【Daily】11 May Brief of Pak BizNews

By Staff Reporter | Gwadar Pro May 11, 2023

-Daily Market-

KSE 100 41,075 ▼0.72%
KMI 30 70,382 ▼0.72%
KASB Tech Index 449 ▼1.03%

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
Govt raises Rs62.9bn via PIBs
The government raised Rs62.9 billion through the auction of fixed-rate Pakistan Investment Bonds (PIBs) on Wednesday, while the yield on short-duration paper went up.

Political chaos sends gold prices soaring to Rs240,000/tola
Pakistan’s gold and silver prices reached an all-time high, with gold rising by Rs9,900/tola in a single day due to political unpredictability and a decrease in the value of the rupee relative to the US dollar.

Pakistan keen to pay for Russian oil imports with Chinese Yuan
Pakistan has placed an order for a single cargo of Russian oil, but is keen for a longterm deal to buy the crude in Chinese currency, according to the country’s power minister.

Rupee hits record low amid political unrest, IMF bailout delay concerns
Rupee tumbled to a record low on Wednesday as political unrest sparked by former prime minister Imran Khan’s detention increased Pakistan’s default risks and raised the possibility of delaying the International Monetary Fund bailout.

Special Technology Zones: FBR imposes conditions on importers
The goods imported for the Special Technology Zones (STZs) must be retained for a period of at least ten years and cannot be sold without prior approval of the Federal Board of Revenue (FBR).

TPS Guddu: PD against planned diversion of gas supply to urea factories
Power Division is said to have opposed diversion of 110 MMCFD gas of Mari Gas from Thermal Power Station (TPS) Guddu to two urea plants, saying that any such attempt will result in waste of significant investment made by the government of Pakistan in the plant and assets at TPS Guddu, well informed sources told Business Recorder.

July-April remittances decline 13pc to $22.74bn YoY
Workers’ remittances fell by 13 percent during the first ten months of this fiscal year (FY23) as compared to the same period last year, the State Bank of Pakistan (SBP)
reported on Wednesday.

Commodities and Currency: 1-Day Change
 Gold: USD 2038 ▲0.06%
 Silver: USD 26 ▼0.40%
 Crude Oil USD 73 ▲0.73%
 USD-PKR: Rs 290 ▲0.04%


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