【Daily】3 Nov. Brief of Pak BizNews
KSE 100 47,112.92 ▲ 0.29%
KMI 30 76,442.47 ▲ 0.23%
KASB Tech Index 484.70 ▲ 3.70%
· PKR appreciation continued in anticipation of finalization of talks with IMF and following the support of USD 4.2bn from Saudi.
· Commodity prices are also witnessing a downturn as coal futures and oil prices are trading at lower levels. This bodes well for the CAB.
· Sectors contributing to the performance included technology (+120 points), banks (+57 points), engineering (+16 points), leather (+15 points) and refinery (+14 points).
PKR strengthens further
Pakistan's rupee continued to appreciate against the US dollar, strengthening for the fifth successive session to close at 170.54 in the inter-bank market on Tuesday. As per the State Bank of Pakistan (SBP), the PKR settled at 170.54 against the USD after a day-on-day appreciation of Rs0.75 or 0.44%. On Tuesday last week, the PKR had dropped to its lowest level against the US dollar, closing over the 175 level for the first time in the inter-bank market.
Pakistan, Germany sign €129m financial cooperation agreement
Pakistan and Germany on Tuesday signed a financial cooperation agreement amounting to €129 million to finance development projects. Federal Minister for Economic Affairs Omar Ayub Khan witnessed the signing of the financial cooperation agreement amounting between the Ministry of Economic Affairs and Germany’s Federal Ministry for Economic Cooperation and Development.
Services Hotel sell-off: PC given green light
The Federal Cabinet has given the go-ahead signal to Privatisation Commission (PC) to sell off Services International Hotel, Lahore without reconsideration of deal at the cabinet committee on privatization (CCoP) level, well informed sources told Business Recorder.
PM to announce relief package today
Prime Minister Imran Khan has decided to address the nation today (Wednesday) to take it into confidence on economy and announce a relief package against rising dearness. This was stated by the Minister for Information and Broadcasting Fawad Chaudhary while speaking at a press conference to share the decisions taken by the federal cabinet meeting presided over by the prime minister on Tuesday.
POL products’ prices kept unchanged till 15th: FD
The Finance Division has announced to maintain the prices of the petroleum products (MS, HSD, SKO, and LDO) at current level till further orders for first half of November, according to a notification.
PSO touches Rs 380b debt for first time in history
The management of Pakistan State Oil (PSO) has failed to control the swelling circular debt which touches Rs 380.4 billion for the first time in history. The company is struggling to curtail it. But circular debt continues rising due to defaulters.
Emergency LNG tender issued?
Pakistan LNG is seeking two liquefied natural gas (LNG) cargoes for delivery in November through an emergency tender after its term suppliers cancelled delivery of cargoes, two industry sources said on Tuesday.
IPPs payment: Finance division releases Rs 58.2b to power division
The government has released Rs 58.2 billion to the Power Division to make payment onward to Independent Power Plants (IPPs) under Power Policy 2002. It diverted funds worth Rs 58.2 billion from subsidies and grants to the power division. Power division will pay to Independent Power Plants (IPPs) under power policy 2002.
Govt ‘unveils’ plan to further hike power tariff
The Federal Government on Tuesday “unveiled” its plan to increase electricity tariff by Rs 1.68 per unit for domestic consumers using above 200 units monthly and Rs 1.39 per unit for other categories including agriculture, industrial and commercial consumers.
MCB Is eyeing to acquire 55 percent state in telenor run fintech “Easypaisa”: PSX
The Board of Directors of the MCB Bank in its meeting held on October 27, 2021 has accorded its in-principle approval to conduct a due diligence for a potential transaction for the purchase of 55% shares of M/s Telenor Microfinance Bank Limited held by Telenor Pakistan BV.
Trellis plans to deploy $100m housing loans over next 5 years
Trellis Housing Finance Limited (Trellis), an SECP-licensed housing finance company based in Karachi, has set a target to deploy at least $100 million housing loans over the next 5 years across the country to enable all Pakistanis to realize their dream of home ownership.
Proposed acquisition of Tri-pack Films Ltd by Packages Ltd from Mitsubishi cleared
After undertaking an in-depth phase-II review, the anti-trust watchdog has cleared the proposed acquisition of Tri-pack Films Limited (TFL) by Packages Limited (PL) from the Mitsubishi Corporation (MC). The approval means that Packages Limited can move forward with its plans to acquire the business shareholding in Tri-pack Films Limited from Mitsubishi.
NTDC prepares plan aimed at removing transmission system constraints
National Transmission and Despatch Company (NTDC) has prepared four year (2021-24) transmission system constraints removal plan at a cost of Rs 12.66 billion, sources close to MD NTDC told Business Recorder.
Commodities and Currency: 1-Day Change
Gold: USD 1,782 ▼ 0.41%
Silver: USD 23.47 ▼ 0.17%
Crude Oil: USD 82.39 ▼ 1.81%
USD-PKR: Rs 170.35/USD ▲ 0.00%