【Daily】31 Aug Brief of Pak BizNews
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KSE 100 42,195 ▼0.73% KMI 30 69,846 ▼0.63% KASB Tech Index 431 ▼0.57%
KASB Market View
National News
First half of Sept: Cut in oil prices expected An estimated up to Rs20 per litre reduction in the prices of major petroleum products (petrol and high-speed diesel) is expected in the first half of September 2022, sources in the Petroleum Division said. https://www.brecorder.com/news/40194827/first-half-of-sept-cut-in-oil-prices-expected
UN chief launches $160m appeal to assist the flood-hit The UN on Tuesday launched a $160 million appeal to provide emergency assistance to those affected by catastrophic floods in Pakistan. https://www.dawn.com/news/1707671/un-chief-launches-160m-appeal-to-assist-the-flood-hit
Toyota, Millat shut plants The auto sector crisis deepened as Indus Motor Company (IMC) and Millat Tractor Ltd (MTL) on Tuesday announced production shutdowns due to parts shortages and delivery disruptions due to flood devastation across the country. https://www.dawn.com/news/1707648/toyota-millat-shut-plants
FBL to fully transform into an Islamic bank early next year: official Faysal Bank Limited (FBL) will convert itself into a full-fledged Shariah-compliant lender in January 2023, going to be the largest bank in the world ever to achieve Islamic conversion, an official said on Tuesday.
Onions, tomatoes to be imported from Iran, Afghanistan The Ministry of Commerce on Tuesday decided to import onions and tomatoes from Afghanistan and Iran to control soaring prices in the country. https://www.thenews.com.pk/print/987051-onions-tomatoes-to-be-imported-from-iran-afghanistan
Dollar bonds’ yields rebound on IMF deal Yields on Pakistan’s dollar-denominated sovereign bonds rallied on Tuesday as the country managed to dodge a default on its foreign debt repayments following the resumption of the International Monetary Fund bailout package. https://www.thenews.com.pk/print/986967-dollar-bonds-yields-rebound-on-imf-deal
Thar coal power plants to hit 2,000MW target in 2023 Shanghai Electric’s Thar Coal Power Plant is set to start injecting electricity into the system, the country's top energy executive said on Tuesday, while coal-fired projects' generation is seen hitting 2,000MW this year. https://www.thenews.com.pk/print/986968-thar-coal-power-plants-to-hit-2-000mw-target-in-2023
Electricity bills: LHC strikes down fuel adjustment charges The Lahore High Court (LHC), Rawalpindi Circuit bench on Tuesday quashed fuel adjustment charges from the electricity bills. https://www.brecorder.com/news/40194822/electricity-bills-lhc-strikes-down-fuel-adjustment-charges
Oil slides more than $7 on inflation and Iraq exports Oil prices fell more than $7 a barrel on Tuesday, the steepest decline in about a month, on fears that an inflation-induced weakening of global economies would soften fuel demand and as unrest in Iraq has failed to put a dent in the OPEC nation's crude exports. https://www.thenews.com.pk/print/986969-oil-slides-more-than-7-on-inflation-and-iraq-exports
Commodities and Currency: 1-Day Change
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