【Daily】13 Sept. Brief of Pakistan BizNews
KSE 100 47,198.29 ▲ 1.21%
KASB Tech Index 590.02 ▲ 3.26%
KASB Market View
· Pakistan’s market exhibited a sharp recovery on Friday led by value buying from local investors.
· Record-high participation in Octopus Digital’s IPO set the stage for a rally in the technology sector on anticipation of a potential re-rating.
· Elevated automobile sales (+93% YoY) may reinvigorate interest in the sector.
· High growth witnessed in Islamic Banking assets may further support the recent momentum witnessed in MEBL.
Talks with IMF for sixth tranche to start by month-end
Pakistan will start staff-level discussions with the International Monetary Fund by end of the current month for the release of sixth tranche under the $6 billion Extended Fund Facility (EFF), a top official confirmed Dawn on Saturday.
Car sales surge 81 percent year-on-year in August
Sales of passenger cars jumped 81 percent in August, industry data showed on Friday, recovering from the collapse seen a year ago when coronavirus lockdowns and economic slowdown took a toll on sales.
Ecnec approves Rs339.06bln worth of development projects
The Executive Committee of the National Economic Council (Ecnec) on Friday approved Rs339.06 billion worth of three development projects to be executed over the next few years.
Islamic banking assets increase 32pc to Rs4.79trln in April-June
Assets of the Islamic banking industry (IBI) increased by 32 percent to Rs4.79 trillion in the second quarter of 2021 from Rs3.63 trillion a year ago, the central bank said on Friday.
Manufacturers refuse to cut prices of edible oil, ghee
Prices of edible oil and ghee are less likely to come down not only because of technical reasons but also due to lack of regulatory oversight.
Remittances rise 10.4pc to $5.36bln in July-August
Remittance inflows increased 10.4 percent in July-August, the central bank said on Friday, as incentives for migrants as well as banks and money transfer operators, along with digitisation and lower cross-border travel due to Covid helped expatriates send more money.
Cotton falls Rs1,200/maund as better supply eases demand
Cotton prices fell Rs1,000-1,200/maund with the arrival of import shipments, while rain-affected commodity also lost demand and was sold at lower rates, traders said.
PM’s construction package registered 2,125 projects worth Rs493 billion
Prime minister’s construction package registered 2,125 projects with a total investment of Rs493 billion.
Bulk terminal willing to increase capacity by 40pc
The country’s only dirty cargo terminal is willing to increase its coal-handling capacity by more than 40 per cent at a “marginal cost” of up to $70 million over a period of two to three years.
Dollar hits 13-month high at Rs168.02
The dollar kept appreciating against the weakening rupee and reached closed to the record high as it was traded at Rs168.02 on Friday.
Govt gets $279m in spectrum auction
Amid withdrawal of bids by three main players in the telecom sector, Ufone has obtained 9MHz spectrum in 1800-megahertz band for $279 million, allowing the company to improve its quality of service as well as expand penetration in different underserved areas.
CCoE to discuss refining policy, cheap power tariff on Sept 13
A meeting of the Cabinet Committee on Energy (CCoE) has been called on Monday to consider approval of the oil refining policy 2021, cheaper electricity rates to domestic and commercial consumers to encourage incremental consumption for space heating in winter and retention of some old power plants ordered by the federal cabinet.
Fuel Cost Adjustment: Power consumers to pay additional Rs1.37 per unit for July bills
The National Electric Power Regulatory Authority (Nepra) has allowed distribution companies to collect an additional Rs1.37 per unit from power consumers for the month of July 2021 in an account of Fuel Cost Adjustment.
Weekly inflation posts biggest jump in six months
Prices of food and goods rose by 1.37 percent during the week ended September 9, the largest increase in six months, continuing a steady climb in inflation even as policymakers insist on staying the course.
Daily Change: 1-Day Change
Gold: USD 1787.78 ▼ 0.04%
Silver: USD 23.74 ▼ 0.04%
Crude Oil: USD 72.92 ▲ 2.32%
USD-PKR: Rs 168.1/USD ▼ 0.30%