【Daily】16 Aug Brief of Pak BizNews

-Daily Market-

KSE 100 48,566 ▲0.29%

KMI 30 81,680 ▲0.44%

KASB Tech Index 458 ▲3.28%

 

KASB Market View

• The caretaker Prime minister named was announced and who has sworn as the caretaker Prime Minister Anwaar-ul-Haq Kakar. Now the focus is on how the newly caretaker prime minister will make his cabinet and who will be the finance minister.

• Saudi Arabia would become a stakeholder in the Reqo Diq project. On the other hand, we expect the caretaker Prime minister would announce the increased fuel prices, which will increase the inflation numbers as already we have seen a hike in gas and electricity prices.

• We expect the market to remain robust due to the results season and interest in State-owned entities (SoE) amid expected foreign investment inflows. We believe cyclicals offer attractive capital upside due to undervaluation and future potential lies therein. Stocks like ILP, PPL, OGDC MLCF, ENGRO, and LUCK are expected to remain in the limelight amid investors' anticipation therein.

 

National News

US ready to work with caretaker government

The US on Tuesday expressed its readiness to work with the caretaker government in Pakistan on issues of mutual interest, including the conduct of free and fair elections.

https://www.thenews.com.pk/print/1100526-us-ready-to-work-with-caretaker-government

 

LSMI output down 10.26pc YoY

The Large Scale Manufacturing Industries (LSMI) output has declined by 10.26 percent during the fiscal year 2022-23 when compared with the same period of 2021-22, says the Pakistan Bureau of Statistics (PBS).

https://epaper.brecorder.com/2023/08/16/1-page/969772-news.html

 

PKR at its weakest level

The Pakistani rupee closed at its weakest level against the US dollar in the inter-bank market since May 11, depreciating 1.04% on Tuesday.

https://epaper.brecorder.com/2023/08/16/1-page/969780-news.html

 

Prices of petrol, diesel increased by upto Rs20

The caretaker government has announced an increase in the ex-depot price of petroleum products up to Rs 20 per litre with effect from August 16 to 31.

https://epaper.brecorder.com/2023/08/16/1-page/969776-news.html

 

PARCO to export 2nd cargo of 50,000 tonnes fuel oil

Pak Arab Refinery Limited (PARCO) will export 50,000 tonnes of furnace oil (FO) by the end of this month, to take care of the glut, The News learnt on Tuesday.

https://www.thenews.com.pk/print/1100577-parco-to-export-2nd-cargo-of-50-000-

tonnes-fuel-oil

 

Textile sector will continue to face economic headwinds: APTMA

The textile sector will continue to experience economic headwinds related to high interest rates, exchange rate depreciation, high power tariffs, an increase in the cost of raw materials and suspension of the zero-rating status in the fiscal year 2024.

https://epaper.brecorder.com/2023/08/16/1-page/969773-news.html

 

Nawaz Sharif likely to land in Pakistan 'mid-September'

Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif is likely to return to Pakistan by mid of next month, The News learnt on Tuesday.

https://www.thenews.com.pk/latest/1100449-nawaz-sharif-likely-to-land-in-pakistan-mid-september

 

Commodities and Currency: 1-Day Change

Gold: USD 1934 ▼0.05%

Silver: USD 23 ▼0.19%

Crude Oil: USD 83 ▼0.26%

USD-PKR: Rs 292 ▲1.42%