【Daily】3 Feb. Brief of Pak BizNews
-Daily Market
KSE 100 40,734 ▲0.28%
KMI 30 69,929 ▲0.80%
KASB Tech Index 490 ▲0.72%
KASB Market View
• Macroeconomic economic concerns and the heightened political noise will likely keep the market’s performance ranged-bound. The upcoming CPI inflation reading may influence expectations of monetary policy tightening.
• Confirmation of external funding, including Qatar's USD 2.0bn may ease pressure on the Pak Rupee
• The recent political noise may keep investors concerned over the near term
National News
IMF asks Pakistan to reveal assets of baboos, their families International Monetary Fund (IMF) has called for Pakistan to declare the assets of government officials of grade 17 and above, as well as those of their families.
https://www.nation.com.pk/03-Feb-2023/imf-asks-pakistan-to-reveal-assets-of-baboostheir-families
Dar gives go-ahead to Saylani, other charities to help raise $2bn from overseas Pakistanis Finance Minister Ishaq Dar on Thursday gave his green signal to a reported plan by charitable organisations to help raise around $2 billion from overseas Pakistanis as the country’s economy battles challenges on the foreign exchange front.
https://www.brecorder.com/news/40224000/dar-gives-go-ahead-to-saylani-othercharities-to-help-raise-2bn-from-overseas-pakistanis
SBP’s reserves slip to $3bn
The country’s total liquid foreign exchange reserves further fell by $711 million during last week due to external debt servicing.
https://epaper.brecorder.com/2023/02/03/12-page/954172-news.html
New historic low: rupee settles at 271.36 against US dollar
The Pakistani rupee remained under pressure against the US dollar on Thursday, closing over the 271 mark in the inter-bank market.
https://www.brecorder.com/news/40223960/new-historic-low-rupee-settles-at-27136-against-us-dollar
Jul-Jan trade deficit shrinks 31.97pc to $19.632 YoY
Pakistan’s trade deficit narrowed by 31.97 percent to $19.632 billion during the first seven months (July-January) of the current fiscal year 2022-23 as compared to $28.859 billion during the same period of last year, the Pakistan Bureau of Statistics (PBS) said.
https://epaper.brecorder.com/2023/02/03/1-page/954104-news.html
KSA links oil refinery’s setup with political consensus Saudi Arabia has reportedly linked establishment of billions of dollars oil refinery in Pakistan with political consensus, cabinet approval and stringent conditions proposed by M/s Aramco, well informed sources in Petroleum Division told Business Recorder.
https://epaper.brecorder.com/2023/02/03/1-page/954111-news.html
PSO directed to charter PNSC fleet for POL import
The Senate Standing Committee on Petroleum (SSCP) which met here on Thursday asked the Pakistan State Oil (PSO) to charter a fleet of the Pakistan National Shipping Corporation (PNSC) for import of petroleum products to save huge foreign exchange being paid to ships of foreign companies.
https://www.thenews.com.pk/print/1036983-pso-directed-to-charter-pnsc-fleet-for-polimport
Panel asks PD to broker agreements between govt, gas producing provinces A parliamentary panel, on Thursday, asked the Petroleum Division to provide gas sale and purchase agreements between the federal government and the gas producing provinces.
https://epaper.brecorder.com/2023/02/03/1-page/954112-news.html
Pakistan’s textile exports significantly decline in January: APTMA
Pakistan’s textile sector exports witnessed a significant decline of 12.4%, clocking in at $1.36 billion in January 2023 in comparison to $1.55 billion recorded in the same month
of the previous year, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Thursday.
https://www.brecorder.com/news/40223996/pakistans-textile-exports-significantlydecline-in-january-aptma
Commodities and Currency: 1-Day Change
Gold: USD 1928 ▼0.14%
Silver: USD 24 ▼0.22%
Crude Oil USD 76 ▼0.21%
USD-PKR: Rs 271 ▲1.67%
