【Daily】22 March Brief of Pak BizNews
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KSE 100 43,230.22▲ 0.47% KMI 30 69,454.38 ▲ 0.46% KASB Tech Index 386.89 ▼ 0.37%
KASB Market View · Volume on the all-share index decreased to 124.95 million, from 180.44 million on Friday. The value of shares traded also declined significantly to Rs3.93 billion from Rs6.39 billion recorded in the previous session.
· Summit Bank was the volume leader with 16.07 million shares, followed by Hum Network with 8.92 million shares, and WorldCall Telecom with 7.97 million shares.
· Pakistan’s current account deficit sharply declined by 78% during February 2022 compared to January 2022, mainly due to a lower import bill. The country posted a CAD of $545 million for the month of February 2022 as against $2.531 billion in January 2022.
National News
IMF too endorsing ‘economy is on the right path’: PM Prime Minister Imran Khan Monday said that all the economic indicators are in the right direction and even International Monetary Fund (IMF) has been stating the Pakistan economy is moving on sustainable growth. https://www.brecorder.com/news/40162303/imf-too-endorsing-economy-is-on-the-right-path-pm
Opposition berates NA speaker for ‘violating’ Constitution Opposition leaders Shehbaz Sharif and Bilawal Bhutto-Zardari on Monday slammed the National Assembly speaker for violating the constitutional provision requiring him to convene a meeting of the Lower House within 14 days after receiving a requisition for a session to table a no-trust motion against the prime minister. https://www.dawn.com/news/1681192/opposition-berates-na-speaker-for-violating-constitution
Import of cars: H1 FED collection grows 408.3pc to over Rs9.428bn YoY The Federal Board of Revenue (FBR) has collected Federal Excise Duty (FED) of over Rs9.428 billion on the import of motor cars during July-December (2021-22) against Rs1.8 billion during same period of 2020-21, reflecting a growth of 408.3 percent.
‘Legitimate’ discount in coal prices: Chinese plants asked to pass on benefit to consumers National Electric Power Regulatory Authority (NEPRA) has warned the Chinese imported coal-fired power plants to be ready for harsh action if “legitimate” discount in coal prices is not passed onto the consumers.
Customs duty: H1 net collection jumps 42.8pc to Rs477.2bn Around 77 percent of customs duty collection has been contributed by 15 major commodities including vehicles, iron and steel, mineral fuels/oils, paper and paperboard and oil seeds during July-December (2021-22). https://www.brecorder.com/news/40162296/customs-duty-h1-net-collection-jumps-428pc-to-rs4772bn
Overall auto market to contract 10-15% as car prices come under pressure: Indus Motor CEO Rising freight charges and ongoing rupee depreciation have not only put car prices under pressure, but will also be the reasons for the overall market to see a minimum 10 to 15% reduction in sales in the coming fiscal year, said Indus Motor Company (IMC) CEO Ali Asghar Jamali.
Fed must move 'expeditiously' and, if needed, more aggressively, Powell says The U.S. central bank must move "expeditiously" to bring too-high inflation to heel, Federal Reserve Chair Jerome Powell said on Monday, adding that it could use bigger-than-usual interest rate hikes if needed to do so.
Commodities and Currency: 1-Day Change
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