daily check

Index experienced a subdued week, declining by xxpts (xx%WoW). Additionally, trading volumes also stood lower, reaching xxmn shares for the week (down xx%WoW). Overall, the incidence of futures rollover, coupled with it being the last week of the fiscal year contributed to the lack luster performance. Furthermore, several important data points came in during the week, including a CAD of US$270mn, below expectations of a slight positive balance. This was due to the SBP acting swiftly to clear the backlog of overdue outward dividend repatriations, impacting the balance negatively. Additionally, monthly FDI clocked in at US$271mn (up 95%YoY), taking 11MFY24 FDI to US$1.73bn (up 15%YoY). Moreover, the week saw news emerging about the IMF disapproving certain concessions not addressed in the Federal Budget. Additionally, the lending authority also disapproved the PM's scheme provided to the industrial sector. Friday saw the finance minister presenting the finance bill to the NA with several amendments. These included introduction of a 15% FED on sales by builders/developers, continued concessions on HEV imports, and increased FED on cement, among other changes. On the external front, country’s FX reserves fell by US$239mn on a weekly basis, ending at US$8.9bn. Additionally, the domestic currency continued to strengthen against the greenback, ending the week at PkR278.34/USD (up 0.06%WoW).

 

Other major news flows during the week were; 1) WB approves $535m for social protection, livestock development, 2) No cut in gas tariff from July 1st, 3) Aurangzeb issues warning to retailers, 4) Govt raises Rs908b in new debt via T-Bills, PIB, and 5) Profit, dividend: Foreign investors repatriate record $918m in May

Comments

Post a Comment

Popular posts from this blog

NewsDaily

Budget 2024-25 wins IMF praise amid calls for more fiscal tightening The International Monetary Fund (IMF) has praised the stringent economic measures outlined in the budget, citing them as essential for economic stability, according to sources. The sources also reveal that there has been progress in the talks between Pakistan and the IMF. The Fund, they said, has welcomed the tough economic decisions in Pakistan's federal budget and praised the positive role of political parties. The IMF has also appreciated the limitation of tax exemptions for economic improvement. However, the IMF has reiterated its call for fiscal discipline despite the approval of the Federal Budget 2024-25. Sources also revealed that the IMF has urged Pakistan to raise electricity and gas prices by July 10, preferring implementation by July 1, with immediate action on NEPRA's decisions for electricity price increases. Gas rates will increase to reduce subsidies in the upcoming fiscal year, aligning with
Read more

BOOK

Whether you’re the powerful CEO of a flourishing Fortune 500 company or a struggling musician and part-time waiter, you have the power within you to be irresistible to beautiful women.  In fact, there’s only one thing that separates the Casanovas from the creeps, the Lotharios from the losers, and the players from the posers: men who are successful with women have simply learned how to unlock this innate power, and how to use all its benefits to their greatest advantage.   I know, I know…it sounds too simple, right?  And why should you believe me anyway?  What makes me such an expert on the subject? I’ve spent years and years studying psychology, relationships, and attraction, and have worked as a professional dating coach, a social dynamics and charisma instructor, and a body language expert.  I trained with Wyatt Woodsmall, neurolinguistic programming and motivational speaking expert, and long-time mentor of Anthony Robbins, as well as the first generation of Dale Carnegie instructor
Read more