【Daily】12 May Brief of Pak BizNews
-Daily Market-
KSE 100 41,326 ▲0.61%
KMI 30 70,884 ▲0.71%
KASB Tech Index 454 ▲1.04%
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 needs ‘significantly more’ financing for bailout review: IMF
Pakistan needs significant additional financing for a successful completion of the long-stalled Ninth Review of the International Monetary Fund’s bailout package, the IMF said in a scheduled press conference on Thursday.
IMF programme or not, Pakistan won’t default: Dar
Minister for Finance Ishaq Dar on Thursday said that Pakistan would not default on repayment of its foreign obligation whether there would be an IMF programme or not.
https://www.thenews.com.pk/print/1069452-imf-programme-or-not-pakistan-won-t-default-dar
Fuel charges for March 2023: K-Electric to levy Rs3.9/unit extra on consumers
Karachi residents are set to face a significant financial burden, as the National Electric Power Regulatory Authority (Nepra) has permitted K-Electric to levy an extra charge of Rs3.9342/unit on consumers in May 2023 for monthly Fuel Charges Adjustments (FCA) for March 2023.
Rupee drops to new low of 298.93 per dollar in interbank market
The rupee plunged on Thursday, setting a new record low with traders panicking about the economic repercussions of the deadly fallout following the former primer minister Imran Khan’s arrest and the summoning of the army to quell violence.
SBP forex reserves fall by $74m to $4.4bn
Pakistan’s foreign exchange reserves held by the central bank slightly decreased by $74 million to stand at $4.383 billion in the week ending May 5, the State Bank of Pakistan (SBP) said on Thursday.
https://www.thenews.com.pk/print/1069309-sbp-forex-reserves-fall-by-74m-to-4-4bn
Car sales plummet by 85 percent to 2,844 units in April
Passenger car sales (PAMA members) plunged by 85 percent year-on-year in April 2023 amid non-production days, long Eid holidays, and a decline in purchasing power.
https://www.thenews.com.pk/print/1069306-car-sales-plummet-by-85-percent-to-2-844-units-in-april
Govt to scrap fuel subsidy plan, IMF told
Pakistan has told the International Monetary Fund it will not implement a fuel subsidy programme as the two sides negotiate a long-delayed $1.1 billion bailout for the country, Bloomberg News reported on Thursday.
https://www.brecorder.com/news/40241666/govt-to-scrap-fuel-subsidy-plan-imf-told
Discos seek Rs1.5 per unit QTA for Q3
Power Distribution Companies (DISCOs) have sought positive adjustment of Rs1.5 per unit to recover additional amount of Rs44.456 billion from consumers for third quarter (Jan-March) of FY 2022-23 under Quarterly Tariff Adjustment (QTA) mechanism.
https://www.brecorder.com/news/40241648/discos-seek-rs15-per-unit-qta-for-q3
International news
Bank of England raises rates and Bailey promises to ‘stay the course’
The Bank of England raised its key interest rate by a quarter of a percentage point to 4.5 percent on Thursday and Governor Andrew Bailey said the British central bank would "stay the course" as it seeks to curb the fastest inflation of any major economy.
Vast China-Russia resources trade shifts to yuan from dollars in Ukraine fallout
China has dramatically increased use of the yuan to buy Russian commodities over the past year, with nearly all of its purchases of oil, coal and some metals from its neighbour now settled in the Chinese currency instead of dollars, multiple trading executives with direct knowledge of the matter told Reuters.
OPEC holds global oil demand view steady, cites US debt ceiling risks
OPEC's global oil demand forecast for 2023 was held steady for a third month on Thursday, with the producer group citing the potential Chinese growth to be offset by downside economic risks elsewhere such as the U.S. debt ceiling.
Commodities and Currency: 1-Day Change
Gold:
USD 2016 ▼0.21%
Silver:
USD 24 ▼0.99%
Crude Oil
USD 71 ▼0.49%
USD-PKR:
Rs 284 ▼3.79%
