【Daily】3 Sep. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Sep 3, 2021

-Daily Market-

KSE 100 46,903.06 ▼ 1.08%  

KMI 30 76,897.59 ▼ 0.99%  

KASB Tech Index 535.24 ▼ 0.90%  


Market View

·         The KSE-100 index took a beating of ~510 points due to mounting concerns over external account balance.

·         Rupee witnessed a depreciation of 1.5% during the day as a consequence of alarmingly high import data.

·         Banking and Cement Sector were the worst performing sector of the day with the latter also being affected by the rising International Coal prices.

·         The MSCI decision, next week, regarding downgrade of Pakistan from Emerging Market Index to Frontier Market Index can be the next trigger in the market.


National News


Forex reserves hit all-time high of $27bn

KARACHI: The country’s total liquid foreign exchange reserves reached all-time high level of $27 billion supported by the International Monetary Fund (IMF) inflows.



Oil sales up by 22pc in July-August

KARACHI: Pakistan’s over­all oil sales posted growth of 22 per cent in July-August 2021 to 3.9 million tonnes from 1.97m tonnes during the same period last year.



Rs234.315bn new projects included in PSDP

ISLAMABAD: The Ministry of Planning, Development and Special Initiatives reviewed the progress of new projects to be funded through the federal PSDP and observed that 90 percent of the projects have been approved and included in federal PSDP 2021-22 at Rs234.315 billion out of which Rs25.721 billion have been allocated in the current financial year.



Rupee hits one-year low against dollar

KARACHI: Uncertainty continued in exchange rate markets on Thursday where buyers and sellers were found asking each other about the limit of appreciation of the US dollar, which has risen by 10.5 per cent against the rupee in the last four months touching one-year high.



Nepra reserves judgement on Rs1.26 per unit increase for KE

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday reserved its judgement about Rs1.26 per unit additional charge to consumers on account of monthly fuel price adjustment and quarterly adjustment for April-June 2021.



Under-construction projects

KARACHI: In a major development to encourage housing finance, the State Bank of Pakistan (SBP) has allowed banks and DFIs to extend loans to under-construction projects aimed at facilitating buyers of under construction housing units in obtaining finance.



Clearance of stolen imported vehicles declared illegal
ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday declared clearance of stolen imported cars illegal under the Transfer of Residence, Baggage Scheme or Gift Scheme upon payment of redemption fine and taxes without following any legal provision.



CCP raids Al-Ghazi, Millat offices in Karachi over collusion

ISLAMABAD: Competition Commission of Pakistan’s (CCP) teams on Thursday raided and searched the premises of Millat Tractors Ltd (MTL) in Lahore and Al-Ghazi Tractors Ltd (AGTL) in Karachi on suspicion of collectively making business decisions.



Emergency tenders: PLL again gets costly LNG bids for Oct-Nov

Amid the bullish prices of spot LNG in international market, Pakistan LNG Limited (PLL) got 12 bids for five cargoes for October-November in the range from $19.8477 up to $22.4866 per MMBTU — again on the higher side in response to the emergency tender opened here on Thursday.



Pakistan gets EETL notice to give up sovereign right to take over its ship

In what appears to be increasing mess in liquefied natural gas (LNG) business, Pakistan on Thursday got one-day notice from Engro Elengy Terminal Limited (EETL) to give up its sovereign right to take over its ship and commit full “take or pay” for larger capacity as the government received more expensive bids for five LNG cargos in October and November.



Govt may shut Chaman border crossing: Rashid

Federal Minister for Interior Sheikh Rashid Ahmed, on Thursday, said the government may shut Chaman border crossing for some time today in view of security threats.



BOP, Engro sign financing deal

Engro Fertilizers Limited and Bank of Punjab (BOP) would collaborate to provide easily accessible financing to farmers through the bank’s branch network across Pakistan.



Daily Change: 1-Day Change

Gold: USD 1815.75 ▲ 0.23% 

Silver: USD 23.96 ▲ 0.22% 

Crude Oil: USD 69.92 ▼ 0.07%  

USD-PKR: Rs 167.26/USD ▲ 0.14% 

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