Commodity giant Trafigura is among the companies that received bags of stones from a London Metal Exchange warehouse instead of the nickel briquettes they purchased. twt.
Real Effective Exchange Rate (REER) of Pak Rupee in February this year came at 86.5 as compared to 93.96 in Jan'23.
KIBOR at 21.18% remains at elevated state.
For the month of February this year, Pakistan had lowest Current Account Deficit In 24 months. Current Account Balance (CAB) USD -74mn (-86% YoY, -68% MoM) Remittances: $2.0bn (-9% YoY, +5% MoM) Total imports, $4.5bn (-24% YoY, +1% MoM). Total exports, $2.8bn (-19% YoY, -2% MoM).
No IMF deal yet. National politics still in agitated state.
Yesterday, Pak Suzuki (PSX:PSMC) announced a whooping annual loss after tax of Rs. 6.33 billion (loss per share Rs. 77) for the year ended 2022. See notice.
Coal coming down from its elevated state in 2022 and at lowest in last 15 months should be a relief for Cement Sector in Pakistan.
US and European stocks regain ground as markets digest governmental initiatives to support banking sector. Down Jones closed at 32,245 up 383 points (1.20%)
Oil continues to trade at last week level. WTI below $68 and Brent below $74.
Gold at $1980 after trading above $2000 for the first time since March last year on Ukraine/ Russia conflict.
Amazon will lay off 9,000 more employees in the coming weeks. “uncertainty that exists in the near future,” CEO said.
Amid rumors of an indictment of Donald Trump, “All NYPD members will be directed to be in uniform Tuesday and ready to mobilize”. link
PKR lost more against the USD, closing at 284.03.