【Daily】28 Aug Brief of Pak BizNews
KSE 100 47,671 ▼0.17%
KMI 30 80,503 ▼0.11%
KASB Tech Index 460 ▼0.95%
KASB Market View
- This week, there is an expected occurrence of the MSCI rebalancing implementation. This change is projected to attract involvement from both passive and active funds focused on frontier markets, as they modify their holdings to match the increased significance of Pakistan within the benchmark index.
- Worries related to the devaluation of currency and high inflation rates are generating anxieties among those involved in the market. A clearer understanding of decisions about interest rates and forthcoming outlooks is anticipated to come to light when the upcoming Monetary Policy declaration takes place on September 14, 2023.
- We expect the market to experience improvement in volumes amid the implementation of IMF-led reforms therein by the caretaker cabinet will be a catalyst for market sentiments. The IMF team is expected to visit Pakistan on October 23 for another review. We do expect that due to the ongoing result season and interest in State-owned entities (SoE) will keep a segment of investors’ interest intact.
MPCL gets exploration licence in Chagai
The Directorate General Mines and Minerals Balochistan has granted an Exploration License (EL-186) and allotted an area of 501 sq. km to Mari Petroleum Company Limited (MPCL) for mineral exploration near Dalbandin, district Chagai, Balochistan.
Pakistan’s weight in MSCI FM100 Index increases by 34bps to 2.93%
Pakistan’s weight in Morgan Stanley Capital International (MSCI) FM100 Index will be increased by 34bps to 2.93% from 2.59%, MSCI August quarterly review revealed on Friday which will be effective as of the close of 31 August 2023.
PIA seeks Rs23b bailout from govt
The Pakistan International Airlines (PIA) has sought yet another bailout package worth Rs23 billion from the government to remain afloat – a demand that the interim set-up has not accepted yet and instead asked the national carrier’s management to prepare a viable restructuring plan.
Businesses criticise ‘unaffordable’ tariff hike
As caretaker Prime Minister Anwaarul Haq Kakar meets power sector stakeholders in Quetta today (Sunday), businessmen have asked the PM to announce the withdrawal of what they term an unbearable rise in power tariff, to provide relief to the public at large, as well as the business community.
SECP issues first certificate of Shariah compliance
The Securities and Exchange Commission of Pakistan (SECP) has issued the first-ever certificate of Shariah compliance to two Estate Investment Trusts (REITs), namely Signature Residency REIT and Rahat Residency REIT.
No immediate end to external account woes: Dollar outflows to outpace inflows till December
Pakistan’s external woes are going to multiply mainly because the dollar outflows will outpace the dollar inflows till the end of December 2023.
FO explains country’s approach to BRICS bloc
The Foreign Office on Friday said Pakistan has not made any formal request to join BRICS and it will examine the latest developments and make a determination about its future engagement with the group of the world developing economies.
Not necessary to agree with US on every issue: PM
Caretaker Prime Minister Anwaar-ul-Haq Kakar on Saturday said Pakistan had been positively engaged with the US on different issues, adding there were also agreements and disagreements between them on various global issues. “We want good relationship with the US. It is not necessary that we agree with it says or does. There is disagreement too between the two countries on several matters.”
Sindh govt bans new housing projects
The caretaker government of Sindh has imposed a complete ban on the approval of new housing projects, subdivisions, layout plans, and construction of multi-story buildings across the province until further notice.
Power sector T&D losses surge to Rs520.3bn in FY2021-22
Pakistan power sector’s Transmission & Distribution (T&D) losses have risen to Rs520.3 billion with the highest-ever deficit incurred in the Peshawar Electric Power Supply Company (PESCO) to the tune of Rs153.8 billion, in just one financial year.
LPG price hiked by another Rs10 per kg
The LPG price has been increased by another 10 rupees per kilogram on Saturday, multiplying the burden the common man already facing due to higher electricity and petroleum rates,
Rupee crisis costs refinery Rs750m on crude import
Pakistan’s oil industry is feeling the pinch of a plunging rupee that has made crude imports more costly and forced one refinery to book a hefty loss on a recent shipment, industry officials told The News on Friday.
Falls under domain of Ministry of Commerce
State Bank of Pakistan (SBP) has stated that it cannot impose a ban on import of any item as it falls under the domain of Ministry of Commerce (MOC).
Pakistan seeks $300m ADB loan for water project
Pakistan has requested the Asian Development Bank for $300 million loan for the Kurram Tangi Integrated Water Resources Development project which aims to improve energy, water and food security in the country.
Govt borrowings rise at a rapid clip
The government’s borrowing from banks stood at Rs2.037 trillion from July 1 to Aug 11, significantly higher than Rs255 billion in the comparable period last year, the central bank data showed, while credit to the private sector continues to paint a grim picture.
Economy and development: Blome says US to help caretakers pursue agenda
Caretaker Prime Minister Anwaar-ul-Haq Kakar on Friday reaffirmed the government’s desire to further strengthening bilateral cooperation with the United States in the key areas including trade and investment, energy, security, and climate change.
In debut talk with IMF, Shamshad vows policy upkeep
Caretaker Finance Minister Shamshad Akhtar had an introductory virtual engagement with the staff mission of the International Momentary Fund (IMF) and is reported to have promised steadfast implementation of the policy actions committed under the $3bn Standby Arrangement during the tenure of the caretaker government to ensure economic stability.
Commodities and Currency: 1-Day Change
Gold: USD 1943 ▲0.15%
Silver: USD 24 ▲0.03%
Crude Oil: USD 80 ▼0.10%
USD-PKR: Rs 303 ▼0.06%