【Daily】20 Apr. Brief of Pak BizNews
KSE 100 46,332.4 ▼ 0.44%
KMI 30 75,869.5 ▼ 0.56%
KASB Tech Index 315.4 ▼ 2.27%
KASB Market View
· Weakening currency amidst fear of rising CAD might result in bearish trend for today.
· We think that refinery and OMC sector is expected to perform because of rising GRMs and settlement of PDC claims, respectively.
· Important results of the day include MLCF, HBL and UBL. Positive earnings surprise and higher than expected dividend might result in stock performance.
IMF projects rise in inflation
The International Monetary Fund (IMF) has projected Pakistan’s GDP growth rate at four percent for 2022 against 5.6 percent in 2021, and projected rise in inflation from 8.9 percent in 2021 to 11.2 percent in 2022.
WB lists factors exacerbating macroeconomic imbalances
Further policy reform slippages and delays in adjustment measures are likely to exacerbate the already widening macroeconomic imbalances for Pakistan, as the heightened domestic political uncertainty over the past few months has slowed the implementation of key reforms to improve overall fiscal and debt sustainability, says the World Bank.
Russia sends 4-year economic cooperation roadmap
Following the visit of former Prime Minister, Imran Khan to Moscow, Russia has sent a draft four-year(2022-2025) roadmap for development of trade and economic cooperation including increase in bilateral trade turnover, well informed sources told Business Recorder.
China assures full support to develop SEZs
Ms Pangchunxue, Charge de Affaires of the Embassy of the People’s Republic of China has assured full support and cooperation of the Chinese government in developing special economic zones as part of CPEC, said a statement issued by Finance Ministry on Tuesday.
Jul-Mar FDI declines 2pc to $1.285bn YoY
The State Bank of Pakistan (SBP) reported on Tuesday that Pakistan fetched FDI amounting to $1.285 billion during July-March of FY22 as against $1.311 billion in the same month of the previous fiscal year (FY21), showing a decline of $26 million. During the period under review, overall FDI inflows were $1.967 billion against $682.4 million outflow.
PKR: Another massive fall
As per the State Bank of Pakistan (SBP), the rupee closed at 184.44 after a day-on-day depreciation of Rs1.90, or 1.03%. The rupee had opened the week with a 0.54% loss on Monday as well.
Price differential claims of OMCs/refineries; Rs68.81bn supplementary grant approved by ECC
The Economic Coordination Committee (ECC) of the Cabinet has approved Rs68.81 billion supplementary grant for disbursement of price differential claims (PDCs) to OMCs/ refineries for the month of April and to meet the shortfall of Rs1.87 billion for the month of March 2022.
PSO receivables, payables soar to Rs508.3bn
The receivables and payable of Pakistan State Oil (PSO) have reached Rs508.3 billion as several clients failed to pay their bills for fuel supplies.
Power generation cost up 66% YoY in March
The cost of generating electricity has increased by 66.2% in just one year, going up to Rs9.22 kWh in March 2022 compared to Rs5.55 kWh during the same month last year.
PM picks coalition Cabinet
Prime Minister Shehbaz Sharif’s 37-member federal cabinet – 30 federal ministers, four ministers of state, and three advisers – was administered the oath by Chairman Senate Sadiq Sanjrani on Tuesday.
Commodities and Currency: 1-Day Change