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
April,03(A. E Report)—— Petroleum products’ sales clocked in at 1.11 million tons in March, registering a decline of over 39% year-on-year, mainly due to lower demand of Furnace Oil (FO) for power generation and slowdown in economic activity due to Ramadan effect, said experts.March registered lowest monthly sales number in 35 months where FO sales nosedived by 70% YoY in March 2023, amounting to 0.09 million tons, data showed.Sale of MS (petrol), fell 28% YoY, clocking in at 0.56 million tons in March. Volume of High-Speed Diesel (HSD) plunged by 43% YoY, settling at 0.40 million in March 2023.On a month-on-month basis, POL products offtake witnessed a drop of 9% during March. Volumes of MS inched up slightly by 1%, whereas HSD and ...
April 4, 2023 at 12:16 pm | Economic Affairs
April, 03(Agencies)—Most Asian currencies fell on Monday, with the South Korean won suffering the biggest drop after the Organisation of the Petroleum Exporting Countries announced a surprise cut in oil output that stoked fears about persistent inflation.The South Korean won slumped as much as 1.5%, its worst day in about a month. The currency is emerging Asia’s weakest, having lost more than 4% on a year-to-date basis.Brent oil futures rallied in early trade after OPEC+ announced late on Sunday further oil production cuts of around 1.16 million barrels per day. That overshadowed market optimism over a softer reading of core inflation from the United States on Friday.A jump in oil prices usually results in a sell-off in riskier assets ...
April 4, 2023 at 12:13 pm | Economic Affairs
April,03(EA Report)——Pak Suzuki Motor Company (PSMC) on Monday extended its shutdown of its motorcycle plant till April 15 and suspending its automobile plant operations from April 7 to April 14 due to inventory shortage as import restrictions continue to hit the auto sector.The company shared the development in a notice to the Pakistan Stock Exchange (PSX).“Due to shortage of inventory level… the management of the company has decided to extend shutdown period of its motorcycle plant till April 15, 2023,” read the notice.“The automobile plant will also observe shutdown on April 07, 2023 & April 14, 2023 due to shortage of inventory level,” it added.PMSC is the local assembler, manufacturer and marketer of Suzuki cars, pic...
April 4, 2023 at 12:11 pm | Economic Affairs
Pakistan Rupee Exchange Rate