【Daily】16 May Brief of Pak BizNews
-Daily Market-
KSE 100 41,718 ▲056%
KMI 30 71,637 ▲0.54%
KASB Tech Index 454 ▲0.26%
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
POL products’ prices cut by up to Rs30
The Pakistan Democratic Movement (PDM)-led federal government Monday announced decreasing the price of petrol by Rs12 per litre to Rs270 per litre after a fall in the international oil rate. The rates will come into effect at 12 am tonight and remain in place for the next fortnight, Minister for Finance and Revenue Senator Ishaq Dar said during a televised address.
https://www.thenews.com.pk/print/1070827-pol-products-prices-cut-by-up-to-rs30
Rupee extends rally against dollar
In the interbank market, the local unit closed at 284.97 per dollar, compared with Friday’s close of 285.08. However, the investors were seen reluctant to build positions owing the evolving political situation in the country. “The continued political upheaval discouraged investors from taking new positions,” said a currency dealer.
https://www.thenews.com.pk/print/1070682-rupee-extends-rally-against-dollar
RDA inflows reach $6.1bn
Pakistan's Roshan Digital Account (RDA) has seen significant foreign currency inflows from citizens living abroad, totaling $6.102 billion between September 2020 and April 2023, the State Bank of Pakistan data showed on Monday.
https://www.thenews.com.pk/print/1070683-rda-inflows-reach-6-1bn
Oil imports decline 48 percent in April
Pakistan's oil imports suffered a significant decline of 48 percent in April of the current fiscal year compared to the same month in the previous year, latest data showed on Monday.
https://www.thenews.com.pk/print/1070686-oil-imports-decline-48-percent-in-april
OMCs’ margins revision urged
The Petroleum Division on Monday sought the comments from the Oil and Gas Regulatory Authority (OGRA) over the demand of oil marketing companies (OMCs) to raise their margins on motor spirit (MS) and high speed diesel (HSD).
https://www.thenews.com.pk/print/1070692-omcs-margins-revision-urged
Jul-Mar LSMI output declines 8.11pc YoY
The Large Scale Manufacturing Industry (LSMI) output has declined by 8.11 percent during July-March 2022-23 when compared with the same period of last year, says Pakistan Bureau of Statistics (PBS).
https://www.brecorder.com/news/40242352/jul-mar-lsmi-output-declines-811pc-yoy
Govt debt stocks soar to record Rs57trn by Mar-end: SBP
The federal government’s total debt (domestic and external) surged to Rs 57 trillion by the end of March 2023, the State Bank of Pakistan reported on Monday.
https://www.brecorder.com/news/40242340/govt-debt-stocks-soar-to-record-rs57trn-by-mar-end-sbp
$42.3m of WB disbursement: ECC approves Rs7.84bn TSG as rupee cover
The Economic Coordination Committee (ECC) of the Cabinet has approved Technical Supplementary Grant (TSG) of Rs 7.840 billion as the rupee cover against $ 42.3 million amount of the World Bank.
Debt service suspension agreement inked with South Korea
The government, on Monday, signed a debt service suspension agreement with the Republic of Korea amounting to deferment of payment of loans worth $19.911 million, under the G-20 Debt Service Suspension Initiative (DSSI) framework.
https://www.brecorder.com/news/40242338/debt-service-suspension-agreement-inked-with-south-korea
RRMC floats budget proposals
Reforms and Resource Mobilization Commission (RRMC) has recommended the withdrawal of the quarterly statement being filed by the withholding agents in the coming budget (2023-24) to avoid duplication of tasks by such agents.
https://www.brecorder.com/news/40242281/rrmc-floats-budget-proposals
Commodities and Currency: 1-Day Change
Gold:
USD 2021 ▼0.08%
Silver:
USD 24 ▼0.33%
Crude Oil
USD 71 ▲044%
USD-PKR:
Rs 285 ▼0.11%
