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Site update: September 27 2022, at 17:30 PKST
Stock update: September 27 2022.

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Friday, September 23 2022

PSX earnings down 42pc
Net profit of Pakistan Stock Exchange Ltd for 2021-22 amounted to Rs398.7 million, down 42.7 per cent from the preceding year. A regulatory filing on Thursday showed the company’s annual revenue decreased 0.7pc to Rs1.4 billion. It didn’t declare any dividend. Meanwhile, Murree Brewery announced on Thursday its net income for 2021-22 which stood at Rs1.29bn, almost unchanged from a year ago.
Related news categories: business economic-indicators psx stock-exchanges

Why do we go to the IMF?
THE resumption of the IMF package, that was badly needed to avert an external payments crisis, has reignited passions. As most countrymen wrestle with the question of whether or not the Fund is a tool of neocolonialism to keep countries like Pakistan sedated and subservient, what is lost in the debate is why we always wind up at its door. Let’s take a peek. Energy is the relevant sector to get this conversation going as it constitutes the largest portion of our import bill. Economic growth and economic mobility depend on energy, whose demand rises as economies expand (along with other factors like population growth). A large portion of Pakistan’s entire energy edifice is dependent on imported fuels, given our meagre internal energy sources. Aside from raw material, the machines and equipment underpinning our power production are also imported — from turbines at hydel power plants to equipment at LNG, coal and furnace oil plants. So, not only are we importing raw materials, we are also importing services to sustain them over the long term. All these have to be paid for in dollars.
Related news categories: business economic-indicators misc

SBP to settle importers’ payments in two days
The State Bank of Pakistan has assured the business community of clearing all backlog import-related payments of less than $50,000 within two days, said a statement issued by the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) on Wednesday. Sharing this breakthrough with trade and industry, FPCCI President Irfan Iqbal Sheikh said the central bank had agreed to clear or settle all the backlog and stuck payments within two days (which fall under chapters 84 and 85 of the customs tariff) and if their invoice values did not exceed $50,000. Mr Sheikh maintained that the apex chamber had been working relentlessly over the past couple of months on the issue of delayed clearance of dollar payments of importers; and, finally, after multiple detailed rounds of consultative sessions, the central bank has agreed in principle to at least release all payments in the range of $50,000 or less.
Related news categories: business economic-indicators misc

Pakistan’s current account deficit shrinks 42pc to $0.7bn in August
Pakistan’s current account deficit (CAD) fell to $0.7 billion in August, compared to $1.2bn in the previous month, the State Bank of Pakistan (SBP) said late on Wednesday night. This equates to a decline of 41.67 per cent month-on-month. For the first two months of the current fiscal year, the current account deficit narrowed by $0.5bn to $1.9bn compared to the corresponding period in FY22, the central bank tweeted. This was primarily due to exports increasing by $0.5bn and imports declining by $0.2bn, it added. SBP data showed the balance of trade in goods and services also declined by 0.54pc month-on-month to $3.98bn. During August, imports of goods stood at $5.75bn, compared to $5.35bn in the preceding month. On the other hand, exports increased significantly to $2.81bn, jumping 23.38pc from $2.28bn in July.
Related news categories: business economic-indicators misc

ADB approves $100m to improve KP health sector
The Asian Develop­ment Bank (ADB) has approved a $100 million loan to improve the quality of secondary health care in Khyber-Pakhtunkhwa, the lender said in a statement on Thursday. The programme will improve the delivery of health services at secondary hospitals by modernising infrastructure and equipment, ensuring implementation of clinical protocols, standards and guidelines and improving human resources planning and medicine supply chain management, the ADB said. “While the coronavirus placed an enormous strain on essential health services in [KP] and across the country, Pakistan now faces unprecedented flooding exacerbating the risk of waterborne diseases,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. The programme will contribute towards improving the quality of secondary hospital services in KP and also help people injured by the floods and support efforts to control the spread of infectious diseases, Mr Zhukov added. Outlining the challenges faced by the KP’s health sector, the statement added that outdated secondary health care facilities, equipment and inadequate quality assurance standards and processes plague the system.
Related news categories: business economic-indicators misc

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