Key Pakistan Market Stats and Economic Indicators
Mettis Global News
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15h ago
Market Data and Economic Indicators Weekly Performance   Jul 12, 2024 Jul 05, 2024 PKR InterBank 278.4000 278.3750 KSE100 Index 79,944.10 80,212.79 Avg Daily Volume 438,832,766 440,307,241 Gold (Karachi) Rs/10 gm 213,477 209,534 KIBOR 6M 19.95 20.09 10Y PIB 14.10 14.10 EUR 1.0907 1.084 GBP 1.2988 1.2815 CHF 0.8945 0.8957 JPY 157.9 160.779 CNY 7.2504 7.2689 GOLD 2,411.66 2,391.45 SILVER 30.793 31.214 Open Market Rates   Jul 12, 2024 Jul 05, 2024 USD 280.50 280.35 EUR 304.29 301.00 GBP 361.87 355.20 JPY 1.75 1.73 AED 76.34 75.93 SAR 74.5 ..read more
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Govt imposes ban on flour export
Mettis Global News
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15h ago
July 13, 2024 (MPN): The federal government on Friday withdrew its earlier decision and banned the export of flour made from imported wheat, according to a notification issued by the commerce ministry. Moreover, the government has imposed a ban on wheat imports. "The import of wheat shall remain prohibited regardless of its import status elsewhere in the Import Policy Order, 2022," it said in the notification. To recall, earlier in March, the federal government had allowed the export of flour made from imported wheat through an amendment to the Export Policy Order 2022. However, on Frida ..read more
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Remittance rush can’t hide export woes
Mettis Global News
by Nilam Bano
17h ago
July 13, 2024 (MLN): Pakistan’s diaspora, dispersed across the globe, rallied in support of their cash-strapped homeland in FY24 with $30.25 billion in terms of workers’ remittances, marking a remarkable 10.68% YoY increase from the previous year's $27.33bn. Driven by love for their families and a sense of religious obligation on the eve of Eid ul Adha, June 2024 alone paints a dramatic picture as remittances surged by an extraordinary 44.4% YoY, leaping to $3.16bn from $2.19bn in the same month of the previous year. On a micro level, this influx brings much-needed relief to countless ho ..read more
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Engro Corp’s business restructuring gains CCP approval
Mettis Global News
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18h ago
July 13, 2024 (MLN): The Competition Commission of Pakistan (CCP) has approved a merger for capital allocation and resilience portfolio involving the group restructuring of three merging parties; Dawood Hercules Corporation Ltd (DAWH), Engro Corporation Ltd (ENGRO), and DH Partners Ltd. DH Corp is a publicly listed company that deploys and manages equity investments across a diverse range of sectors in Pakistan. Apart from the capital deployed through its subsidiaries, DH Corp actively invests in local public equities and money markets and is currently evaluating investment opportunities ..read more
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PM urges FBR to revise revenue strategy to combat national debt
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18h ago
July 13, 2024 (MLN): Prime Minister Shehbaz Sharif has directed the Federal Board of Revenue (FBR) to reevaluate its strategy for enhancing revenue collection to help free the country from debt, the Information Ministry reported. Chairing a meeting during a visit to the FBR in Islamabad today, he emphasized that the sectors that are not paying taxes must be brought into the tax net.  The Prime Minister said the digitization process has been started in the FBR, assuring that it will be carried out in the most comprehensive and coordinated manner. He assured to fully support the reven ..read more
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Meezan Bank, ESL launch shariah-compliant trading window for RDA customers
Mettis Global News
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1d ago
July 13, 2024 (MLN): Meezan Bank has signed an agreement with EClear Services Limited (ESL), Pakistan's first Professional Clearing Member, to jointly develop a Shariah-compliant Trading Window for Roshan Digital Account (RDA) customers. Meezan Bank has successfully assisted in developing Shariah-compliant trading functionality within ESL's Electronic Order Management System (EOMS). This enhancement will enable ESL member brokers, in partnership with Meezan Bank, to facilitate RDA customers in opening CDC accounts with their preferred broker for trading in Shariah-compliant shares, Islam ..read more
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IMF, Pakistan seal deal for 37-month Extended Fund Facility worth $7bn
Mettis Global News
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1d ago
July 13, 2024 (MLN): In a notable development, the Pakistani authorities and the IMF team have reached a staff-level agreement that could be supported by a 37-month Extended Fund Arrangement (EFF) worth SDR 5,320 million or $7 billion, according to the statement issued by the Fund.  This agreement is subject to approval by the IMF’s Executive Board and the timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners. The program aims to capitalize on the hard-won macroeconomic stability achieved over the past year by furthering e ..read more
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Meezan Bank becomes first market maker for GoP Ijarah Sukuk on PSX
Mettis Global News
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1d ago
July 13, 2024 (MLN): The Pakistan Stock Exchange (PSX) has inducted Meezan Bank as the first market maker for CDS-eligible Government of Pakistan (GoP) Ijarah Sukuk (GIS) issued through a primary market auction at PSX, according to a press statement issued by the bourse on Friday.  This addition aims to enhance liquidity in the CDS-eligible Government Debt Securities (GDS) market through the quotation of two-way prices and to facilitate the secondary market depth of GoP Ijarah Sukuk (GIS). Since the commencement of GIS auctions through the PSX platform on December 8, 2023, and the s ..read more
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Residential electricity rates hiked by up to 51%
Mettis Global News
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1d ago
July 13, 2024 (MLN): The National Electric Power Regulatory Authority (Nepra) has approved a hike of up to 51% in electricity base rates for residential consumers. According to the new schedule of electricity tariffs, the rates for consumers using up to 200 units — both protected and non protected — will remain unchanged until September 2024. However, from October 2024 onwards, significant increases will be implemented, with the hike going as much as 51%. Protected consumers using up to 100 units per month will see their tariff increase from the current Rs7.74 to Rs11.69 per kWh, marking ..read more
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NEPRA approves 11% hike in electricity tariff
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1d ago
July 12, 2024 (MLN): The National Electric Power Regulatory Authority (NEPRA) has approved an average increase of Rs3.29 per unit in the base electricity tariff. This takes the average base electricity tariff to Rs33.07, up 11% from fiscal year 2023-24. Similarly, the government's request to apply fixed charges at 25% of the sanctioned load or actual Maximum Demand Indicator (MDI) for the month, whichever is higher, has also been approved. NEPRA held a public hearing on July 08 to address government demands to pass on an additional burden of over Rs700 billion to electricity consumers du ..read more
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