Pakistan receives first tranche of IMF loan

Pakistan has received the first tranche of a US$7 billion loan from the International Monetary Fund (IMF) under a 37-month Extended Fund Facility. The State Bank of Pakistan confirmed the receipt of SDR 760 million, equivalent to USD 1026.9 million. The loan aims to support Pakistan's economic stability and growth, focusing on sustainable public finances, reduced inflation, and strengthened external buffers. Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif expressed satisfaction with the IMF agreement, highlighting the transition towards economic growth and the potential for increased investment and employment opportunities.

Silver price in Pakistan- September 28, 2024

Silver prices in Pakistan on September 28, 2024, were influenced by global market trends, exchange rates, and domestic factors. The rate for 10 grams was Rs 2,829, and one tola was Rs 3,297. The London Bullion Market Association noted fluctuations due to currency movements, particularly the rupee against the US Dollar. Silver remains a significant asset in Pakistan, used in various sectors including jewellery and electronics.

PSX slides 365 pts amid investor concerns over IMF conditions

The Pakistan Stock Exchange (PSX) experienced a decline of 365.83 points, closing at 81,292.13, amid investor concerns over the International Monetary Fund's (IMF) stringent conditions, which include ending energy subsidies and implementing tax reforms. These measures are expected to increase inflation in FY25. Ahsan Mehanti, CEO of Arif Habib Commodities, highlighted the impact of political noise and delays in privatizing state-owned enterprises on the market's bearish trend. Despite initial positive momentum, the trading session ended with a significant decline, reflecting mixed investor sentiment. Technical analysis suggests potential support and resistance levels, with brokerage houses advising cautious buying positions.

Silver price in Pakistan- September 27, 2024

Silver prices in Pakistan on September 27, 2024, were influenced by global market trends, exchange rates, and domestic factors. The rate for 10 grams was Rs 2,876, and one tola was Rs 3,352. The London Bullion Market Association noted fluctuations due to currency movements, particularly the rupee against the US Dollar. Silver remains a significant asset in Pakistan, used in various sectors including jewellery and electronics.

Heavy rains predicted in Oman from September 29

The Oman Meteorology Department forecasts rainfall across Oman from September 29 to October 1, 2024, with heavy clouds expected in Dhofar Governorate and cumulus cloud activity in the Al Hajar Mountains. The National Center for Early Warning of Multiple Hazards is monitoring the situation, urging the public to stay informed and take precautions. Authorities emphasize the importance of preparedness and adherence to safety guidelines to mitigate potential risks.

PM Shehbaz attends Bangladesh’s 50th UN membership anniversary

Prime Minister Shehbaz Sharif attended Bangladesh's 50th UN membership anniversary, highlighting the strengthening of Pakistan-Bangladesh relations and Bangladesh's progress since joining the UN. The event underscored Bangladesh's commitment to multilateralism and its achievements in human development and economic growth. In discussions with journalists, Shehbaz Sharif expressed concerns over the Middle East conflict, particularly the situation in Lebanon, and advocated for a two-state solution for Palestine as the only viable resolution.

PSX set to surge as KSE-100 targets 86,000 points post-IMF approval

The KSE-100 Index of the Pakistan Stock Exchange closed at 82,331.85 points, marking a significant rise driven by major stocks like MCB Bank Limited and Oil and Gas Development Company. The positive momentum is linked to easing political tensions and anticipation of the IMF's approval of a $7 billion Extended Fund Facility for Pakistan. The session saw 72 stocks rise, with notable gains in cement stocks, while some stocks like Fauji Fertilizer Company Limited experienced declines. The index is expected to target 86,000 points, with potential support and resistance levels identified.

Silver price in Pakistan- September 25, 2024

Silver prices in Pakistan on September 25, 2024, were influenced by global market trends, exchange rates, and domestic factors. The rate for 10 grams was Rs 2,835, and one tola was Rs 3,303. The London Bullion Market Association reported fluctuations due to currency movements, particularly the rupee against the US Dollar. Silver remains a significant asset in Pakistan, used in various sectors including jewellery and electronics.

Pakistan, China ink MoU for gas exploration

Pakistan's Oil & Gas Development Company (OGDCL) and China's CCDC have signed a Memorandum of Understanding (MoU) to explore shale and tight gas potential in Pakistan, aiming to address the country's energy needs. The agreement was signed during the 8th Silk Road International Exposition in Xi'an, China, with key figures such as Pakistan's Federal Minister for Energy and the Ambassador to China in attendance. This collaboration is expected to enhance energy sector ties between the two nations. OGDCL has also commenced production from Pakistan's first tight gas project in Sindh, contributing 1.5 million cubic feet of gas per day to the Sui Southern Network.

PSX opens positively, but succumbs to selling pressure

The Pakistan Stock Exchange's KSE-100 index opened positively but closed with a 366-point decline due to selling pressure and profit-taking in key stocks like Hub Power Company Limited and Engro Fertilizers Limited. Despite robust trading volumes, political noise, a weak rupee, and government decisions regarding IPPs contributed to the bearish trend. The index remains volatile, with potential support and resistance levels identified by AKD Research.