【Daily】17 April Brief of Pak BizNews
-Daily Market-
KSE 100 40,206 ▲0.20%
KMI 30 70,128 ▲0.15%
KASB Tech Index 498 ▲2.78%
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
UAE has confirmed to IMF $1bn deposit for Pakistan: Dar
The confirmation given by the United Arab Emirates (UAE) on additional $1 billion deposits to the IMF and the re-financing of a $300 million commercial loan from China have paved the way for striking a staff-level agreement with the IMF.
https://e.thenews.com.pk/detail?id=193802
IMF seeks more funding assurances
Prime Minister Shehbaz Sharif on Saturday emphasised that Pakistan has met all the“tough” conditions laid forth by the International Monetary Fund (IMF) and now the lender has “no excuse” to delay the staff-level agreement.
https://www.thenews.com.pk/print/1061258-imf-seeks-more-funding-assurances
IMF chief expects Pakistan to avoid default
IMF Managing Director Kristalina Georgieva said on Thursday Pakistan had not reached the default level and hoped it would not reach that level.
https://e.thenews.com.pk/detail?id=193498
Petrol price hiked by Rs10 per litre
The federal government has decided to increase the price of petrol by Rs10 per litre for the next 15 days, Finance Minister Ishaq Dar announced Saturday.
https://www.thenews.com.pk/print/1061257-petrol-price-hiked-by-rs10-per-litre
Talks with Russia over crude oil import conclude with progress on payment mode
Pakistan's talks with Russia over crude oil imports concluded on Saturday with significant progress made on the mode of payment, though some minor issues remain to be resolved within the next few days, officials said.
https://www.thenews.com.pk/print/1061108-talks-with-russia-over-crude-oil-import-conclude-with-progress-on-payment-mode
SBP extends IFRS 9 implementation deadline
The State Bank of Pakistan (SBP) on Thursday extended the deadline for banks and Development Finance Institutions (DFIs) to implement the International Financial Reporting Standard, IFRS 9 by a year to January 1, 2024.
https://e.thenews.com.pk/detail?id=193298
SBP forex reserves fall $170m to $4.04bn
Foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped by $170 million to $4.038 billion in the week ending April 7, the central bank said on Thursday, ascribing the decline in the reserves to debt repayments.
https://e.thenews.com.pk/detail?id=193293
Hubco: PSO’s receivables exceed Rs25.33bn
Pakistan State Oil’s receivables against Hub Power Company (Hubco) have piled up to over Rs25.33 billion. These include Rs 7.2 billion late payment surcharge.
https://www.brecorder.com/news/40237251/hubco-psos-receivables-exceed-rs2533bn
Pakistan cuts domestic RLNG price by up to 6 cents for April
Pakistan on Thursday reduced the average sale price of re-gasified liquefied natural gas (RLNG) by as much as six cents month-on-month for April 2023 due to a decline in global wholesale gas prices.
https://e.thenews.com.pk/detail?id=193294
Honda Atlas extends plant shutdown for another 15 days
Honda Atlas Cars Ltd, one of Pakistan’s leading car manufacturers, has announced that it will extend the shutdown of its plant for another 15 days due to the current economic situation in the country.
https://e.thenews.com.pk/detail?id=193296
Weekly inflation eases by 0.60pc as power prices decline
Consumers continued to suffer under the burden of rising prices of commodities as the sensitive price indicator (SPI) inflation remained up 44.61 percent year-on-year despite easing 0.60 percent week-on-week.
https://e.thenews.com.pk/detail?id=193635
Commodities and Currency: 1-Day Change
Gold: USD 2018 ▲0.12%
Silver: USD 25 ▲0.06%
Crude Oil: USD 82 ▲0.02%
USD-PKR: Rs 289 ▼0.02%
