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【Daily】8 Sept Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Sep 8, 2023

-Daily MarketKSE 100 45,757 ▼0.11%
KMI 30 76,508 ▲0.20%
KASB Tech Index 430 ▼0.79%
KASB Market View
• The KSE100 index has declined about 3100 points or 5% since touching a high of 49,404. The main reason for this decline was currency devaluation, higher fuel prices, higher inflation, fear of rising interest rates, and no prominent action taken from the caretaker setup on the reforms.
• We believe the market is expected to remain under pressure amid inflationary pressures and an expected hike in the policy rate. Investors are concerned over falling PKR.
• The market is eagerly anticipating concrete progress on the reform plans outlined by the caretaker government. Specifically, advancements in the energy sector reforms and updates on agreements within the Strategic Investment and Future Cooperation (SIFC) framework are poised to improve market sentiment and strengthen the national currency. Currently, the market is in a consolidation
phase, and with upcoming events like the fuel price adjustment on September 1st, 2023, and the monetary policy statement announcement on September 14th, 2023, there will be more clarity, refocusing the market's attention on sectorspecific growth.

National News
Economic challenges; Army vows its full support to caretaker setup The top military brass on Thursday reiterated to continue full support of ongoing efforts in uplifting the socioeconomic growth under the umbrella of Special Investment Facilitation Council (SIFC) and wholeheartedly assisting the government in curbing all illegal activities which hamper economic stability, growth and investors’ confidence.

https://epaper.brecorder.com/2023/09/08/1-page/971621-news.html


Kakar wants five-year economic plan drawn up
Caretaker Prime Minister Anwaar-ul-Haq Kakar has directed the Ministry of Planning to prepare a five-year plan and national economic agenda to set a long-term economic direction. The planning ministry was also mandated for the constitution of different working groups to formulate the next five-year plan from 2023-24 to the fiscal year 2028-29.
https://www.thenews.com.pk/print/1107721-kakar-wants-five-year-economic-plandrawn-up


Lending costs at record high
Commercial banks jacked up the cost of lending to a new record high at 24.62% on Thursday, which strongly indicated that the central bank was considering increasing its benchmark policy rate to a new all-time high next week.
https://tribune.com.pk/story/2434683/lending-costs-at-record-high


SBP reserves dip to $7.8bn, down $70m on debt repayment
Foreign exchange reserves held by the central bank declined by $70 million to $7.779 billion in the week ended September 1, data showed on Thursday.
https://www.thenews.com.pk/print/1107782-sbp-reserves-dip-to-7-8bn-down-70m-ondebt-repayment


Dollar further down by Rs5 in open market
The rupee strengthened against the dollar on Thursday, extending its winning streak in both the interbank and open markets, as positive sentiment and regulatory measures boosted the local currency, dealers said.
https://www.thenews.com.pk/print/1107732-dollar-further-down-by-rs5-in-open-market


Power sector quagmire; Implementation of 3-pronged strategy begins
The government is said to have started implementation on a three-pronged strategy to deal with power sector quagmire which includes anti-theft/recovery drive, conservation through early closure of shops and negotiations with CPEC IPPs on revision in Power Purchase Agreements (PPAs), well informed sources told Business Recorder.
https://epaper.brecorder.com/2023/09/08/1-page/971623-news.html


SIFC identifies 9 power projects worth $6.87bn
The Special Investment Facilitation Council (SIFC) has identified nine power sector projects at an estimated cost of $ 6.870 billion to be offered to investors on Government to Government (G2G) basis, well-informed sources told Business Recorder.

https://epaper.brecorder.com/2023/09/08/12-page/971682-news.html

Commodities and Currency: 1-Day Change
 Gold: USD 1949 ▲0.32%

Silver: USD 23 ▲0.48%
 Crude Oil USD 86 ▼0.74%
 USD-PKR: Rs 306 ▲0.42%

 

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