【Daily】23 Nov. Brief of Pakistan BizNews

By Staff Reporter | Gwadar Pro Nov 23, 2021

-Daily Market-

KSE 100 45,745 ▼1.60%
KMI 30 74,067.8 ▼1.87%

KASB Tech Index 499.49▼4.46%


KASB Market View

  • The market started off on a bearish note and continued to trend downwards for the majority of the session. The International Monetary Fund (IMF) development was overshadowed by a higher-than-anticipated interest rate denting investor sentiment as the KSE-100 index lost 744pts before closing at 45,745pts.
  • Significant pressure was witnessed in cyclical stocks, particularly the cement sector which eroded 184pts from the index.
  • Going forward, we can expect speculations regarding a further hike in the interest rate to pose a threat to leveraged and cyclical stocks.


National News

Govt to increase PDL by Rs4 every month after IMF agreement

Adviser to the Prime Minister on Finance Shaukat Tarin said on Monday that the government has decided to increase the Petroleum Development Levy (PDL) by Rs4 every month to eventually take it to Rs30 as part of the negotiations with the International Monetary Fund (IMF).


Petroleum dealers demand Rs6/litre raise in margin

ISLAMABAD: The Pakistan Petroleum Dealers Association (PPDA) once again demanded the government to raise dealer margin by at least Rs6 per litre, otherwise, they would observe a complete strike on November 25 throughout the country.


Kibor surges to double-digit

KARACHI: The benchmark six-month Karachi Inter Bank Offered Rate (Kibor) Monday surged to double-digit owing to sharp increase in the key policy rate by the State Bank of Pakistan (SBP).


Govt eyes further Rs2/unit hike in base power tariff

ISLAMABAD: The Federal Government is to further raise the base power tariff by over Rs2 per unit in months to come, aimed at trimming existing level of subsidies as per agreement with the International Monetary Fund (IMF) and adjustment in Discos’ tariffs in accordance with their annual revenue requirements.


SBP raises profit rate on saving accounts

KARACHI: After the surge in policy rate, the State Bank of Pakistan (SBP) Monday announced increase in the minimum profit rate on the saving accounts. The Monetary Policy Committee (MPC) of the SBP Friday raised the key policy rate by 150 basis points to 8.75 percent to mitigate the risks related to inflation and external account.


Pakistan likely to get $1bn IMF tranche by Dec-end: analyst

KARACHI: Pakistan and IMF reached a staff-level agreement on policies and reforms needed to complete the sixth review under the Extended Fund Facility (EFF). The agreement is subject to approval by the Executive Board, following the implementation of prior actions, notably on fiscal and institutional reforms.


Cabinet to exempt urea import tender from PPRA Rules

ISLAMABAD: The Cabinet is to exempt 0.1 million tons of urea import tender from PPRA Rules in view of the emergency related to food security, official sources told Business Recorder.



                                               Daily Change: 1-Day Change


USD 1811.95 ▲ 0.31% 


USD 24.323 ▲ 0.11%  

Crude Oil

USD 79.53 ▼0.01%


 Rs 175.25/USD ▲ 0.00%


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