Munir Khanani Securities with Rafay Shaikh, sardar Ali Sabri Road (2024)

23/01/2024

*NEWS UPDATE*

Tuesday, January 23, 2024

Govt to sell Rs100 billion of Islamic bonds at PSX - Neutral
https://www.thenews.com.pk/print/1150394-govt-to-sell-rs100-billion-of-islamic-bonds-at-psx

Forex repatriation against remittances; Govt striving to ink G2G pact with Saudi Arabia, UAE - Neutral
https://epaper.brecorder.com/2024/01/23/1-page/983169-news.html

WB official, Shamshad discuss financing for two operations - Neutral
https://epaper.brecorder.com/2024/01/23/1-page/983172-news.html

China satisfied with CPEC security steps - Neutral
https://epaper.brecorder.com/2024/01/23/1-page/983168-news.html

HSD cargoes’ import; PSO granted exclusive rights - Positive
https://epaper.brecorder.com/2024/01/23/12-page/983258-news.html

OGDCL tests new oil well - Positive
https://www.thenews.com.pk/print/1150406-ogdcl-tests-new-oil-well

Shanghai Electric extends deadline for K-Electric deal by 90 days - Neutral
https://www.thenews.com.pk/print/1150396-shanghai-electric-extends-deadline-for-k-electric-deal-by-90-days

Circular debt reduction; M*F objects to plan tailored by minister - Neutral
https://epaper.brecorder.com/2024/01/23/1-page/983166-news.html

PTCL, Huawei complete 50G-PON trial - Positive
https://www.thenews.com.pk/print/1150407-ptcl-huawei-complete-50g-pon-trial

National Food expands its operations in UAE - Positive
https://profit.pakistantoday.com.pk/2024/01/22/national-food-expands-its-operations-in-uae/

To***co industry sounds alarm as manufacturing drops by 40% - Negative
https://profit.pakistantoday.com.pk/2024/01/22/tobacco-industry-sounds-alarm-as-manufacturing-drops-by-40/

Merit Packaging plans selling assets of Rs 1.55bn to related party lender - Neutral
https://profit.pakistantoday.com.pk/2024/01/22/merit-packaging-plans-selling-assets-of-rs-1-55bn-to-related-party-lender/

Pakistan turns to sea-borne coal as Afghan high-cost imports dry up - Neutral
https://www.thenews.com.pk/print/1150395-pakistan-turns-to-sea-borne-coal-as-afghan-high-cost-imports-dry-up

Cabinet to discuss FBR revamp plan today - Neutral
https://epaper.brecorder.com/2024/01/23/1-page/983162-news.html

Pak-Iran ties back on track
https://www.nation.com.pk/23-Jan-2024/pak-iran-ties-back-on-track

Asian Stocks Rise With Focus on China Support, BOJ: Markets Wrap
https://www.bloomberg.com/news/articles/2024-01-22/stock-market-today-dow-s-p-live-updates

Oil Holds Gain as US and UK Launch Fresh Strikes Against Houthis
https://www.bloomberg.com/news/articles/2024-01-23/latest-oil-market-news-and-analysis-for-january-23?srnd=premium-asia

WTI (Nymex): 75.19 USD/bbl
BRENT (ICE): 79.93 USD/bbl
ARAB LIGHT: 78.65 USD/bbl
R BAY COAL: 96.00 USD/TON
USDPKR: 279.85

22/01/2024

Potential proceeds help in repay the outstanding loan of Rs 1.45 billion, generating savings before tax of Rs 0.32 billion
https://profit.pakistantoday.com.pk/2024/01/22/merit-packaging-plans-selling-assets-of-rs-1-55bn-to-related-party-lender/

Photos from Munir Khanani Securities with Rafay Shaikh's post

22/01/2024

📰 BUSINESS NEWS 📰

22/01/2024

https://profit.pakistantoday.com.pk/2024/01/22/pakistans-fertilizer-companies-set-for-record-earnings-in-late-2023/?fbclid=IwAR21sUT7w6AnLGLGzD0my3msi_rBlNeSkEUlRjTT2yrqkxA2QZDgBS3osxM

22/01/2024

Pakistan, China hold fourth meeting of CPEC working group | The Express Tribune

22/01/2024

https://tribune.com.pk/story/2454056/1

Pakistan, China hold fourth meeting of CPEC working group | The Express Tribune Qazi emphasises welcoming interested third parties to explore mutually beneficial avenues of cooperation

Pakistan engages in diplomatic efforts for $10bn green refinery project with KSA, Sinopec - Profit by Pakistan Today

22/01/2024

https://profit.pakistantoday.com.pk/2024/01/22/pakistan-engages-in-diplomatic-efforts-for-10bn-green-refinery-project-with-ksa-sinopec/

Pakistan engages in diplomatic efforts for $10bn green refinery project with KSA, Sinopec - Profit by Pakistan Today The proposed financial structure for the refinery is based on a 30:70 equity-to-loan ratio, with $3 billion in equity and $7 billion in loans

22/01/2024

CIRCULAR DEBT

22/01/2024

21/01/2024

During the first half of the fiscal year, Pakistan experienced a nearly 5 percent decline in textile exports, amounting to a reduction of $430 million, according to data from the Pakistan Bureau of Statistics (PBS). In contrast, rice exports increased significantly by $710 million, or 76.5 percent, reaching $1.638 billion.

The data also indicated a modest recovery in textile exports in December 2023, with a year-on-year increase of 3.3 percent, totaling $1.4 billion. Rice exports saw a remarkable surge during the month, increasing by 190.5 percent to $518.64 million.

Basmati rice exports in December increased by 54.7 percent to $80.8 million, while other varieties' exports rose by 247 percent to $438 million. In the first half of the fiscal year, total basmati rice exports grew by 30 percent to $367.4 million, and other rice sales increased by 96.9 percent to $1.27 billion. The surge in rice exports is attributed to India's ban on rice exports, leading to increased foreign exchange earnings for Pakistan.

However, the local market has witnessed over a 100 percent increase in staple prices, impacting the budgets of millions of Pakistanis. The PBS data also revealed a month-on-month increase of 6.1 percent in textile exports from $1.318 billion in November 2023. The surge in rice exports is attributed to India's ban on rice exports, leading to a notable increase in foreign exchange earnings for Pakistan. However, the local market has seen a spike of over 100 percent in staple prices, impacting the budgets of millions of Pakistanis.

Other sectors, such as football, chemicals, pharmaceuticals, cement, plastic materials, and engineering goods, showed mixed trends in exports during December 2023.

21/01/2024

ONLY IF REVENUE FALLS SHORT OTHERWISE "NO EXTRA TAXES" TILL NOW WE DONT NEED THIS

21/01/2024

The International Monetary Fund (IMF) has expressed satisfaction with the Pakistani authorities’ performance under the $3-billion, nine-month Stand-By Arrangement (SBA).

“Overall performance against end-September quantitative performance criteria (QPCs), Indicative Targets (ITs), and Structural Benchmarks (SBs) under the SBA was satisfactory,” the Washington-based lender said in its detailed staff country report on Pakistan released on Friday.

Read more: https://www.brecorder.com/news/40284785/country-report-imf-expresses-satisfaction-over-pakistans-sba-performance

21/01/2024

IMF projected that the November 1, 2023, gas tariff raise will add to headline inflation in coming month and asked for a further raise in gas tariff in accordance with the OGRA December 2023 determination till February 15, 2024.

The IMF released on Saturday first Review Under the Stand-by Arrangement, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criteria, and for Re-phasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Pakistan. “Inflation has generally moderated since June on easing food and energy prices, and headline CPI is now projected to average 24 per cent in fiscal year 24. While the November gas tariff increase will add to headline inflation in coming months, gradual declines are expected given lower core inflation and recent commodity price movements, with year-end inflation revised to 18.5 and 9 per cent in fiscal year 24 and fiscal year 25, respectively,” the report says.

Read More:
https://www.brecorder.com/news/40284864/imf-asks-for-another-hike-in-gas-prices

21/01/2024

*Board Meetings*

21/01/2024

The export of raw food products recorded an upsurge of almost 111.63 per cent in December compelling domestic consumers to pay higher prices.

These unchecked exports pushed the food inflation to a staggering 28.8pc in December 2023 as prices skyrocketed affecting accessibility to essential commodities, particularly wheat flour, rice, sugar, meat and vegetables.

Since October 2023, the country’s raw food exports have increased dramatically, although manufacturing sector exports have remained flat for several months.

21/01/2024

ذرائع کے مطابق ہنگامی پلان پر عمل درآمد کی صورت میں ٹیکس کی مد میں ماہانہ 18 ارب روپے آمدن متوقع ہے۔

ذرائع ایف بی آر کا بتانا ہے کہ چینی پر5 روپے فی کلو فیڈرل ایکسائز ڈیوٹی (ایف ای ڈی) عائد کرنے کی تجویز زیر غور ہے۔
ذرائع کا کہنا ہے کہ ٹیکسٹائل اور لیدر مصنوعات پر جی ایس ٹی 15 سے بڑھا کر18 فیصد کرنے کی تجویز ہے جبکہ مشینری، خام مال، سپلائز، خدمات اور ٹھیکوں پر بھی اضافی ٹیکس کا امکان ہے۔

ذرائع کے مطابق نگران حکومت نے ٹیکس آمدن بڑھانے کا پلان آئی ایم ایف سے شیئر کر دیا ہے، اگلے سال ٹیکس ہدف 11 ہزار ارب روپے مقرر کرنے کا پلان ہے۔

ذرائع کا بتانا ہے کہ اگلے سال کا ٹیکس وصولیوں کا ہدف رواں سال کے مقابلے میں 1590 ارب روپے زیادہ ہو گا، پیٹرولیم ڈیولپمنٹ لیوی کا سالانہ ہدف 918 سے بڑھا کر1065 ارب روپے کرنے کی تجویز ہے، رواں سال 30 جون تک 49 ارب روپے اور آئندہ سال147 ارب روپے اضافی لیوی وصول کی جائے گی۔

20/01/2024

In a strategic effort to attract foreign investment in mining following the out-of-court settlement of the Reko Diq project, Pakistan is partnering with Kuwait to establish a $1 billion mining fund.

A Pakistani state-owned company has been chosen to lead the collaboration with Kuwait for this fund. Initial discussions between the two countries have been positive, with a Kuwaiti company expressing interest in mining metals and minerals for renewable energy use.

A detailed plan, including timelines, is expected to be presented to a joint working group to advance the fund’s development.

The Pakistani government has already established a Mineral Cell under the Petroleum Division and is actively revising the National Mineral Policy to encourage foreign investment, particularly in Balochistan’s mineral-rich areas.

Efforts are underway to draft the second version of the National Mineral Policy and update the Mines Act of 1923.

The government is also working on modifying the Provincial Mineral Concession Rules and considering amendments to the Regulation of Mines and Oilfields and Mineral Development (Government Control) Act, 1948, to make the sector more attractive to foreign investors.

Past inconsistencies in policies and regulatory challenges have been identified as major obstacles to foreign investment in Pakistan. For instance, issues surrounding the Reko Diq copper and gold mining project led to international arbitration, prompting the government to introduce the Foreign Investment Act to safeguard investors’ interests.

Pakistan is also seeking investment from other Gulf countries, including the UAE and Saudi Arabia, for its mining sector.

The recent memorandum of understanding with Kuwait, signed during the caretaker prime minister’s visit last year, includes investment cooperation and water supply projects essential for mining in Balochistan’s Chagai district.

Additionally, Pakistan’s government is in ongoing discussions with the UAE for similar collaborations in mining. A recent conference in Saudi Arabia also indicates potential investment interests in Pakistan’s mining sector.

20/01/2024

In a federal cabinet meeting, Pakistan has chosen to de-escalate tensions with Iran by opting to restore diplomatic relations.

پاکستان کا ایران کے ساتھ کشیدگی ختم کرنے، سفارتی تعلقات بحال کرنے کا فیصلہ

19/01/2024

قومی سلامتی کمیٹی اجلاس کے فوری بعد وفاقی کابینہ کا اجلاس ہوا اور لیے گئے فیصلوں کی توثیق کی گئی۔

ذرائع نے کہا کہ نگران وزیر خارجہ جلیل عباس جیلانی نے کابینہ کو بریفنگ دیتے ہوئے بتایا کہ ایران بھی کشیدہ صورتحال کا خاتمہ چاہتا ہے، پاکستان نے تحمل کا مظاہرہ کرتے ہوئے صرف ایران کا غلط قدم کا جواب دیا۔

پاکستان کا ایران کے ساتھ کشیدگی ختم کرنے، سفارتی تعلقات بحال کرنے کا فیصلہ پاکستان کسی بھی ہمسائے سے کشیدگی نہیں چاہتا جبکہ ایران بھی کشیدہ صورتحال کا خاتمہ چاہتا ہے، جلیل عباس جیلانی کی بریفنگ