Key Highlights - 12th Week:

SBP held policy rate unchanged at 22% sighting higher inflation.

Revised rates of National Saving Schemes have registered some increase.

Pakistan to discuss Extended Fund Facility with IMF next month.

Pakistan to Tap China for $300 Million Debut Panda Bonds.

Gold at historic highs as Fed remain committed to 3 rate cuts this year.

The Bank of Japan has ended eight years of negative interest rates, representing the country's first interest rate increase in nearly two decades.

Bank of England holds interest rate at 16-year high.

Bitcoin had a rough week. Despite reaching a new all-time high of $73,808 on Thursday, March 14th, it ultimately closed the week lower. Currently 64500.

WTI around $82 and Brent below $87, remaining at elevated level.

Dow Jones just below 40k.

US 10 Year Bond at 4.2%.

DXY at 104.4 increasing over last week.

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.

A Snapshot of Exchange Traded Funds at PSX

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.

PakStox Outlook

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