KSE 100 Index was down 150 points at open today as it succumbed to week long bearish run post budget announcement. The index during yesterday’s session fell below the 45000 level after Moodys’ Rating Agency highlighted de-merits of extension in Super Tax.
Furthermore, according to a press release from the State Bank of Pakistan, the weekly forex reserves of the central bank went up by more than $593 million taking the cumulative reserves to $17.712 billion.
Also, Asian Development Bank (ADB) also raised warning flags yesterday on Pakistan’s debt financing costs in lieu of the China Pakistan Economic Corridor Project (CPEC).
Moreover, Fertilizer sector will be in limelight today as National Fertilizer Market Limited has proposed the import of 0.6 million tons of urea to meet the shortage instead of pushing the closed fertilizer plants to resume. According to the source, the expected shortage of urea is 0.2-0.3 million tons in current Kharif season but the fertilizer sector feared to be short in supply for about 0.6 million tons till December 2018.
Furthermore, according to a press release, Sui Northern Gas Pipelines Limited (SNGPL) filed petition with Oil and Gas Regulatory Authority (OGRA) for ERR determination for Fiscal year 2018-19. The amended petition is to be held on April 30, 2018 to allow an increase of Rs 356.89 MMBTU in normal business and 79.51 MMBTU in LNG business with effect from July 01, 2018 for current fiscal year.
According to a press release, Federal Investigation Agency (FIA) has initiated an inquiry against Managing Director of Pakistan State Oil (PSO) Mian Muhammad Farid and other officials of the oil marketing company for allegedly causing Rs 81.6 million worth of losses to government exchequer by executing faulty agreements against supply of aviation fuel and acted beyond the terms of agreements, which resulted into payment default to PSO.
