【Daily】8 Apr. Brief of Pak BizNews
KSE 100 43,786.83 ▼ 0.74%
KMI 30 70,615.19 ▼ 0.93%
KASB Tech Index 289.63 ▲0.11%
KASB Market View
· Plummeting Currency and beyond expected surprise interest rate hike will continue to keep investor confidence shattered. leveraged sectors such as cement and steel may come under pressure.
· Forthcoming end to the political turbulence can create interest in macro hedged sectors such as textile and tech.
SBP-held foreign exchange reserves fall another $728mn
Reserves held by the State Bank of Pakistan (SBP) decreased by a further $728 million, falling to $11.32 billion, as of April 1, 2022, revealed data released by the central bank on Thursday.
At emergency MPC meeting, SBP raises policy rate by 250 basis points to 12.25%
At an emergency meeting on Thursday, the Monetary Policy Committee of the State Bank of Pakistan (SBP) decided to raise the policy rate by 250 basis points to 12.25%.
5-0: Supreme Court restores National Assembly, sets aside deputy speaker's ruling
The Supreme Court has set aside the ruling issued by the deputy speaker on the no-trust vote against Prime Minister Imran Khan, and restored the National Assembly (NA).
Dollar breaches Rs189 as IMF facility stalled
The US dollar continued its surge against the rupee on Thursday, breaching the Rs189 barrier in the interbank trade, a trend that is largely attributed to the stalling of an International Monetary Fund (IMF) loan facility as well as rising imports.
Indus Motor Company suspends bookings of all Toyota vehicles in Pakistan
Indus Motor Company (IMC), the maker of Toyota-brand vehicles in Pakistan, has announced that it is suspending bookings of all its vehicles in the country.
Move aimed at reducing pressure on exchange rate: SBP announces 100pc cash margin on 177 items’ import
KARACHI: The State Bank of Pakistan (SBP) has announced a 100 percent cash margin on the import of 177 items with immediate effect to reduce the pressure on the exchange rate. The cash margins deposited by importers on all items will be non-remunerative.
Financing under EFS: Markup rate raised by 2.5pc
KARACHI: The State Bank of Pakistan (SBP) Thursday announced increase in the markup rate for financing under Export Finance Scheme (EFS) by 2.5 percent.
Farmers hit by Covid-19 pandemic: ADB and LDC sign up to $100m loan
ISLAMABAD: The Asian Development Bank (ADB) and Louis Dreyfus Company BV (LDC) signed a loan of up to $100 million to help smallholder farmers recover from the economic challenges caused by the coronavirus disease (Covid-19) pandemic and improve their resilience to climate change impacts.
SBP allows remittance of commission earned by IBD
KARACHI: In order to facilitate foreign portfolio investment in the country through International Broker Dealers (IBD), the State Bank of Pakistan has decided to allow general permission to Authorized Dealers (ADs) for remitting the share of commission to such IBD by Local Broker Dealers (LBD). The amount of commission (net of applicable taxes) to be remitted, will not exceed the amount determined as per rate prescribed by Pakistan Stock Exchange (PSX) or the rate agreed in the agreement, whichever is lower.
Putin Army Regroups for Ukraine Showdown After Invasion Setback
President Vladimir Putin is betting his troops can deliver a victory in Ukraine’s east to rescue Russia’s faltering invasion after failing to seize the capital Kyiv with a lightning war. He still faces a tough task.
Oil Drops as Market Faces Strategic Release and Hawkish Fed
Oil fell for a third session as hawkish signals from the U.S. Federal Reserve raised the prospect of restrained economic growth while millions of barrels of crude from strategic reserves are released into the market.
Mocked as ‘Rubble’ by Biden, Russia’s Ruble Roars Back
· Currency recovers to pre-war levels even as sanctions pile up. Foreign oil and gas buyers offer Putin’s government a lifeline
Commodities and Currency: 1-Day Change