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Site update: April 07 2020, at 16:30 PKST
Stock update: April 07 2020.

Recent Financial News in the 'misc' category

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Monday, April 06 2020

How corona is changing global macroeconomics?
ISLAMABAD: In the past two weeks, central banks around the world have taken drastic measures to save the rapidly disintegrating global economy from the escalating Covid-19 pandemic. With interruptions in international supply chains due to a global demand slump, the flow of dollar-dominated payments has also stopped, resulting in a tightening of dollar supply worldwide. Amid fears of sovereign debt defaults and crashing asset prices, foreign investors have pulled out portfolios from emerging markets, leading to demand for the greenback appreciating significantly.
Related news categories: business economic-indicators misc

Weekly review: KSE-100 posts highest weekly gain of 12.5%
KARACHI: Bulls made an energetic comeback at the Pakistan Stock Exchange (PSX) following three weeks of bearish trade as the KSE-100 index rebounded with a 12.5% jump – the highest weekly return. The KSE-100 index posted gains of 3,512 points to settle at 31,622 points. Investors cheered measures announced by the government to soften the blow to the economy from the coronavirus pandemic, which fuelled a rally at the bourse. “Till last week, the KSE-100 index had lost 37% of its market capitalisation from its peak (43,219 on January 13, 2020). There was always a chance that, sooner rather than later, some value buying would be witnessed and so it happened,” said a JS Research report.
Related news categories: business economic-indicators misc psx stock-exchanges

World Bank sees Pakistan’s economic growth sliding to 1%
Pakistan’s economic growth may slip to nearly 1% — the situation that the country went through at the time of the last severe global financial crisis – because of the adverse effects of the novel coronavirus outbreak on the manufacturing and services sectors, the World Bank said on Friday. The global lender also said the country’s budget deficit would further widen by 2% of its GDP. This means that the budget deficit gap between income and expenditure will be close to 10% of GDP as against the pre-coronavirus estimates of 7.6%.
Related news categories: business economic-indicators misc

COVID-19 pushes all of Pakistan's positive developments to the side
KARACHI: Pakistan’s foreign currency reserves are estimated to deplete by another $3 billion to $8 billion while the currency may depreciate to Rs170 against the US dollar by June 30, according to a leading local research house. Pakistan central bank is expected to keep the benchmark interest rate unchanged at 11% till December 2020, while the government is likely to renegotiate loan programme with the International Monetary Fund (IMF).
Related news categories: business economic-indicators misc

Gwadar port stays largely unaffected by global pandemic
BEIJING: Despite the prevailing COVID-19 pandemic, the Gwadar Port which is a major project under the China-Pakistan Economic Corridor (CPEC) is functioning well. The comment came in response to a Global Times report which presumed Chinese teams are unable to return to their posts amid the pandemic that has stalled many Belt and Road Initiative (BRI) projects. It is pertinent to mention that a large number of projects under the BRI employ a limited number of Chinese staff and rely on local employees for most roles.
Related news categories: business economic-indicators misc

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