【Daily】19 Aug. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Aug 19, 2022

-Daily Market-

 KSE 100   43,482 ▼0.45%

 KMI 30     71,571 ▼0.32%

KASB Tech Index   430 ▼1.89%


KASB Market View


  • Various economic data points were released yesterday showing signs of current account surplus for Jul22. This is likely to keep the market sentiment positive.
  • We expect further currency appreciation amidst anticipated inflows from IMF and friendly countries. This bodes well for the cyclical sectors.


National News


THE RUPEE: PKR registers marginal decline

The rupee registered a marginal decline of 7 paisas against the US dollar in the inter-bank market on Thursday, suggesting it has reached a short-term equilibrium.



Import ban on luxury items lifted

Finance Minister Miftah Ismail Thursday announced lifting of ban on the import of luxury items to comply with the International Monetary Fund (IMF) condition ahead of its Executive Board meeting scheduled for 29th August 2022 to ensure approval of the seventh and eighth review of the Extended Fund Facility (EFF).



Remittances slip

Growth in remittances has been phenomenal. However, remittance in July 2022 saw a dip of almost 8 percent year-on-year as per the central bank’s latest data. On a month-on-month basis, remittances in July were down by 8.6 percent.



SBP’s reserves up $67m to $7.897bn

The State Bank of Pakistan’s foreign exchange reserves rose by $ 67 million during last week. With current increase, the SBP’s reserves surged to $ 7.897 billion as of Aug 12, 2022 up from $7.830 billion as of August 5, 2022. However, during the week under review the net foreign reserves held by commercial banks declined slightly $15 million to $5.716 billion.



Export boost: Miftah assures Aptma all-out support

Finance Minister Miftah Ismail Thursday stated that the government’s foremost priority is to promote the export-oriented sectors of the country and in this regard, all possible cooperation would be provided to them.



5000MW electricity export: Iran shares MoU draft

Iranian government has shared draft of Memorandum of Understanding (MoU) for export of 5000MW electricity to Pakistan



FTA likely in 6 months: Pakistan, Iran agree to remove ‘anti-trade’ barriers

Pakistan and Iran have agreed to remove “anti-trade” tariff and non-tariff barriers to enhance bilateral trade volume besides desiring to ink Free Trade Agreement (FTA) in the next six months.




Commodities and Currency: 1-Day Change


USD 1769 ▼0.11%


USD 19 ▼0.76%

 Crude Oil

USD 90 ▼0.34%


Rs 216 0.19%

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