【Daily】20 March Brief of Pak BizNews
KSE 100 41,330 ▼0.87%
KMI 30 71,361 ▼0.84%
KASB Tech Index 492 ▼2.52
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
Pakistan receives $500m from China’s ICBC bank
Pakistan has received a loan tranche from China of $500 million that will help the country shore up its depleting foreign exchange reserves as the government battles an ongoing economic crisis.
Rs50per litre petrol subsidy for poor
Prime Minister Shehbaz Sharif on Sunday said that low-income poor people will be given a subsidy of Rs50 per litre under the petroleum relief package.
PSO’s inter-corporate debt swells to Rs1.050 trillion
Financial vulnerabilities of the country’s state-owned oil marketing company Pakistan State Oil (PSO) have further increased as its receivables and payables have swelled by
Rs26 billion in a week, data available with The News showed on Friday.
Textile exports dip to 21-month low in February
Textile exports continued a downtrend to a fifth consecutive month in February by falling 29.9 percent year-on-year to $1.18 billion, lowest in last 21 months, data from
Pakistan Bureau of Statistics showed on Friday.
SBP abolishes MDR on POS transactions
The State Bank of Pakistan (SBP) has eliminated the merchant discount rate (MDR) of 1.5 percent for point of sale (credit and debit card) transactions and revised the interchange reimbursement fee (IRF) for cards issued in Pakistan.
OGRA to hold exchange rate meeting
Oil and Gas Regulatory Authority (OGRA) has convened a meeting on March 21 to brief and align all the stakeholders with the prescribed format of “exchange rate mechanism” as devised and approved by the federal government.
Cotton: cabinet approves raise in support price
The federal cabinet on Friday approved the decision to increase the support price of cotton to Rs8,500 per maund (40kg).
SPI inflation up 0.96pc WoW
The Sensitive Price Indicator (SPI) based inflation for the week ended March 16, 2023, recorded an increase of 0.96 per cent due to an increase in the prices of food items including tomatoes (18.06per cent), tea Lipton (9.26per cent), potatoes (4.52per cent), bananas (4per cent), sugar (2.70per cent), wheat flour (2.40per cent), cooking oil 5 litre (1.20per cent) and non-food items, lawn (5.77per cent), diesel (4.65per cent) and petrol (1.84per cent), says the Pakistan Bureau of Statistics (PBS).
Commodities and Currency: 1-Day Change
Gold: USD 1979 ▲0.27%
Silver: USD 22 ▲0.13%
Crude Oil: USD 67 ▼0.51%
USD-PKR: Rs 278 ▼1.15%