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Site update: August 23 2019, at 18:45 PKST
Stock update: August 23 2019.

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Friday, August 23 2019

Market watch: Bullish momentum prevails as index shoots up 912 points
KARACHI: Bulls continued to reign at the Pakistan Stock Exchange on Thursday as the market advanced rapidly for the fourth successive session, powering past the 31,800-point mark. In the morning, trading began on a positive note as the index jumped over 900 points on the back of investor interest in stocks across the board on strong valuations. Upbeat current account data and stability in the rupee against the US dollar added to the optimistic mood, thus pushing the index higher. Overall sentiment also improved on the possibility of a favourable outcome with regard to the Financial Action Task Force’s (FATF) pending decision. On the other hand, greater interest in the subscription of long-term bonds acted as a catalyst, which helped the index close on a bullish note.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Pakistan gets $440m worth of fresh loans in July
ISLAMABAD: Pakistan received $440 million in fresh loans last month amid a gradual shift in the financing source from China to multilateral creditors due to completion of many China-Pakistan Economic Corridor (CPEC) projects. The borrowing of $440 million in July 2019 included $173.3 million in commercial loans from Dubai Bank and a consortium of Credit Suisse, said sources in the Ministry of Finance. Unlike last fiscal year when the share of Chinese assistance was nearly half of the total disbursement, Chinese loans shrank to slightly over one-tenth of the total disbursement of $439.8 million in July, the sources said.
Related news categories: business economic-indicators misc

World Bank president to visit Pakistan in first week of Nov
ISLAMABAD: Pakistan is pursuing a growth-oriented programme for institutional reforms and economic revival, said Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh. Talking to the World Bank Country Director Patchamuthu Illangovan on Thursday, Shaikh said that the technical and financial assistance from the bank was vital for achieving various development goals in different sectors of economy. Illangovan, who along with his team met the adviser, apprised him about the upcoming visit of World Bank President David Malpass to Pakistan in the first week of November. He conveyed a strong desire from the World Bank management to work with Pakistan to drive institutional reforms and support the growth agenda of the government, adding that the bank would be providing any technical or financial assistance required in this regard.
Related news categories: business economic-indicators misc

Foreign exchange: SBP reserves dip $26m to $8.2b
KARACHI: The foreign exchange reserves held by the central bank decreased 0.31% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves. On August 17, the foreign currency reserves held by the SBP were recorded at $8,238.7 million, down $25.7 million, compared with $8,264.4 million in the previous week. The decrease in reserves was mainly due to external debt servicing and other official payments, the statement added.
Related news categories: business economic-indicators misc

Oil rises further above $60, Fed chief speech in focus
LONDON: Oil rose further above $60 a barrel on Thursday, supported by a drop in US crude inventories and OPEC-led supply cuts, although worries about the global economy weighed. US crude inventories fell by 2.7 million barrels last week, more than analysts expected. Still, the US Energy Information Administration also said gasoline and distillate inventories rose. Brent crude rose $0.47 to $60.77 a barrel by 1153 GMT, while US West Texas Intermediate crude added $0.54 to $56.22. Traders are awaiting a speech from Federal Reserve Chairman Jerome Powell on Friday in Jackson Hole, Wyoming that could indicate whether the central bank will continue to cut interest rates.
Related news categories: business misc oilgas-marketing helpline: +92-42-3631-4186 (10:30am to 5:30pm)