April,07(A. E Report)—— Pak Rupee moved back to losing zone while depreciating slightly against US dollar in the inter-bank market on Friday despite a slight recovery in early hours.According to State Bank of Pakistan (SBP), the local currency closed at 284.65, down 0.23 or 0.08 percent.A day earl, Rupee registered significant gains against the US dollar, settling at 284.42 in the inter-bank market after a gain of Rs3.43 or 1.21%, on the back of news that the IMF has received assurance from Saudi Arabia of helping out Pakistan. The IMF is seeking such assurances before it revives its bailout programme for the South Asian country.Minister of State for Finance Aisha Ghaus Pasha on Thursday informed that Saudi Arabia has told the lender i...
April 9, 2023 at 4:31 am | Economic Affairs
April,07(Agencies)—— Malaysian palm oil futures inched down on Friday to a one-week closing low, weighed by weakness in Dalian rival oils, although the contract clocked a weekly rise on expectation of tightening supply.The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange closed down 23 ringgit, or 0.6%, to 3,800 ringgit ($863.44) a tonne.For the week, palm has risen 1.04%, advancing for a second consecutive week.Spot month was holding firm reflecting support on physical side, but far months were showing weakness because market sentiment is weak, a Kuala Lumpur-based trader said.Investors are awaiting Malaysian Palm Oil Board (MPOB) data due on Monday to determine further price direction.A Reuters...
April 9, 2023 at 4:30 am | Economic Affairs
April,07(A. E Report)—— Saudi Fund for Development (SFD) has signed a $240-million loan agreement with government to support Mohmand Multipurpose Dam Project.According to SFD statement, the Kingdom’s agency that provides development assistance to developing countries, the Mohmand Multipurpose Dam Project will enhance water and food security, and improve the standard of living for people living in the Khyber Pakhtunkhwa province.The project, which is co-financed by the SFD, OPEC, Islamic Development Bank, and the Kuwait Fund for Arab Economic Development, aligns with some of the United Nations Sustainable Development Goals (SDG). These include food security, clean water and clean energy.The project is expected to have a significant im...
April 9, 2023 at 4:29 am | Economic Affairs
April,07(A. E Report)—— KSE-100 Index fell 0.75 percent Friday following reports circulated regarding Finance Minister Ishaq Dar pulling out of his visit to World Bank and International Monetary Fund (IMF) spring meetings shattered investor sentiment.Talks on resumption of the stalled IMF programme were expected from the visit and hence, the sudden cancellation impacted trading at the PSX. At close, the KSE-100 Index settled at 40,049.65, a decrease of 301.24 points or 0.75 percent.Trading began upward but selling pressure emerged that erased the gain. The market fell steadily for the rest of the day and closed with a loss.Automobile, cement, chemical, banking and oil sectors saw a selloff and closed in the red.A report from Capital St...
April 9, 2023 at 4:26 am | Economic Affairs
April,05(A. E Report)—— Pakistani rupee hit a new record low on Wednesday amid ongoing political uncertainty in addition of inability to revive the crucial International Monetary Fund (IMF) programme.As per the State Bank of Pakistan (SBP), the rupee closed at 287.85, a loss of Re0.56 or 0.19%. Earlier during the day the currency had touched 288.25 against the greenback.This comes a day after the rupee hit a new historic low of 287.29 in the inter-bank market after a decline of Rs2.25 or 0.8%.In a key development that took place after markets closed on Tuesday, the Monetary Policy Committee (MPC) of the SBP announced it was raising the policy rate by 100 basis points (bps) to an all-time high level of 21% to curtail rising inflation.It...
April 5, 2023 at 9:08 pm | Economic Affairs
April,05(Agencies)—— Malaysian palm oil futures slipped on Wednesday after touching a near three-week high the previous day, although a forecast of shrinking stockpiles limited the losses.The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 56 ringgit, or 1.41%, to 3,910 ringgit ($889.85) a tonne by the midday break. The contract had risen 5.45% in the last two sessions.Palm prices are expected to recover, supported by positive fundamentals and external markets, Refinitiv Commodities Research said in a note.“Earlier, heavy rains and floods in Malaysia had resulted in weaker output, while Indonesia’s export restrictions prompted buyers to turn towards the Malaysian palm oil supply,” it ...
April 5, 2023 at 9:07 pm | Economic Affairs
April,05(A. E Report)—— Pakistan Stock Exchange (PSX) experiences another volatile session on Wednesday, as the benchmark KSE-100 Index ended the day flat, while both the volume and value of shares traded improved from the last close.Trading began on a positive note, with the benchmark index reaching an intra-day high of 39,904.75, up by 240 points during the initial hours. Investors rejoiced after the central bank raised its policy rate by only 1%, lower than market expectation, which was anticipating a rate hike of around 1.5% to 2%.By the end of the day, the KSE-100 Index settled with an increase of 29.89 points or 0.08% to close at 39,717.15.After markets closed on Tuesday, the Monetary Policy Committee (MPC) of the State Bank of P...
April 5, 2023 at 9:06 pm | Economic Affairs
April,05(Agencies)—— Gold prices rose on Wednesday to their highest level since March 2022 after weak US economic data spurred safe-haven demand and expectations that the Federal Reserve might loosen its stance on monetary policy tightening.Spot gold was up 0.3% at $2,025.49 per ounce, as of 0716 GMT, in thin trade as China and Hong Kong markets were closed for a holiday.US gold futures firmed 0.2% to $2,042.10.The dollar index hovered near two-month lows, making bullion cheaper for buyers holding other currencies.“Gold could continue to tear to the upside,” given a slowing global economy with high inflation, said Clifford Bennett, chief economist at ACY Securities, adding that the dollar’s weakness was allowing gold to leap high...
April 5, 2023 at 9:01 pm | Economic Affairs
April,05(Agencies)—— US dollar stuck near two-month lows on Wednesday as weak economic data bolstered views that the Federal Reserve is near the end of its monetary tightening cycle.Data overnight showed US job openings dropped to their lowest level in nearly two years in February, suggesting that labour market conditions were finally easing.Job openings, a measure of labour demand, were down 632,000 to 9.9 million on the last day of February, the monthly Job Openings and Labor Turnover Survey, or JOLTS report, showed. Economists polled by Reuters had forecast 10.4 million openings.The dollar index, which measures the currency against six peers, eased to a fresh two-month low of 101.43, after dropping 0.5% overnight.The euro was up 0.1...
April 5, 2023 at 8:58 pm | Economic Affairs
April,04(Agencies)——Malaysian palm oil futures jumped on Tuesday, hitting their highest closing levels in nearly three weeks, as traders covered positions following a surge in crude prices.The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange closed 85 ringgit higher, or 2.19%, to 3,969 ringgit ($901.23) a tonne.The contract jumped 3.3% on Monday, tracking a spike in crude prices after the OPEC+ group jolted markets with plans to cut more production.“The surprising move by OPEC+ to cut production added with USDA planting intentions, which came in at the low-end saw short covering in the market,” said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.Palm posts bi...
April 5, 2023 at 9:20 am | Economic Affairs
April,04(Agencies)—— Wall Street stocks were almost flat early Tuesday as markets shrugged off the political drama surrounding former US president Donald Trump in a holiday-shortened trading week.About 40 minutes into trading, the Dow Jones Industrial Average was down slightly at 33,594.68.The broad-based S&P 500 edged up 0.1 percent to 4,129.78, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 12,212.50.The impending arraignment of Trump in a New York courtroom later in the day has dominated headlines, as he faces charges over hush money paid to a porn star ahead of the 2016 election that brought him to power.Trump is the first sitting or former American president to be criminally indicted – a historic developm...
April 5, 2023 at 9:18 am | Economic Affairs
April,04(A. E Report)——Negative economic indicators and uncertainty over resumption of the International Monetary Fund (IMF) programme pushed the Pakistani rupee towards a new historic low against the US dollar, as the currency settled over the 287 level for the first time in the inter-bank market on Tuesday.As per the State Bank of Pakistan (SBP), the rupee closed at 287.29, a loss of Rs2.25 or 0.8%. This is the lowest level for the Pakistani rupee since it hit 285.02 against the greenback in March this year.Pressure on the rupee continued from a day prior, when it closed at 285.04 in the inter-bank market against the dollar, a decline of Rs1.25 or 0.44%.Earlier in the year, the rupee had suffered a dramatic fall when it went from 230...
April 5, 2023 at 9:18 am | Economic Affairs
April,04(A. E Report)——World Bank has sharply lowered Pakistan’s current year growth forecast, saying the country’s economic growth prospects have weakened due to tighter financial conditions and limited fiscal space.The World Bank now expects Pakistan’s economy to grow 0.4% in the current year, from its October forecast of 2% growth. The bleaker forecast assumes an agreement is reached with the International Monetary Fund for bailout funds, it said.Pakistan’s fiscal year starts from July and runs through June. Pakistan expects its economy to grow 2% in FY23, however, the country’s central bank chief said in January the growth forecast could face downward pressure.The South Asian nation has been in economic turmoil for months...
April 5, 2023 at 9:15 am | Economic Affairs
April,03(A. E Report)—— Pakistani rupee stayed under pressure against US dollar, depreciating 0.44% in the inter-bank market on Monday.According to State Bank of Pakistan (SBP), the rupee settled at 285.04, a loss of Rs1.25.During the previous week, the rupee had depreciated a marginal 0.21% to settle at 283.79 as a slightly higher level of foreign exchange reserves kept the downside pressure at bay even without a revival of the International Monetary Fund (IMF) programme.However, reserves held by the SBP remain at less than one month of import cover, underscoring the need for resumption of the programme.Experts believe the currency will likely remain under pressure, especially since a cut in oil production could boost the commodity’...
April 4, 2023 at 12:21 pm | Economic Affairs
April,03(Agencies )—— Malaysian palm oil futures finished more than 3% higher on Monday, in the market’s biggest rise in two months, as a rally in crude oil lifted prices after Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target.The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange climbed 124 ringgit, or 3.3%, to 3,885 ringgit ($879.56) a tonne, peaking at 3,919 ringgit, or 4.2% higher, earlier in the session.“A buying frenzy, fuelled by crude oil, sent palm futures up,” said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.“As fossil fuel prices rise, the demand and use of palm-biodiesel become more attractive.”Malaysia said on Sunday it...
April 4, 2023 at 12:20 pm | Economic Affairs
April,03(Agencies)—— The OPEC+ group’s surprise additional production cuts could push oil prices back towards $100 a barrel, tighten the market and encourage refiners to diversify supplies, analysts and traders said.Oil prices jumped more than $4 a barrel on Monday after the Organization of the Petroleum Exporting Countries and their allies including Russia announced further production cuts of about 1.16 million barrels per day (bpd) from May through the rest of the year.The pledges will bring the total volume of cuts by the group known as OPEC+ since November to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand.OPEC+ had been expected to hold output steady this year, having already cut by 2 million b...
April 4, 2023 at 12:18 pm | Economic Affairs
Pakistan Rupee Exchange Rate