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Rupee broadly stays stable against USD on post-Eid session

April,20(E. A Report) — Pakistani rupee stayed broadly stable against the US dollar, settling with an appreciation of 0.03% on Wednesday at opening after a five-day gap owing to Eid holidaysAccording to the State Bank of Pakistan (SBP), local currency settled at 283.39, an increase of Re0.08. It had depreciated during the early hours of trading before clawing back to finish positive.Rupee regained its upward momentum against the US dollar on Thursday last week, settling at 283.47 in inter-bank market where market participants continued to await resumption of the International Monetary Fund (IMF) Extended Fund Facility (EFF), which has been stalled since last year.Finance Minister Ishaq Dar once again said the government has met all the c...

April 26, 2023 at 10:05 pm | Economic Affairs

KSE-100 Index ends post-Eid session flat

April, 26 (E. A Report) — Pakistan Stock Exchange (PSX) ended another volatile session on a positive note after a 5-day Eid break. The benchmark KSE-100 Index inched up 0.22%, while volume and value of shares traded improved from the last close on Wednesday.Indices extended gains from the previous session, amid improved market participation, as benchmark KSE-100 Index touched an intra-day high of 41,364.60 (up by 356.75 points).However, selling in the final stages of the trading session eroded the gains, and the benchmark index settled with an increase of 91.76 points to close at 41,099.58.Market analysts said improvement in economic indicators, especially on account of current account surplus, drove the sentiment.Pakistan’s current ac...

April 26, 2023 at 10:04 pm | Economic Affairs

Recession fears are tempered by US inventories lead Oil to stay mixed

April,26(Agencies)—Oil prices were mixed on Wednesday as falling U.S. inventories lifted the U.S. WTI price while Brent benchmark steadied as market took stock of weak U.S. data that raised fears of recession in the world’s biggest economy.Brent crude eased by 9 cents, or 0.1%, to $80.68 a barrel by 1035 GMT. U.S. West Texas Intermediate crude gained 23 cents, or 0.3%, to $77.30.U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels.Gasoline inventories fell by 1.9 million barrels last week while distillate inventories rose by 1.7 million barr...

April 26, 2023 at 10:04 pm | Economic Affairs

Pak Suzuki announces another shutdown, plants to stay closed till May 9

April,20(E. A Report) —Pak Suzuki Motor Company (PSMC) once again announced of its automobile and motorcycle plant shutdown until May 09.Decision was made due to the ongoing government import restrictions that have affected the auto sector, causing a shortage of inventory, it said.“Due to shortage of inventory level, the management of the company has decided to shut down motorcycle and automobile plant from May 02, 2023 to May 09, 2023,” read a notice to the Pakistan Stock Exchange (PSX) on Wednesday.It is pertinent to mention that PSMC earlier announced to shut its motorcycle plant till April 28 due to a lack of raw material. Meanwhile, the automobile plant was shut from April 07 to April 14.PMSC is the assembler, manufacturer, and ...

April 26, 2023 at 10:01 pm | Economic Affairs

Palm hits 1-month low on weak exports

April,26(Agencies)—Malaysian palm oil futures fell for a fourth consecutive session on Wednesday to close at their lowest level in a month, as weak exports and rival oils weighed on market sentiment.Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost 64 ringgit, or 1.76%, to 3,571 ringgit ($801.57) a tonne, its lowest close since March 27.“The price erosion in competing edible oils initiated the lower opening and intermittent selling due to margin calls,” said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.Top producer Indonesia plans to set its crude palm oil reference price at $955.53 per tonne for May 1 to 15, up from $932.69 in the last two weeks of April...

April 26, 2023 at 10:00 pm | Economic Affairs

Persistent recession fears dip Asian currencies, stocks

April,26(Agencies)— Asian currencies and equities fell on Wednesday as risk sentiment remained tepid after softening US data and renewed banking sector concerns fanned fears of a recession.Malaysia’s ringgit weakened 0.4% to its lowest level in over a month, and Indonesia’s rupiah also declined 0.4%.“Slump in US consumer confidence, Richmond fed manufacturing index and US equities overnight added to US recession worries and undermined risk sentiments,” analysts at OCBC wrote.US markets fell sharply overnight and MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.4% in early trade, after US consumer confidence dropped to a nine-month low in April, further heightening the risk that the economy could fall into re...

April 26, 2023 at 9:55 pm | Economic Affairs

China’s yuan firms rebounding six-week low

April,26(Agencies)— China’s yuan firmed on Wednesday rebounding from an over six-week low, as investors’ were heartened by news of a government support plan for overseas trade in response to subdued global demand and exporters complaints over reduced orders.China’s cabinet issued a plan on Tuesday that included supporting exports of automobiles and facilitating visas for overseas businessmen.Some analysts still expected the export sector to struggle given the expectations of a recession in the United States, where consumer confidence dropped to a nine-month low in April.“While the momentum of China’s recovery has been decent this year, it has been mainly driven by domestic recovery rather than exports,” said Khoon Goh, head o...

April 26, 2023 at 2:35 pm | Economic Affairs

Bull run let KSE-100 Index to gain over 500 points

April,20(E. A Report) — Pakistan Stock Exchange (PSX) witnessed a bull run on Thursday as the benchmark KSE-100 Index gained over 500 points on the back of improved macroeconomic cues.Current account surplus of March 2023 revived investors’ interest.By the end of the session, the KSE-100 Index closed 508.48 points or 1.26% higher to settle at 41,007.82.Following an upward open, the market rose steadily throughout the session.Across-the-board buying was witnessed with index-heavy sectors including, automobile, cement, chemical, commercial banks and pharmaceuticals trading in the green.Market experts attributed the positive sentiment to improved current account figures, as it was announced on Wednesday that the country’s current accoun...

April 25, 2023 at 11:43 am | Economic Affairs

Rupee settles at 283.47 against US dollar by gaining momentum

April,20(E. A Report) — Pakistani rupee appreciated 0.15% against US dollar during trading in the inter-bank market on Thursday.According to the State Bank of Pakistan (SBP), local currency settled at 283.47 with an increase of Rs0.42.In a key development, Pakistan’s current account posted a massive surplus of $654 million in March against a (revised) deficit of $36 million in February 2023, reported the State Bank of Pakistan (SBP) on Wednesday.“Cumulatively, the current account deficit reduced to $3.4 billion in July-March FY23 against a deficit of $13 billion in July-March FY22,” the SBP said in a statement.Development comes after Rupee remained largely stable against US dollar at 283.89 in the inter-bank market on Wednesday as ...

April 25, 2023 at 11:41 am | Economic Affairs

US imposes $300mn penalty on Seagate over Huawei shipments

April,20(Agencies)—US authorities on Wednesday imposed a $300 million penalty on Seagate Technology, to resolve alleged violations of export controls related to selling hard disk drives to Huawei Technologies, the Commerce Department said.The manufacturer was involved in the shipment of hard disk drives valued over $1.1 billion to Huawei entities despite US controls.The violations, according to the Commerce Department, took place between August 2020 and September 2021.In 2019, the US added Huawei and some of its affiliates to a trade blacklist that imposed licensing requirements on exports, re-exports and transfers of goods.The Bureau of Industry and Security (BIS) also introduced controls in 2020 over certain foreign-made items to “be...

April 25, 2023 at 11:40 am | Economic Affairs

Asian currencies slip on investors’ cautious mood

April,20(Agencies)— Asian currencies slipped on Thursday as a cautious mood set in among investors in a subdued market contemplating the implications of an expected interest rate hike by the US Federal Reserve next month.Thailand’s baht and Malaysia’s ringgit notched small gains, while South Korea’s won depreciated 0.2% to hit a five-month low. The Taiwanese dollar also fell, sinking to its lowest level since mid-March. “The main theme right now is that higher interest rates in major markets including the Fed (in the US) are pressuring Asian currencies,” said Ken Cheung, Chief Asian FX Strategist at Mizuho Bank.Money markets are now pricing in a more than 90% probability that the Fed will raise interest rates by 25 basis points...

April 25, 2023 at 11:38 am | Economic Affairs

Bank holidays for Eid-ul-Fitr announced from 21st—25th April, smooth transition guidelines issued

April,19(E. A Report) —State Bank of Pakistan (SBP) on Wednesday announced bank holidays for Eid-ul-Fitr. This is an annual Islamic festival celebrated by Muslims worldwide after the holy month of Ramadan.The central bank has declared that it will remain closed from 21st to 25th April, 2023 (Friday to Tuesday) on the occasion of Eid-ul-Fitr.SBP has also issued guidelines for banks to ensure that customers can conduct their transactions smoothly during the holiday period.After the holidays end on April 25, 2023, banks will resume operations on April 26 and revert to their normal banking hours. This means that customers can continue their financial transactions without any disruption.In conclusion, the announcement of bank holidays for Eid...

April 19, 2023 at 9:53 pm | Economic Affairs

China’s yuan softens ahead of key lending rate moves

April,19(Agencies)——China’s yuan weakened as investors awaited further direction on lending benchmark rates that could hold the key to injecting more momentum into the country’s post-COVID recovery.Trading was subdued in a tight range, with volume dropping to $11.1 billion around midday compared with an average of $15 billion.China will set its benchmark lending rates, the one-year and five-year loan prime rates (LPRs) on Thursday.Used in the pricing of retail and corporate loans, the LPRs are published by the central bank on the 20th of every month. The benchmarks had stayed unchanged for the seventh straight month in March.Some analysts believe China’s faster-than-expected economic expansion in the first quarter of 4.5 % year-o...

April 19, 2023 at 5:31 pm | Economic Affairs

Oil skids on likely Fed rate hike;overshadows falling stocks

April,19(Agencies)——Oil dropped on Wednesday on indications of slow growth and dampen oil consumption following potential interest rate hikes from the US Federal Reserve leading to offsetting falling US inventories and strong Chinese economic dataBrent crude futures shed 35 cents, or 0.4%, to $84.42 a barrel as at 0641 GMT.West Texas Intermediate US crude fell 33 cents, also 0.4%, to $80.53 a barrel.US central bank likely has one more interest rate rise in store to fight inflation, Atlanta Fed President Raphael Bostic said on Tuesday.Markets are pricing in an 86% chance the Fed raises rates by 25 basis points at its May policy meeting. In Europe, European Central Bank officials are also wary of inflation and suggesting interest rates m...

April 19, 2023 at 2:32 pm | Economic Affairs

PCJCCI call for utilization of local coal reserves

April,19(E. A Report) — President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) Moazzam Ghurki called for utilization of local coal reserves of PakistanDuring a think-tank session here at PCJCCI secretariat here Wednesday, he cited that coal is the most widely used cheap electricity producing source, which is currently generating 36 percent of world's electricity., he added that Pakistan has large reserves of coal specially lignite coal which China has imported for US $ 8 billion in 2021 from other countries instead of Pakistan due to the lack of technology and modern methods. The government of Pakistan should introduce modern technology to facilitate the miners with latest mechanisms, to work on the coal reserves.Fang Y...

April 19, 2023 at 2:30 pm | Economic Affairs

Asian forex stays subdued largely; Dollar index ticks up 0.2-101.90%

April,19(Agencies)——Asian markets were largely subdued on Wednesday, with currencies and shares both trading slightly weaker where Thailand’s baht and the Singaporean dollar slipped 0.5% and 0.2%, respectively, while the yuan depreciated 0.2%.Investors look for fresh cues on the future path of interest rates in the US.Dollar index ticked up 0.2% to 101.90 in Asian trading.St. Louis Federal Reserve chief James Bullard told the Fed should continue raising interest rates to subdue persistent inflation.Atlanta Fed President Raphael Bostic said he expects just one more quarter-point hike, followed by an extended pause.“The market is currently pricing in the near-certainty of a 25-basis point hike, but there is really a lot of uncertaint...

April 19, 2023 at 2:28 pm | Economic Affairs