【Daily】18 Mar. Brief of Pak BizNews
KSE 100 43,807.23 ▼ 0.59%
KMI 30 70,836.89 ▼ 0.64%
KASB Tech Index 409.93 ▼ -0.44%
KASB Market View
· The Pak Rupee crossed the 180 level for the first time led by external account imbalances resulting from the global commodity upcycle. Moreover, concerns over the potential delay in the approval of the 7th tranche kept the currency under pressure.
· Cyclical stocks are expected to come under pressure while macro-hedged sectors such as tech, and textiles are likely to remain insulated. We believe said sectors are likely to outperform the broader index.
· Higher domestic yields coupled with interest rate hikes by the prominent central banks have fueled the speculation of a hike in Pakistan’s market. Leveraged sectors such as steel and cements may come under pressure. Moreover, the automobile space may also witness a bearish trend on anticipation of declining automobile financing.
Forex Reserves Fall
KARACHI: The total liquid foreign reserves held by the State Bank of Pakistan (SBP) decreased by $381 million during the week ended on March 11, 2022 to $ 15.831 billion.
Jul-Feb FDI rises 6pc to to $1.257bn
Foreign Direct Investment (FDI) posted 6 percent growth during the first eight months of ongoing fiscal year (FY22).
Rupee crosses 180 for the first time against USD
Rising oil prices pushed the Pakistani rupee over the 180 level for the first time against the US dollar, as the local currency depreciated 0.35% in the inter-bank market on Thursday
BOE hikes rates again
The Bank of England raised interest rates on Thursday in a bid to stop fast-rising inflation becoming embedded, but with households facing a huge hit from soaring energy bills, it softened its language on the need for more increases..
Wheat support price raised, fertilizer subsidy approved
The Economic Coordination Committee (ECC) of the Cabinet has approved the proposal to increase minimum wheat support price (MSP) of wheat 2021-22 to Rs2,200/40-kg from Rs1,950 besides subsidy on fertiliser, DAP, and seeds for farmers
Oil surges 7% amid warnings of Russian supply shortages
Oil prices climbed over 7% on Thursday after the International Energy Agency (IEA) said three million barrels per day (bpd) of Russian oil and products could be shut in from next month and despite the US Federal Reserve's decision to raise interest rates
PAEC moves PD to press NTDC to sign PPA with K-2
Pakistan Atomic Energy Commission (PAEC) has approached Power Division to press National Transmission and Despatch Company (NTDC) for signing of bilateral Power Purchase Agreement (PPA) with K-2 based on existing practice of Chashma series Nuclear Power Plants (NPPs).https://www.brecorder.com/news/40161550/paec-moves-pd-to-press-ntdc-to-sign-ppa-with-k-2
Pakistan, China agree to execute ML-1 project
Pakistan and China agreed to execute the much-awaited mega ML-1 Pakistan Railway Up-gradation Project under the China-Pakistan Economic Corridor (CPEC) on a priority basis.
Diversion of LNG to households: Circular debt likely to soar to Rs398bn by 2025: PD
The Petroleum Division has projected that diversion of LNG to households will further add to the circular debt that will reach Rs398 billion in the year 2025. The circular debt is estimated at Rs104 billion in the current financial year
Commodities and Currency: 1-Day Change