【Daily】10 March Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Mar 10, 2023

Daily Market

KSE 100 41,586 ▲0.55%
KMI 30 71,469 ▲0.88%
KASB Tech Index 507 ▲0.55%

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
Very close’ to signing IMF agreement, says Dar

Minister for Finance Ishaq Dar said on Thursday that the staff-level agreement with the International Monetary Fund (IMF) would be struck in the next few days, adding that “everything is in order.

SBP’s forex reserves rise to $4.3b
The foreign exchange reserves held by the central bank rose by 12.7% on a week-onweek basis to $4.3 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Afghan coal exports to Pakistan ‘doubled’
According to a 2022 report by research group XCEPT, coal exports to Pakistan likely doubled under the Taliban government and earned Afghanistan $160 million in tax – three times what the previous administration was capable of.

Rupee weakens against dollar in interbank market
The Pakistani rupee slipped down against the US dollar in the interbank market on Thursday, as a staff-level agreement with International Monetary Fund (IMF) gets further delayed.

RDAs hit $125m in Feb despite revised RoR
The flow of foreign investment made through Roshan Digital Accounts (RDAs) by overseas Pakistanis in a range of assets improved to $125 million in February, but remained comparatively low despite the government revising its rate of return in the recent past.

Honda shuts plant till March end
Honda Atlas Cars Pakistan Limited (HCAR) has decided to temporarily close its plant from March 9 to 31 due to supply chain disruptions.

Govt plans to transfer Nandipur assets to PSO
The government has planned to place assets of Nandipur power plant (NPP) in a separate entity in order to hand over its controlling interest to Pakistan State Oil (PSO) for paying some of its outstanding dues.

Economic support by Gulf countries: Pakistan hopes for positive outcome: FO
Pakistan, on Thursday, commended the economic support extended by friendly countries, including China and Middle Eastern countries and expressed the hope for a positive outcome of the ongoing engagements with many Gulf countries, Saudi Arabia, the UAE, and Qatar with regard to the financial assistance and massive investments.

US urges Pakistan to continue working with IMF on reforms to improve business environment
The US State Department has urged Pakistan to “continue working” with the International Monetary Fund (IMF), especially on reforms that will improve the country’s business environment, highlighting that it would help Pakistan attract “highquality investment”.

Commodities and Currency: 1-Day Change
 Gold: USD 1832 ▼0.16%
 Silver: USD 20 ▼1.03%
 Crude Oil USD 75 ▼0.87%
 USD-PKR: Rs 278 ▲0.18%

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