Skip to main content

Policy rate raised by 2.5%

KSE100 Index today lost 324 points closing down 0.74% at 43,787. Major contributors to the index were banks. Today political uncertainty continued as Supreme Court of Pakistan hears a key case to decide on the fate of political process,  In addition to that increase in cut off yield in yesterday's T Bill auction taking 6 Months T Bill rate to 13.25%, also impacted the market negatively. Today's trading volume was better than yesterday's showing some bargain hunting.

As expected, the SBP held an emergent meeting of MPC and increased policy rate by 2.5% to 12.25%. See SBP Tweet.

Foreign reserves declined by 5.8%. See details. Rupee under severe speculative pressure and touched 189.

Pakistan Eurobond offer highest yield in the world now. See this tweet. I doubt if a lot of volume traded on this though.


Supreme Court of Pakistan is about to announce its verdict on constitutional impasse created by a wrong and mischievous ruling of deputy speaker sitting for the Speaker. Important to see if the verdict addresses the question of law or it is just political expediency. 

Gold eased after Fed minutes released. Has been in a channel for some time now.


Popular posts from this blog

Brent Crude Logs Biggest Weekly Drop Since September on Weak Demand, Easing Tensions

Oil prices were under pressure this week. Brent crude oil futures fell 1.9% to $73 per barrel on Friday, registering the biggest weekly loss since early September, with prices dropping over 7%. The decline was attributed to weaker demand forecasts from OPEC and the International Energy Agency (IEA), slowing economic growth in China, and signs of easing geopolitical tensions in the Middle East. Both OPEC and the IEA revised down their demand forecasts for 2024 and 2025. China's refinery output declined for the sixth consecutive month, impacted by weak fuel demand and the growing adoption of electric vehicles (EVs). Meanwhile, U.S. crude oil production reached a new record last week. Although a drawdown in U.S. crude inventories and stronger-than-expected retail sales in September provided some support to oil prices, easing concerns about a broader conflict in the Middle East exerted additional downward pressure on the market.
Read more
 A Snapshot of Exchange Traded Funds at PSX
Read more

PSX Strongly Rebounds

The Pakistan Stock Exchange (PSX) reacted positively to the conclusion of the IMF staff-level agreement and has now recovered a substantial part of the losses sustained on Monday. Today, out of the 1,139-point gain in the KSE-100 Index, around 800 points were contributed by UBL, OGDC, PPL, and Meezan Bank.
Read more