- Oil down 2%; WTI $92 Brent 98. Though physical market expected to be tight on lower increase by OPEC.
- OPEC+ agrees to increase oil output by 100,000 barrels a day for September. This is a lower increase than in recent months. Read.
- KSE100 Index rises by 877 pts (2.2%) to 41,069. Trading Value Rs 10bn.
- USD/PKR at 228, rising about Rs 10 (4.2%).SBP
- UBL announced Rs 4/- cash dividend for the quarter ending 30 Jun22. Read Ann. Closed at Rs 113.75, up 5.3%.
- A strong start by PSX. KSE100 Index up 400 pts.
- Upcoming OPEC meeting.
- KIBOR remains elevated at 15.88%
- Pakistan trade deficit for the month of July 2022 came down to $2.64 bn compared to $4.96bn in the May.
- July cement dispatches declined by 48% at 2mill tons against almost 4mill tons last year.
- Oil rose slightly overnight; WTI $96 Brent, $102+. Gold at $1764, had risen above 1781 on Taiwan tensions and the US Dollar coming off from its highs.
- US job openings fell to 10.7 million in June of 2022. This is the third consecutive drop, the lowest in nine months, and below market expectations of 11 million.
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.