【Daily】14 March Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Mar 14, 2023

-Daily Market-

KSE 100 41,857 ▲0.15%

KMI 30 72,528 ▲1.05%

KASB Tech Index 509 ▼0.51%


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

Pakistan Debt Moratorium Inevitable Without IMF Funds, BofA Says Crisis-hit Pakistan will need to pause debt repayments if it isn’t able to secure funding from the International Monetary Fund quickly enough, according to Bank of America. https://www.bloomberg.com/news/articles/2023-03-13/pakistan-debt-moratoriuminevitable-without-imf-funds-bofa-says#xj4y7vzkg

Pakistan approaches US diplomats as IMF seeks more assurances The International Monetary Fund (IMF) has asked Pakistan to get confirmation on external financing needs of $6-7 billion from the Kingdom of Saudi Arabia, the UAE, Qatar and multilateral creditors to fill the gap till the end of June 2023. https://www.thenews.com.pk/print/1049796-pakistan-approaches-us-diplomats-as-imfseeks-more-assurances

87 new Covid cases reported; Country registers over 2pc positivity rate The country, on Monday, for the first time in the past seven months, registered coronavirus positivity rate of over two percent as 87 new Covid-19 cases were reported after 3,972 tests were conducted reflecting a positivity rate of 2.19 percent. https://epaper.brecorder.com/2023/03/14/12-page/957320-news.html

Mar-Sept key imports: govt needs $8.5bn With total foreign exchange reserves of $4.3 billion as of 9th March 2023 Pakistan requires a total of $ 8.5 billion to meet its fuel requirements and other critical imports of March- September 2023. https://epaper.brecorder.com/2023/03/14/1-page/957247-news.html

Hascol moves forward with modified scheme to address debts The board of directors of Hascol Petroleum Limited approved a modified draft scheme of arrangement (SOA) to deal with its debts on Monday, as the company with one of the biggest private sector defaults in Pakistan moved forward to please its creditors. https://www.thenews.com.pk/print/1049619-hascol-moves-forward-with-modifiedscheme-to-address-debts

WB links release of $400m to GST dispute settlement World Bank (WB) has reportedly linked release of $400 million of RISE-II program to resolution of dispute on GST collection between Federal Board of Revenue (FBR) and Distribution Companies (Discos) well informed sources told Business Recorder. https://epaper.brecorder.com/2023/03/14/1-page/957245-news.html

Car sales plunge 80pc in February Passenger car sales (PAMA members) in the country fell by 80 percent in February, 2023 compared with the same month last year, data showed on Monday, with hints that non-production days and a decline in purchasing power had contributed to the decline. https://www.thenews.com.pk/print/1049613-car-sales-plunge-80pc-in-february

MNCs, local pharma CEOs to hold emergency meeting with DRAP officials todayAround 100 Chief Executive Officers (CEOs) of the country’s leading multinational and local pharmaceutical companies have reached Islamabad to have a ‘final round’ of dialogue with the government for an ‘across the board’ adjustment in the prices of medicines, Pakistan Pharmaceutical Manufacturers Association (PPMA) said on Monday. https://www.thenews.com.pk/print/1049660-mncs-local-pharma-ceos-to-holdemergency-meeting-with-drap-officials-today

Commodities and Currency: 1-Day Change

Gold: USD 1909 ▼0.42%

Silver: Crude Oil USD-PKR:

USD 22 ▼0.71%

USD 74 ▼1.07%

Rs 282 ▼0.650%

  • comments
  • give_like
  • collection
More Articles