【Daily】8 March Brief of Pak BizNews

-Daily Market-

KSE 100 41,335 ▼0.24%

KMI 30 70,837 ▼0.05%

KASB Tech Index 504 ▲0.16%

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 getting confirmation from Pakistan’s creditors

The IMF is getting confirmation from multilateral and bilateral creditors on all avenues of external financing for moving towards the signing of the Staff Level Agreement (SLA).

https://www.thenews.com.pk/print/1047713-imf-getting-confirmation-from-pakistan-creditors

PKR depreciation, borrowing; Debt stocks soar to Rs55trn by Jan-end

The country’s total (domestic and external) debt stocks rose to Rs 55 trillion mark at the end of January because of massive borrowing and Pak rupee depreciation.

https://epaper.brecorder.com/2023/03/08/1-page/956770-news.html

SBP raises Rs20.88bn through GIS Auction

The State Bank of Pakistan (SBP) has successfully raised Rs20.88 billion through the sale of 1-year, 3-year, and 5-year GOP Ijara Sukuk (GIS) Variable Rental Rate (VRR) and GIS Fixed Rental Rate (FRR) in an auction held on Monday.

https://mettisglobal.news/sbp-raises-rs20-88bn-through-gis-auction/

Scrap shortage crisis compounding: PALSP

Due to lack of letters of credits (LCs) being opened, the domestic scrap shortage crisis is compounding and it is hitting domestic manufacturers drastically.

https://epaper.brecorder.com/2023/03/08/18-page/956840-news.html

Textiles sustainability challenge

High cost of doing business and global recession are the current problems for our textile industry, but a larger problem of sustainable textile manufacturing would begin raising its head by the end of this decade for which the sector is unprepared.

https://www.thenews.com.pk/print/1047609-textiles-sustainability-challenge

Pakistan losing $1bn due to supply-chain, storage problems of just three crops

Pakistan Agricultural Coalition (PAC) Strategy Advisor Kazim Saeed has said that the country loses $1 billion on an annual basis on just three crops due to the use of poor seeds and outdated methods.

https://www.brecorder.com/news/40230066/pakistan-losing-1bn-due-to-supply-chain-storage-problems-of-just-three-crops

Trukkr raises $6.4m, gets lending licence

Trukkr, a fintech platform for Pakistan’s trucking industry, said on Tuesday it had raised $6.4 million in a funding round and also received a non-banking financial company (NBFC) licence.

https://www.dawn.com/news/1741009/trukkr-raises-64m-gets-lending-licence

US hints at reviving post-9/11 era anti-terror initiatives with Pakistan

The United States on Tuesday hinted at reviving some of the counter-terrorism initiatives of the post-9/11 era to assist Pakistan in tackling the renewed threat of terrorism posed by the banned Tehreek-e-Taliban Pakistan (TTP) and other groups.

https://tribune.com.pk/story/2404829/us-hints-at-reviving-post-911-era-anti-terro-initiatives-with-pakistan

IMF temporarily hikes limits on members’ annual, cumulative access to its resources

The Executive Board of the International Monetary Fund (IMF) has agreed to temporarily increase the limits on members’ annual and cumulative access to Fund resources in the General Resources Account (GRA).

https://www.brecorder.com/news/40230042/imf-temporarily-hikes-limits-on-members-annual-cumulative-access-to-its-resources

Commodities and Currency: 1-Day Change

Gold: USD 1815 ▼0.30%

Silver: USD 20 ▼0.95%

Crude Oil: USD 78 ▼0.04%

USD-PKR: Rs 277 ▲0.14%