【Daily】29 March Brief of Pak BizNews
-Daily Market-
KSE 100 40,082 ▲0.20%
KMI 30 69,122 ▲0.29%
KASB Tech Index 486 ▼0.11%
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's 'friends'; IMF wants commitments fulfilled: PM
Prime Minister Shehbaz Sharif Tuesday claimed that the International Monetary Fund (IMF) was onboard with the new programme but asked for a step-by-step guarantee due to past breaches of promises under the Pakistan Tehreek-e-Insaf (PTI) government.
https://epaper.brecorder.com/2023/03/29/1-page/958538-news.html
High Risk Third Countries; EU Commission removes Pakistan from 'list'
The European Commission has removed Pakistan from the List of High Risk Third Countries, which have strategic deficiencies in their Anti Money Laundering/Countering the Financing of Terrorism (AML/ CFT) regime, according to Trade Development Authority of Pakistan (TDAP).
https://epaper.brecorder.com/2023/03/29/1-page/958537-news.html
July 1-March 11: Rs2.6trn borrowed for budgetary support
The cash-strapped federal government borrowed over Rs2.6 trillion from the banking system for budgetary support during this fiscal year (FY23).
https://epaper.brecorder.com/2023/03/29/1-page/958540-news.html
PKR remains relatively unchanged
The Pakistani rupee remained relatively unchanged against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday.
https://www.brecorder.com/news/40233843/rupee-largely-stable-against-us-dollar-settles-at-28355
Inflation-hit Karachiite to pay for higher electricity bills
The power tariff for K-Electric consumers is likely to be jacked up by Rs6 per unit as the federal government sought an increase from the National Electric Power Regulatory Authority (Nepra) in the context of two quarterly fuel cost adjustments (FCA).
https://www.thenews.com.pk/latest/1054933-inflation-hit-karachiite-to-pay-for-higher-electricity-bills
SBP move leaves fintechs baffled
SBP has recently made some changes in the fee and cost structure of payments associated with cards (debit and credit) transactions on Point of Sales (POS) machines. The incentives which were earlier doled out to POS acquirers (machine providers) and card issuers are now being largely reversed.
https://www.brecorder.com/news/40233840/sbp-move-leaves-fintechs-baffled
Pakistan won't attend US convened summit
Pakistan on Tuesday decided to skip the US-convened Democracy Summit taking place in Washington this week, saying it would engage with the US on a bilateral basis to encourage democratic values.
https://epaper.brecorder.com/2023/03/29/62-page/958527-news.html
Commodities and Currency: 1-Day Change
Gold: USD 1986 ▼0.25%
Silver: USD 23 ▼0.19%
Crude Oil: USD 74 ▲0.55%
USD-PKR: Rs 283 ▲0.05%
