretaker govt all set to give nod: Power distribution firms to be transferred to provinces

The federal caretaker government is all set to finalise a framework of operational, financial, and structural policy matters of ex-Wapda distribution companies (XWDISCOs) “to improve their performance”.

https://www.thenews.com.pk/print/1102428-caretaker-govt-all-set-to-give-nod-power-distribution-firms-to-be-transferred-to-provinces

 

Rupee slides to within a whisker of all-time low

The rupee fell to 297.13 per dollar in the interbank market on Monday, nearing its all-time low of 298.93 set in May, as a surge in imports and a widening current account deficit weighed on the local currency.

https://www.thenews.com.pk/print/1102474-rupee-slides-to-within-a-whisker-of-all-time-low

 

Refineries seek early opening of escrow accounts for upgrade projects

The Oil and Gas Regulatory Authority (OGRA) and local refineries would meet on Wednesday to decide the modalities of agreements for opening joint Escrow Accounts under the newly passed Brownfield Refinery Policy.

https://www.thenews.com.pk/print/1102478-refineries-seek-early-opening-of-escrow-accounts-for-upgrade-projects

 

$2.89bn borrowed from multiple financing sources in July

The country borrowed $2.890 billion from multiple financing sources during the first month (July) of the current fiscal year 2023-24 compared to $185 million borrowed during the same period of 2022-23, revealed the Economic Affairs Division (EAD) data.

https://www.brecorder.com/news/40259155/289bn-borrowed-from-multiple-financing-sources-in-july

 

Jul-Mar FY23: New loan pacts worth $7.228bn signed with development partners: EAD

A prudent external debt management strategy coupled with strong institutional arrangements is necessary for managing external debt and improving the repayment capacity of the country, said the Economic Affairs Division (EAD).

https://www.brecorder.com/news/40259156/jul-mar-fy23-new-loan-pacts-worth-7228bn-signed-with-development-partners-ead

 

LUCK commissions 25 MW captive solar power plant in Karachi

Lucky Cement Limited (PSX: LUCK) has announced the successful completion and commissioning of its 25 Megawatt (MW) captive solar power plant, located at the company’s manufacturing site in Karachi, LUCK’s filing on the local bourse revealed today.

https://mettisglobal.news/luck-commissions-25-mw-captive-solar-power-plant-in-karachi/

 

CPPL sells Kraft paper lines I, II for Rs58.6m

Cherat Packaging Limited (PSX: CPPL) has received a sum of Rs58.6 million from the sale of its old Kraft Paper sack Lines I and II, as revealed in the company's filing on the local bourse today.

https://mettisglobal.news/cppl-sells-kraft-paper-lines-i-ii-for-rs58-6m/

 

Oil dips on possible easing of tight supply, China woes hurt demand outlook

Oil edged lower on Tuesday as the market waited to see if Iraqi oil exports resume, which could ease the supply tightness caused by the OPEC+ cut, while a faltering Chinese economy continued to undercut the global demand outlook.

https://www.reuters.com/business/energy/oil-up-expected-us-oil-stock-drawdown-china-gloom-tempers-gain-2023-08-22/

 

Commodities and Currency: 1-Day Change

Gold: USD 1925 ▲0.09%

Silver: USD 23 ▲0.09%

Crude Oil: USD 81 ▼0.10%

USD-PKR: Rs 297 ▲0.27%