【Daily】11 April Brief of Pak BizNews
-Daily Market-
KSE 100 39,836 ▼0.53%
KMI 30 69,358 ▼0.58%
KASB Tech Index 484 ▼0.86%
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
March workers’ remittances hit 7-month high of $2.5bn
Pakistan received seven months’ high $2.5 billion home remittances during March 2023, mainly due to rise in seasonal inflows and improved exchange rate.
https://epaper.brecorder.com/2023/04/11/1-page/959772-news.html
PKR: significant decline
The Pakistani rupee witnessed a significant decline against the US dollar in the inter-bank market on Monday.
https://epaper.brecorder.com/2023/04/11/1-page/959782-news.html
PSO defers import of 2 diesel cargoes from Kuwait Petroleum
Pakistan State Oil (PSO) has deferred the import of two cargoes of diesel from Kuwait Petroleum Corporation (KPC) after its sale from legal channel dropped massively, The News learnt on Monday.
https://www.thenews.com.pk/print/1059357-pso-defers-import-of-2-diesel-cargoes-from-kuwait-petroleum
Dollar crunch also hits Chinese IPPs
The ongoing liquidity crunch for dollars in Pakistan has exacerbated the financial difficulties faced by Chinese Independent Power Producers (IPPs), as the government deducts capacity charges due to their inability to generate the desired amount of electricity production.
https://www.thenews.com.pk/print/1059517-dollar-crunch-also-hits-chinese-ipps
Banks’ deposits increase by 15% YoY to Rs23.56tr: SBP
The total deposits held by scheduled banks have moved up by 15% YoY to Rs23.56 trillion in March 2023 compared to Rs20.46tr in March 2022, data issued by State Bank showed today.
https://mettisglobal.news/banks-deposits-increase-by-15-yoy-to-rs23-56tr-sbp/
Google tightens the noose around loan apps’ operators
The Google has introduced additional requirements for digital lending apps in Pakistan by directing personal loan apps to submit country-specific licensing documentation required by the Securities and Exchange Commission of Pakistan (SECP).
https://epaper.brecorder.com/2023/04/11/12-page/959844-news.html
World Bank chief raises 2023 global growth outlook slightly, eyes debt progress
World Bank Group President David Malpass said on Monday that the lender has revised its 2023 global growth outlook slightly upward to 2% from a January forecast of 1.7% but the slowdown from stronger 2022 growth will increase debt distress for developing countries.
https://www.brecorder.com/news/40236375/world-bank-chief-raises-2023-global-growth-outlook-slightly-eyes-debt-progress
Commodities and Currency: 1-Day Change
Gold: USD 2013 ▲0.46%
Silver: USD 25 ▲0.75%
Crude Oil: USD 81 ▲0.75%
USD-PKR: Rs 287 ▲0.26%
