【Daily】25 Apr. Brief of Pak BizNews
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KSE 100 45,553.02 ▼ 0.22% KMI 30 74,560.0 ▲ 0.22% KASB Tech Index 304.27 ▲ 1.15%
KASB Market View
· A range-bound session was observed at PSX due to further devaluation of PKR against US dollar and concerns over a spike in T-Bill yields. · The market opened in the green zone, pushing the benchmark index towards an intra-day high of 45,776.23, up 123 points. · We expect the market to remain positive due the IMF loan being approved.
National News
Breakthrough in Pak-IMF bailout talks, loan amount to be $8bn Pakistan and the International Monetary Fund (IMF) have agreed, in principle, to extend the stalled bailout programme by up to one year and increase the loan size to $8 billion, giving markets the much-needed stability and a breathing space to the new government. https://tribune.com.pk/story/2354052/breakthrough-in-pak-imf-bailout-talks-loan-amount-to-be-8bn
Current account deficit swells 179pc YoY in March Current account deficit shot up 179 percent to $1.0 in March, almost double the amount in the same month last year, data from the central bank showed on Saturday, as the soaring cost of energy and commodities imports widens the shortfall. https://www.thenews.com.pk/print/952775-current-account-deficit-swells-179pc-yoy-in-march
Petroleum prices to go up Pakistan has agreed with the International Monetary Fund (IMF) to roll back fuel and power subsidies and also wind up a business tax amnesty scheme to revive a $6 billion loan programme, officials said on Saturday. https://www.thenews.com.pk/print/952770-petroleum-prices-to-go-up
Govt assistance sought to push textile exports to $50bn The textile industry has filed a package of submissions with Prime Minister Mian Mohammad Shehbaz Sharif for his nod, which will help pave the way for increasing textile exports to $26 billion in the next fiscal year and $50 billion in next 5 years. https://e.thenews.com.pk/detail?id=80332
Weekly SPI eases 1.28pc as food prices decline Weekly Sensitive Price Indicator (SPI) eased 1.28 percent in the week ended April 21 over the last week, driven by a welcome slide in the cost of some food items, official data showed on Friday. https://e.thenews.com.pk/detail?id=80328
Rs40bn released for oil subsidy payment Ministry of Finance (MoF) has released Rs40 billion for the payment of fuel subsidy to the oil sector, which industry officials dubbed as not enough, given the magnitude of their liquidity challenges, The News learnt on Saturday. https://www.thenews.com.pk/print/952776-rs40bn-released-for-oil-subsidy-payment
IT exports hit $1.9 billion in nine months of FY22 Country’s IT exports jumped to $1.9 billion in nine months of this fiscal year, contributing 38 percent to the overall services’ export and marking a 29 percent year-on-year rise, the central bank data showed on Saturday. https://www.thenews.com.pk/print/952778-it-exports-hit-1-9-billion-in-nine-months-of-fy22
Daewoo Gas signs pact with CNCEC for LNG terminal Daewoo Gas has signed a master Engineering Procurement Construction and Finance (EPCF) contract with China National Chemical Engineering Construction Company (CNCEC) on Friday for setting up of an offshore LNG terminal near Karachi at an estimated investment of about $300 million. https://www.dawn.com/news/1686348/daewoo-gas-signs-pact-with-cncec-for-lng-terminal
Commodities and Currency: 1-Day Change
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