【Daily】17 March Brief of Pak BizNews
KSE 100 41,874 ▲0.14%
KMI 30 72,491 ▲0.31%
KASB Tech Index 508 ▼0.36%
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
Documentation for ICBC-backed $500m disbursement complete: Dar
Finance Minister Ishaq Dar has stated that documentation for second disbursement of US 500 million dollars from Industrial and Commercial Bank of China (ICBC) has been completed.
Forex reserves rise to $4.31b
The foreign exchange reserves held by the central bank rose by 0.4% on a week-on week basis to $4.3 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Pakistan's bond yield spikes to 106%
The price of Pakistan’s US dollar-denominated international bond continued to fall for the sixth consecutive working day on Wednesday and its yield spiked 16% to a record high at almost 106% in the global market.
Friendly delay 'last hurdle' to IMF bailout
Finance Minister Ishaq Dar said on Thursday that an assurance from “friendly countries” to fund a balance of payment gap was the last hurdle in securing an IMF deal, which will offer a critical lifeline to avert an economic meltdown.
Nepra grills PD team for proposing surcharge plan
The National Electric Power Regulatory Authority (Nepra) Thursday grilled Power Division for proposing plan to impose surcharge of Rs 3.23 per unit from November 2023 onward to cover power sector inefficiencies, misgovernance and without analyzing its impact on the already dwindling industry.
ECB raises rates as planned despite banking turmoil
The European Central Bank raised interest rates by 50 basis points on Thursday as promised, ignoring financial market chaos and calls by investors to dial back policy tightening at least until sentiment stabilizes.
Commodities and Currency: 1-Day Change
Gold: USD 1933 ▲0.50%
Silver: USD 22 ▲1.60%
Crude Oil: USD 69 ▲1.13%
USD-PKR: Rs 283 ▲0.08%