【Daily】19 May Brief of Pak BizNews

By Staff Reporter | Gwadar Pro May 19, 2023

-Daily Market-

KSE 100 41,442 ▼0.94%

KMI 30 70,749 ▼1.06%

KASB Tech Index 433 ▼3.51%


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

Jul-Apr foreign borrowings down 37.7pc to $8.123bn YoY The government has borrowed $8.123 billion from multiple financing sources including $900 million from foreign commercial banks during the first 10 months (July-April) of 2022-23 compared to $13.033 billion borrowed during the same period of last fiscal year, showing a decline of around 37.7 percent. https://epaper.brecorder.com/2023/05/19/1-page/962763-news.html 

SBP-held forex reserves fall $72mn, now stand at $4.31bn Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $72 million, clocking in at $4.31 billion as of May 12, data released on Thursday showed. https://www.brecorder.com/news/40242878/sbp-held-forex-reserves-fall-72mn-nowstand-at-431bn 

Rupee’s slide continues, settles at 285.62 against US dollar The Pakistani rupee sustained losses for the second consecutive session against the US dollar, depreciating 0.08% in the inter-bank market on Thursday. https://www.brecorder.com/news/40242810/rupees-slide-continues-settles-at-28562against-us-dollar 

E&P firms scale back drilling by 50pc amid cash flow crisis Local oil and gas exploration (E&P) companies have scaled back their drilling activities by 50 percent due to a cash flow crisis resulting from a halt in outstanding payments from Sui gas companies, totaling Rs1,244 billion ($4.4 billion). https://www.thenews.com.pk/print/1071640-e-p-firms-scale-back-drillingby-50pc-amidcash-flow-crisis 

Pakistan-Russia direct shipping service to begin on May 25 A direct containerised shipping service linking Pakistan and Russia is scheduled to commence operations later this month, opening up enhanced trade access for Pakistani products in the lucrative Russian market, an official said on Thursday. https://www.thenews.com.pk/print/1071637-pakistan-russia-direct-shipping-service-tobegin-on-may-25 

PD’s FY24 uplift projects; PD’s FY24 uplift projects The Ministry of Planning, Development and Special Initiatives (MPD&SI) has approved Rs50 billion Indicative Budget Ceilings (IBC) for the Power Division’s development projects in FY 2023-24, advising the Division to adjust its prioritized projects, well-informed sources in the Planning Commission told Business Recorder. https://epaper.brecorder.com/2023/05/19/1-page/962762-news.html 

Lucky Cement’s joint venture to enhance production capacity in Iraq Lucky Cement Limited, one of Pakistan’s largest cement manufacturers, and the AlShumookh group of Iraq have resolved to enhance their clinker production capacity by adding a new line of 1.82 million tons per annum (MTPA) in Samawah, Iraq. https://www.brecorder.com/news/40242825/lucky-cements-joint-venture-to-enhanceproduction-capacity-in-iraq 

Commodities and Currency: 1-Day Change

Gold: USD 1965 ▲0.25%

Silver: USD 24 ▲0.55%

Crude Oil: USD 72 ▲0.65%

USD-PKR: Rs 286 ▲0.25%

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