News Highlights

Pakistan
20-Sep-23
Stock Market

Devastating floods: Pakistan gets mere $1.48bn out of $10.9bn PSX Indices Stats
pledged in Geneva (The News)
19-Sep-23 Index DoD MTD CY23TD FY24TD
Pakistan has so far received approximately $1.48 billion in the form of
project and commodity financing from multilateral and bilateral KSE100 Index 45,910 0.2% 2.0% 13.6% 10.8%

creditors out of total Geneva pledges of $10.9 billion for reconstruction KMI30 Index 77,572 0.1% 3.5% 13.6% 9.6%
in the flood-hit areas. However, the project financing has remained
PSX Mkt Cap* 6,795 0.5% 1.2% 4.5% 6.8%
dismally slow and stood at just $780 million as of September 2023.
International Stock (returns are USD based) 19-Sep-23
Pakistan had undergone severe floods in the last financial year,
causing colossal human and financial losses, and the donors pledged Index Index
Index CY23TD Index CY23TD
Level Level
$10.9 billion in the form of loans for reconstruction efforts… read more
KSE100 45,910 -12.8% HSI 17,997 -9.0%
Oil tanker operators end strike (Dawn)
The Oil Tanker Contractors Association (OTCA) has called off the SENSEX 67,597 11.1% SASEIDX 11,071 5.7%

strike after the Ministry of Petroleum invited the association for talks to NKY 33,243 27.4% UKX 7,660 2.8%
resolve various issues on Wednesday. Presidents OCTA Karachi and
SHASHR 3,276 1.2% CCMP 13,678 30.7%
Islamabad/Rawalpindi Abidullah Afiridi and Noman A. Butt confirmed to
Dawn that a meeting of oil tanker representatives with the Secretary FSSTI 3,241 -0.3% SPX 4,444 15.7%

Petroleum Division has been fixed for Sept 20… read more VNINDEX 1,212 20.3% INDU 34,518 4.1%
Power Division shares CDMP with IMF, WB (BR)
USD/PKR, KIBOR and Eurobond
The Power Division has shared Circular Debt Management Plan
19-Sep-23 Current WTD CY23TD FY24TD
(CDMP) with the International Monetary Fund (IMF) and the World
Bank, which became base for revision in base tariff including impact of USD/PKR - Inter Bank 294.90 0.7% -23.2% -3.0%
Quarterly Tariff Adjustments (QTAs), well informed sources told
USD/PKR - Open Mkt 298.65 -0.2% -21.1% -2.9%
Business Recorder. “When Nepra approved re-basing in tariff in July,
6M KIBOR 23.1% 0.0% 6.0% 0.1%
2023 CDMP got approved from the federal cabinet after which no
adjustment has been made in CDMP,” said an official on condition of Pak. Euro Bond (Yield) 22.2% 1.0% -4.8% -3.6%
anonymity… read more Fixed Income (Secondary and Primary Market Yields)
Timeline for PIA privatisation agreed (Dawn)
Tenor PKRV Cut Off Tenor PKRV Cut Off
A meeting of the Privatisation Commission on Tuesday discussed
privatisation of the Pakistan International Airlines (PIA) and agreed a 03-M T.Bill 22.46% 24.50% 03-Y PIB 19.8% 19.34%
clear timeline for the purpose. The meeting, presided over by Minister 06-M T.Bill 22.89% 24.79% 05-Y PIB 17.2% 16.95%
for Privatisation Fawad Hasan Fawad, was held to meet the target set
12-M T.Bill 22.96% 25.07% 10-Y PIB 16.1% 15.25%
by the caretaker prime minister and the federal cabinet for PIA’s
privatisation… read more Commodities

Circular debt hits Rs2.31tr (The News) International Last Price CY23TD Local Last Price CY23TD
This marks an increase of Rs57 billion compared to the previous fiscal
WTI (bbl) 90.5 12.7% Cotton (maund) 19,000 11.8%
year, when it stood at Rs2.253 trillion, despite the government’s efforts
to adhere to the IMF’s directives, which included raising power tariffs Brent (bbl) 93.5 8.8% Cement (North) 1,208 17.3%

and addressing sector inefficiencies. However, by June 2023, the debt Arablight (bbl) 98.6 17.0% Cement (South) 1,168 9.2%
had decreased by Rs336 billion from its peak of Rs2.646 trillion in July
Coal (ton) 121.25 -41.0% Urea (bag) 3,863 47.1%
2023 Independent experts have observed that while the recent
decrease in circular debt was partly due to a significant base tariff hike Gold (oz) 1,931.36 5.9% DAP (bag) 12,022 27.5%

of Rs7.9 per unit in July 2022, the underlying structural issues in the Cotton (lb) 97.0 -2.3% Gold (10grms) 186,990 17.8%
power sector remain unaddressed. … read more
Up Coming Board Meetings
Manual filers declared as active taxpayers by FBR (BR)
PPL 20-Sep 10:00 AM KSTM 21-Sep 9:30 AM
Following intervention of the Federal Tax Ombudsman (FTO), the
Federal Board of Revenue (FBR) has declared manual filers of income ICL 20-Sep 11:30 AM ITTEFAQ 21-Sep 10:00 AM
tax returns as active taxpayers on the FBR-maintained Active KML 20-Sep 12:45 PM SIEM 21-Sep 11:00 AM
Taxpayer List (ATL)”. Federal Tax Ombudsman (FTO) Dr Asif
PAKD 20-Sep 2:00 PM FANM 21-Sep 11:30 AM
Mahmood Jah has exposed violation of Rule 73 of Income Tax Rules
2002 by some tax employees of FBR declaring manual filers of income DADX 20-Sep 4:30 PM SCL 21-Sep 12:00 PM
1
tax returns as “inactive” on the FBR-maintained Active Taxpayers List * PKR bn
(ATL)… read more
 News Highlights
Pakistan
20-Sep-23
Stock Market

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