Pakistan stocks remained under severe pressure this week on political tensions and delays in IMF deal. This week KSE100 Index lost 3.36% (1388 points) closing below 40K at 39,942. See Chart.
Breaking silence International Monetary Fund (IMF) on Friday tied assurances from the country’s (Pakistan) external partners with the renewal of its package deal. Read
Cash Margin Requirement (CMR) on import of goods has been removed by the State Bank of Pakistan. This was imposed as the country faced foreign exchange crunch. This was having a choke hold on business activities. SBP reserves have improved recently on lower current account deficit and foreign exchange support from China banks. Read More.
Pakistan's total liquid foreign exchange reserves crossed the $10 billion mark supported by foreign inflows. Read
Real Estate Investment Trust (REIT) Management Companies have been allowed by the State Bank of Pakistan for private placements of REIT units to non-residents Pakistanis. Read
Oil recovered slightly this week from last weeks lows. However, WTI Crude remained below $69 and Brent below $75. Oil is trying to recover as banking sector crisis spilled over. See Chart.
Gold traded above $2000 this week. Remained strong as stock markets faced headwinds. See Chart.
US Federal Reserve Chair Jerome Powell said that the recent banking sector turmoil could result in banks becoming stricter in extending credit. In other words: a credit crunch is coming. Tweet.
US Stocks end the tumultuous week in green after facing banking sector crisis fears and a Fed rate hike. Dow Jones ended the week rising 1.5% closing at 32237. Read