【Daily】22 Oct. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Oct 20, 2021

 -Daily Market-

KSE 100 44,629.5 ▼ 0.4%

KMI 30 71,853.9▼ 0.3%

KASB Tech Index 464.2 ▼ 4.5%


·        Given macroeconomic uncertainty, we recommend defensive and dividend play stocks including Commercial Banks and Fertilizer sectors.

·        Additionally, decline in CAD on monthly basis might provide some respite to the market.

·       We think that earnings surprise in result season can also garner interest in particular stocks for the day. Important result announcement include UBL.


National News

Current Account Deficit Reduced To USD 1.1 Billion during September 2021: SBP

The Current account deficit narrowed to USD 1.11 bn in Sep 21 from USD 1.47 bn in Aug 21, as per data released by State Bank of Pakistan. A strong rebound in economic activity and higher int’l commodity prices kept the CAD at an elevated level of USD 3.4 bn in Q1-FY22.



$6 bn Extended Fund Facility: Talks with IMF not failed, positive results to come soon, says Tarin

Finance Minister Shaukat Tarin has dismissed reports that the talks between Pakistan and the International Monetary Fund (IMF) for the resumption of $6 billion Extended Fund Facility (EFF) had failed, asserting that they were headed in a positive direction.




$51.6 bn external financing required in two years

Pakistan requires gross external financing of $51.6 billion within two-year period of the current fiscal year 2021-22 and next fiscal year 2022-23 in order to fulfill its needs.



Dollar rises to new record

The National Assembly echoed with a strong protest against inflation, as all economic indicators showed a negative trend on Monday.



Gas shortage likely to force FO imports for power generation

With consumers bracing for an expected gas shortage during winter, furnace oil (FO) is poised to make a comeback for meeting the power generation needs of the country.



Govt to issue Panda bond by March next year

The government is going to issue a Panda bond — a renminbi-denominated debt instrument sold by a non-Chinese issuer within China — by March 2022, according to Muhammad Umar Zahid, director general for debt at the Ministry of Finance.



Govt halves GST, customs duty to reduce edible oil price

After a gap of almost one month, the government on Monday again decided to cut general sales tax and customs duty by half and abolish two per cent additional customs duty on edible oil to reduce its price by Rs45-50 per kg and introduce a major targeted subsidy programme in a couple of days.



Cotton stockpiling up 93.7pc; govt expects to exceed target

Ginners recorded a 93.73 percent rise in cotton stockpiling, collecting 5.208 million bales till October 15, 2021 with government expecting to meet or exceed this year’s revised target of 9.3 million bales.



FDI falls to $439.1 million in July-Sept

Pakistan’s foreign direct investment dropped four percent to $439.1 million in the first quarter of the current fiscal year, the central bank data showed on Monday. The July-September FY2021 FDI inflows stood at $457.6 million. The country attracted $236 million in FDI in September alone, which was lower than $202.8 million drew in the same month of last fiscal year.



FATF to announce grey list updates on Thursday

The Financial Action Task Force (FATF) is set to meet to discuss and announce on Thursday updates on jurisdictions currently under the increased monitoring list, often referred to as the grey list.



Commodities and Currency: 1-Day Change

 Gold: USD 1,771 ▲ 0.05%

Silver: USD 23.74 ▼ 0.61%

Crude Oil: USD 82.06 ▼ 0.46%

USD-PKR: Rs 172.63/USD ▲ 0.00%

  • comments
  • give_like
  • collection
More Articles