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【Daily】17 Mar. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Mar 17, 2022

-Daily Market-

KSE 100 43,975.69 ▲  0.59%

KMI 30 71,294.26 ▲ 0.64%

KASB Tech Index 411.16 ▲  3.30%

 

 

KASB Market View

 

·         Foreign investors were the net sellers of shares worth $1.776 million. Total market capitalization increased by PkR 11 billion to PkR 7.437 trillion. 

·         Due to high international commodity prices, cement sector remained in the green zone. On the contrary, political noise made the activity to remain a little down.

·         Flying Cement (R) was the volume leader with 22.346 million shares however lost PkR 0.05 to close at PkR 0.09 followed with the World Call Telecom that closed at PkR 1.65, down PkR 0.03 with 19.694 million shares. Treet  Corporation gained PkR 0.30 to close at PkR 31.29 with 15.227 million shares.

 

National News

 

Fed hikes rates, signals aggressive turn against inflation

The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and laid out an aggressive plan to push borrowing costs to restrictive levels by next year as concerns about high inflation and the war in Ukraine overtook the risks of the coronavirus pandemic.

Sourcehttps://www.brecorder.com/news/40161300/fed-hikes-rates-signals-aggressive-turn-against-inflation

 

Wall Street pares gains after Fed hikes rates, signals more

The S&P 500 pared its gains and the Dow briefly dipped into the red on Wednesday after the U.S. Federal Reserve raised interest rates and signaled more hikes to fight inflation, putting an end to its easy pandemic-era monetary policy.

Source:  https://www.brecorder.com/news/40161155/wall-street-pares-gains-after-fed-hikes-rates-signals-more

 

SBP raises Rs192.8bn via PIB auction, yields soar up to 115bps

The cut-off yields of Pakistan Investment Bonds (PIBs) were increased considerably by up to 115 basis points in the auction conducted by the State Bank of Pakistan (SBP) on Wednesday.

Sourcehttps://mettisglobal.news/sbp-raises-rs192-8bn-via-pib-auction-yields-soar-up-to-115bps/

 

No-trust motion: lawyers say govt, opposition must not resort to use of force

The top national and provincial Bar councils and associations urged the government and the opposition parties to refrain from use of force for the success or failure of the no-confidence move against Prime Minister Imran Khan.

Sourcehttps://www.brecorder.com/news/40161281/no-trust-motion-lawyers-say-govt-opposition-must-not-resort-to-use-of-force

 

Cash-strapped Sri Lanka seeks IMF bailout

Sri Lanka will seek an International Monetary Fund bailout, President Gotabaya Rajapaksa said on Wednesday, to battle record inflation and unprecedented food and fuel shortages as the country runs out of dollars to finance imports.

Sourcehttps://www.brecorder.com/news/40161245/cash-strapped-sri-lanka-seeks-imf-bailout

 

Sri Lankan shares extend fall to fourth session on economic woes

Sri Lankan shares fell on Wednesday for a fourth straight session as financial stocks continued to fall on concerns over the country’s economic crisis.

Sourcehttps://www.brecorder.com/news/40161133/sri-lankan-shares-extend-fall-to-fourth-session-on-economic-woes

 

Oil holds near $100 as Ukraine talks, demand concerns limit gains

Oil steadied above $100 a barrel in a volatile session on Wednesday, as it came under pressure from signs of progress in Russia-Ukraine peace talks and a closely-watched report that cut its forecast of world demand.

Sourcehttps://www.brecorder.com/news/40161131/oil-holds-near-100-as-ukraine-talks-demand-concerns-limit-gains

 

$21bn support request: Ministry seeks update from Pak envoy in Beijing

Ministry of Finance (MoF) has sought an update from Pakistan Ambassador to China Moin ul Haq on Islamabad’s request for $ 21 billion financial package from China required for external account stability and budgetary needs, well informed sources told Business Recorder.

Sourcehttps://www.brecorder.com/news/40161301/21bn-support-request-ministry-seeks-update-from-pak-envoy-in-beijing

 

PM Imran seeks ‘sea of support’ on 27th

Prime Minister Imran Khan said on Wednesday that it was the responsibility of the entire nation to come out of their homes and stand with the ruling Pakistan Tehreek-i-Insaf (PTI) in Islamabad on March 27, against “the three thieves” to tell the world that they are against the “hypocrites and the allies of the United States”.

Source: https://www.dawn.com/news/1680402/pm-imran-seeks-sea-of-support-on-27th

 

Govt, ADB discuss energy programme, reforms

Federal Minister for Energy Hammad Azhar held a meeting with Shixin Chen, Vice President (operations) for Asian Development Bank (ADB) and discussed the ADB’s energy programme in Pakistan, government’s energy reforms.

Sourcehttps://www.brecorder.com/news/40161303/govt-adb-discuss-energy-programme-reforms

 

KMBL collaborates with GROWTECH for agriculture technologies

Khushhali Microfinance Bank has entered into a strategic partnership with GROWTECH Services - a leading agriculture-technology company operating in Pakistan. Through this agreement, GROWTECH Services will provide technological solutions to Khushhali Microfinance Bank, to overcome the agricultural challenges and to meet the evolving needs of the farmers.

Sourcehttps://www.brecorder.com/news/40161228/kmbl-collaborates-with-growtech-for-agriculture-technologies

 

7.3 magnitude earthquake hits north Japan, tsunami alert issued

A powerful 7.3-magnitude quake jolted east Japan on Wednesday night, rattling the capital Tokyo and prompting a tsunami advisory for parts of the northeast coast, the Japan Meteorological Agency said.

Sourcehttps://www.dawn.com/news/1680289/73-magnitude-earthquake-hits-north-japan-tsunami-alert-issued

 

Russia says parts of a Ukraine compromise deal are close

Russia said on Wednesday that some parts of a possible peace deal with Ukraine were close to being agreed after Kyiv agreed to discuss neutrality, raising hopes of an end to the biggest war in Europe since World War Two.

Sourcehttps://www.dawn.com/news/1680277/russia-says-parts-of-a-ukraine-compromise-deal-are-close

 

Fleet disposal solution: CarFirst, Habib Metropolitan Bank join hands

CarFirst signed an MOU with Habib Metropolitan Bank Ltd to trade the fleet vehicles under HABIBMETRO’s ijarah financing option. Under this arrangement, CarFirst will be offering inspection and evaluation services of the fleet vehicles of HABIBMETRO Bank.

Sourcehttps://www.brecorder.com/news/40161265/fleet-disposal-solution-carfirst-habib-metropolitan-bank-join-hands

 

 

Commodities and Currency: 1-Day Change

 Gold:

USD 1,937.60 ▲  1.49%

 Silver:

USD 25.488 ▲  3.15%

 Crude Oil

USD  96.66 ▲  1.70%

 USD-PKR: 

Rs 179.650/USD ▲  0.20%

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