【Daily】5 May Brief of Pak BizNews

-Daily Market-

KSE 100 42,094 ▲0.01% 

KMI 30 72,914 ▼0.30%

KASB Tech Index 474 ▲1.29%

 

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

Budget plans: new IMF hurdle leaves govt in limbo

The International Monetary Fund (IMF) is preparing to discuss Pakistan’s budget plans for the coming financial year as part of a process to unlock a crucial financing injection for the cash-strapped nation, the IMF’s country mission chief said.

https://www.brecorder.com/news/40240457/budget-plans-new-imf-hurdle-leaves-govt-in-limbo

 

Trilateral dialogue: Chinese FM, Afghan acting FM to arrive today

Chinese State Councilor and Foreign Minister Qin Gang and acting Afghan Foreign Minister Amir Khan Muttaqi will arrive Friday (Apr 5) for bilateral talks as well as participate in the 5th China-Pakistan-Afghanistan Trilateral Foreign Ministers’ Dialogue scheduled to be held on Saturday.

https://www.brecorder.com/news/40240439/trilateral-dialogue-chinese-fm-afghan-acting-fm-to-arrive-today

 

Luxury items including vehicles, mobile phones: RDs imposed through SROs on import expired in March: FBR

Chairman Federal Board of Revenue (FBR) Asim Ahmad said on Thursday that the regulatory duties imposed through time-bound notifications on the import of luxury items including vehicles and mobile phones were expired on March 31, 2023.

https://www.brecorder.com/news/40240440/luxury-items-including-vehicles-mobile-phones-rds-imposed-through-sros-on-import-expired-in-march-fbr

 

Pakistan-Turkiye trade in goods agreement comes into force

ISLAMABAD: Trade in Goods Agreement between Pakistan and Turkiye has come into force from May 1, 2023, as per mutual agreement.

https://www.brecorder.com/news/40240456/pakistan-turkiye-trade-in-goods-agreement-comes-into-force

 

Forex reserves up $19m

The country’s total liquid foreign exchange reserves rose by $19 million during last week. According to the State Bank of Pakistan (SBP) weekly report issued on Thursday, the total liquid foreign exchange reserves held by the country stood at $ 10.043 billion as of April 28, 2023 compared to $10.024 billion on April 20, 2023.

https://www.brecorder.com/news/40240449/forex-reserves-up-19m

 

Export-oriented sectors: PTEA resents withdrawal of concessional gas tariff

Pakistan Textile Exporters Association (PTEA) has flayed the decision of withdrawal of concessional tariff on gas supply to the export-oriented sectors, terming it an anti-export move which will seize the industrialization and export growth.

https://www.brecorder.com/news/40240423/export-oriented-sectors-ptea-resents-withdrawal-of-concessional-gas-tariff

 

International news

ECB slows rate hike pace but signals more to come

The European Central Bank slowed the pace of its interest rate increases on Thursday but signalled more tightening to come in what markets expect to be the final stage of its fight against inflation.

https://www.brecorder.com/news/40240443/ecb-slows-rate-hike-pace-but-signals-more-to-come

 

Commodities and Currency: 1-Day Change

Gold: USD 2058 ▲0.10%

Silver: USD 26 ▲0.27%

Crude Oil: USD 69 ▲0.77%

USD-PKR: Rs 284 ▲0.19%