【Daily】21 Mar. Brief of Pak BizNews
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KSE 100 43,029.97 ▼ 1.77% KASB Tech Index 388.38 ▼ 5.27%
KASB Market View
· The geopolitical volatility has led to surging commodity prices, particularly oil, and is expected to exert pressure on Pakistan’s inflation and external account imbalances. · Lower than anticipated CAD of USD 545mn is likely to be short-lived amidst the rising commodity prices. · We highlight macro-insulated sectors, such as technology and textiles, to perform over cyclical stock.
National News
Pakistan's current account deficit reduces massively to $545mn in February Pakistan’s current account deficit registered a massive 78% decline month-on-month, clocking in at $545 million in February 2022, the lowest in the ongoing fiscal year, showed data released by the State Bank of Pakistan (SBP) on Saturday. In January, the deficit stood at $2.531 billion.
Next IMF tranche hangs in the balance While a staff mission of the International Monetary Fund (IMF) raised more questions over the financing of a relief package announced by the prime minister last month, Pakistan may not be able to draw the next tranche of the $6 billion Extended Fund Facility (EFF) for over a month. https://www.dawn.com/news/1680726/next-imf-tranche-hangs-in-the-balance
Big industry output grows 8.2pc in January The large-scale manufacturing (LSM) grew 8.2 per cent year-on-year in January, the Pakistan Bureau of Statistics (PBS) reported on Friday. https://www.dawn.com/news/1680713/big-industry-output-grows-82pc-in-january
UAE investor to acquire majority stake in Summit Bank A foreign investor formally submitted on Friday his offer to acquire at least 51 per cent shareholding in Summit Bank Ltd, which is the second smallest of the 20 listed lenders in terms of the value of shares. https://www.dawn.com/news/1680712/uae-investor-to-acquire-majority-stake-in-summit-bank
Rupee hits fresh low against dollar The rupee on Friday plunged to a fresh low at 180.57 against the US dollar after a day-on-day depreciation of 50 paise in the interbank market. https://www.dawn.com/news/1680708/rupee-hits-fresh-low-against-dollar
Rs5 reduction in power tariff notified The National Electric Power Regulatory Authority (Nepra) on Friday allowed the Power Division to notify Rs5 per unit reduction in electricity rates for domestic and commercial consumers announced by Prime Minister Imran Khan on Feb 28. https://www.dawn.com/news/1680701/rs5-reduction-in-power-tariff-notified
Government initiates fuel subsidy payment process Petroleum authorities have activated the process of fuel subsidy payment to oil sector to ensure smooth supply of petrol and diesel at prices frozen by the government for until next budget to calm down inflation-broken public. https://www.thenews.com.pk/print/942970-government-initiates-fuel-subsidy-payment-process
SPI down 1.37pc as PM’s relief package pays off Government’s relief package has worked numerically to slash down weekly inflation by 1.37 percent week-on-week, pushing sensitive price index (SPI) to an almost two-year low during the seven-day period ended March 17, data showed on Friday. https://www.thenews.com.pk/print/942734-spi-down-1-37pc-as-pm-s-relief-package-pays-off
SBP suggests steps aimed at reducing import bill The State Bank of Pakistan (SBP) has suggested customs duty on imported seed and oil and taxes on ghee to encourage the cultivation of sunflower and rapeseed for domestic edible oil production aimed at reducing the import bill. https://www.brecorder.com/news/40161767/sbp-suggests-steps-aimed-at-reducing-import-bill Commodities and Currency: 1-Day Change
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