Global Aviation Groups Bid for PIA Stake

Pak Ethanol (Private) Limited has formed a national consortium, in collaboration with leading international aviation groups, to bid for Pakistan International Airlines (PIA). The consortium aims to revitalize the struggling national carrier with strategic investments and management expertise from globally recognized aviation entities. This move is part of a broader effort to privatize PIA and enhance its operational efficiency, financial stability, and service quality. The government’s decision to open PIA for international bids is seen as a crucial step towards addressing the airline’s long-standing issues and transforming it into a competitive player in the global aviation market.

PM Shehbaz Constitutes Economic Advisory Council

Prime Minister Shehbaz Sharif has immediately constituted an eight-member Economic Advisory Council (EAC). The council will provide strategic advice and policy recommendations to steer Pakistan’s economy towards sustainable growth. This initiative reflects the government’s commitment to addressing economic challenges through expert guidance and evidence-based policymaking.

Jazz Reports Strong Revenue Growth in Q1 2024

After eight consecutive quarters of negative USD revenue growth, Jazz, one of Pakistan’s leading digital operators, has delivered an impressive turnaround in Q1 2024. The company reported strong revenue growth, attributed to increased data usage, improved customer experience, and strategic investments in digital infrastructure.

SBP Targets to Raise Rs4.4tr: Auction Calendar May-July

The State Bank of Pakistan (SBP) plans to raise Rs4.37 trillion through various instruments during May-July 2024. This target reflects the government’s funding needs and aims to support fiscal operations while managing liquidity in the financial system.

Spot Silver Surges to Highest Since 2013

Spot silver prices jumped 11.9% this week, surpassing $30 an ounce, marking the highest level in over a decade. This surge is driven by strong investor demand amid global economic uncertainties and rising inflationary pressures.

Gold, Silver Prices Jump Significantly in Pakistan

The domestic bullion market in Pakistan gained significant momentum on Saturday, in line with international trends. Both gold and silver prices saw substantial increases, reflecting the global rally in precious metals.

PM Shehbaz Sharif Pledges Low-Cost Energy for Industries to Enhance Exports

Prime Minister Shehbaz Sharif announced on Friday that the government would ensure the supply of low-cost electricity and gas to industries. This initiative aims to boost industrial production and enhance export competitiveness.

Trade Unions Demand Clearer Tax Guidelines for New Traders in Tajir Dost Scheme

Representatives of trade unions have called for clearer guidelines on taxation for newly registered traders under the Tajir Dost scheme. They emphasized the need for transparent and simplified tax processes to support new business entrants.

Fly Jinnah, Air Blue, Habib Corporation & Others Submit EOI for PIA

Federal Minister for Privatization Abdul Aleem Khan announced the extension of the deadline for expressions of interest (EOI) in PIA. Notable submissions include Fly Jinnah, Air Blue, and Habib Corporation, indicating robust interest in the airline’s privatization.

Weekly Market Roundup

Pakistan’s stock market continued its upward trend, with the KSE-100 index climbing by 2,257 points (3.1%) to close at a record high of 75,342. This bullish sentiment is driven by strong corporate earnings and positive economic indicators.

Textile Exports Rise 10.3% YoY to $1.3bn in April

Pakistan’s textile exports increased by 10.3% year-on-year to $1.3 billion in April 2024, compared to $1.18 billion in April 2023. This growth highlights the sector’s resilience and its vital role in the national economy.

Petroleum Import Bill Drops by 8.9% YoY to $1.26bn in April: SBP

The petroleum import bill decreased to $1.26 billion in April 2024, marking an 8.87% year-on-year decline from $1.38 billion. This reduction is attributed to lower global oil prices and efforts to diversify energy sources.

China Leads FDI in Pakistan with Net Inflow of $177.37m in April

China emerged as the largest foreign investor in Pakistan in April 2024, with a net direct investment of $177.37 million. This influx underscores China’s strategic interest in Pakistan’s economic development.

Pakistan Records FDI of $358.8m in April

Pakistan recorded a foreign direct investment (FDI) of $358.84 million in April 2024, significantly higher than the $131.9 million recorded in the same period last year. This increase reflects growing investor confidence in Pakistan’s economic prospects.

USA Continues Its Domination as Pakistan’s Top Export Destination in April

The USA remained Pakistan’s top export destination in April FY24, with shipments worth $451.24 million, despite a 2.5% year-on-year decrease. The strong trade relationship underscores the importance of the US market for Pakistani exports.

PKR’s REER Index Increases to 104.51 in April

The Pakistani Rupee’s Real Effective Exchange Rate (REER) index rose by 0.4% month-on-month in April 2024, reaching a provisional value of 104.51. This increase indicates a slight appreciation of the currency in real terms.

PKR Loses Around 9 Paisa Against USD in a Week

The Pakistani rupee depreciated by approximately 9 paisa against the US dollar over the past week, settling at PKR 278.21 per USD. This depreciation is influenced by market dynamics and external economic pressures.

PSX Continues Historic Bull Run as Foreign Investors Flock to Pakistan

Pakistan’s stock market is experiencing a historic bull run, bolstered by foreign investor interest and positive economic developments following an International Monetary Fund (IMF) loan deal. This surge has propelled the market to new heights.

Pakistan’s Current Account Posts Another $491m Surplus in April

Pakistan recorded a current account surplus of $491 million in April, as per the latest data from the State Bank of Pakistan (SBP). This marks a significant improvement in the country’s external balance.

IT Exports Surge 62.3% YoY to $310m in April

Pakistan’s IT exports surged by 62.3% year-on-year to $310 million in April, highlighting the sector’s rapid growth and its increasing contribution to the national economy.

TPL REIT Fund I Joins PSX on May 20

The Pakistan Stock Exchange (PSX) announced the listing of TPL REIT Fund I on May 20. This inclusion is expected to attract significant investor interest and boost the real estate investment trust market in Pakistan.

Weekly Inflation Falls Another 1.06%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 1.06% week-on-week during the week ended May 16, 2024, while the SPI rose 21.22% year-on-year, reflecting mixed inflationary trends.

Chinese Firm Expresses Interest in Expanding Pakistan Mining Investments

MCC Tongsin Resources, a Chinese company, has shown interest in increasing its investments in Pakistan’s mineral and mining sector. This potential expansion underscores the strategic importance of Pakistan’s mineral resources.

National Assembly Authorizes Speaker to Nominate Standing Committee Members

The National Assembly passed a motion authorizing the Speaker to nominate members to the standing committees based on recommendations. This move aims to streamline legislative processes and enhance governance.

SBP Auction Triggers Dramatic 62bps Drop in PKRV Yields

Yields in Pakistan’s secondary market dropped significantly by 62 basis points following the recent auction by the State Bank of Pakistan (SBP), reflecting changes in market expectations and liquidity conditions.

DAWH to Demerge into Two Legal Entities

The Board of Dawood Hercules Corporation Limited has approved a scheme to demerge into two separate legal entities. This restructuring aims to enhance operational focus and strategic growth.

OMO Result: SBP Injects Rs809.7bn

The State Bank of Pakistan conducted a reverse repo and Shariah Compliant Modarabah based Open Market Operation (OMO), injecting Rs809.7 billion into the financial system to manage liquidity.

M2 Falls by Rs286.4bn

Broad money (M2) in Pakistan decreased by Rs286.39 billion over the past two days, standing at Rs33.47 trillion as of the latest data. This decline reflects changes in the monetary base and liquidity conditions.

SBP Approves Asset Sale of BAFL Bangladesh to Bank Asia

The State Bank of Pakistan approved Bank Alfalah Limited’s sale of its Bangladesh operations to Bank Asia. This strategic divestment aligns with Bank Alfalah’s focus on core markets.

OGDC Further Boosts Nashpa Well-10 Output Through Optimization Initiatives

The Oil & Gas Development Company Limited has increased production at Nashpa Well-10 through various optimization initiatives, demonstrating its commitment to enhancing operational efficiency.

SECP, Techlogix, Ernst & Young Unveil Digitization Plans at Thematic Workshop

The Securities and Exchange Commission of Pakistan (SECP), in partnership with Techlogix and Ernst & Young, unveiled comprehensive digitization plans to enhance regulatory processes and promote innovation in the financial sector.

Exporters Raise Alarm Over Liquidity Issues, High Costs

Exporters and business representatives have raised concerns about liquidity challenges and high costs, urging the government to address these issues to sustain export growth and business viability.

PACRA Maintains Debt Instrument Rating of Samba Bank

The Pakistan Credit Rating Agency Limited has maintained Samba Bank Limited’s debt instrument rating at “AA-” for the long term, reflecting the bank’s strong creditworthiness and financial stability.

Oil Prices Set for Modest Weekly Gain

Oil prices are on track for a modest weekly gain, driven by supply concerns and inflationary pressures. The outlook remains focused on global economic conditions and market dynamics.

Ishaq Dar Invites Chinese Entrepreneurs to Invest in Pakistan’s Labor-Intensive Industries

Deputy Prime Minister Ishaq Dar invited Chinese entrepreneurs to invest in Pakistan’s labor-intensive industries, highlighting the country’s investment-friendly policies and strategic economic opportunities.

IT Sector Uplift a Key Priority: Shaza Fatima

Minister of State for IT and Telecommunication Shaza Fatima Khawaja emphasized that the development of the IT sector is a top priority for the government, recognizing its critical role in economic growth.

ICT Emerges as Economic Catalyst, Says Minister

Information and Communications Technology (ICT) has become a key component of economic development, revolutionizing society and driving progress, according to a government minister.

China’s Fiscal Deficit to Climb Amid Stimulus Efforts: Fitch

Fitch Ratings has indicated that China’s fiscal deficit is expected to rise as the government adopts a stimulatory fiscal policy to support economic growth amid subdued underlying activity.

ADB Shows Strong Confidence in Pakistan’s Economy

The Asian Development Bank has reaffirmed its confidence in Pakistan’s economic trajectory, expressing support for the country’s development initiatives and economic reforms.

SECP Enables Digital Lenders to Launch Novel Solutions

The SECP has unveiled a framework for digital lenders to launch innovative financial products, aiming to enhance financial inclusion and leverage technology for better access to credit.

PTA Refutes Revenue Loss Claims Over Phone Blocks

The Pakistan Telecommunication Authority has denied claims of revenue loss due to phone blocks, stating that the national exchequer has not been adversely affected by these measures.

Thatta Cement Powers Ahead with 8.3 MW Green Energy Initiative

The Board of Directors of Thatta Cement Company Limited approved a green energy plan to generate 8.3 MW, reflecting the company’s commitment to sustainable energy practices.



Experienced Senior Research Analyst



Sikander Raza, a Senior Technical Analyst



Hamza Saleem, a Senior Business Analyst



Irsa Sajjad, as a Research Analyst for Equities

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