Global Footprint: BOP to establish Wholesale Banking Unit in Bahrain and Representative Office in UAE”


The Board of Directors of the Bank of Punjab (BOP) has approved the business plan to establish a Wholesale Banking Unit in the Kingdom of Bahrain and a representative office in United Arab Emirates, subject to approval from State Bank of Pakistan (SBP) and other regulators. Following approval from the SBP, the Bank will approach other regulatory authorities to establish a Wholesale Banking Branch in Bahrain and a representative office in UAE.

MARI’s subsidiary secure mineral exploration licenses in the Chagai district of Balochistan.


The Directorate General Mines & Minerals Balochistan has granted two Exploration Licenses EL-322 and EL-323, and allotted area of 501.03 sq. km and 512.76 sq. km, respectively, for mineral exploration in District Chagai of Balochistan to Mari Mining Company (Pvt) Limited (MMC), which is a wholly owned subsidiary of Mari Petroleum Company Limited (MPCL).

It is pertinent to mention that MPCL established the MMC to undertake mineral mining projects within the Country. The grant of new licenses aligns with MPCL’s strategy to expand its portfolio of mining projects and reflects its commitment to contributing to the growth of Pakistan’s mineral mining sector.

Government Greenlights Tax-Heavy Budget Ahead of Crucial IMF Loan Talks


Pakistan’s parliament on Friday passed the government’s tax-heavy finance bill for the coming fiscal year ahead of more talks on a new bailout with the International Monetary Fund (IMF) as it seeks to avert a debt default for an economy growing at the slowest pace in South Asia.

The government presented the tax-loaded budget two weeks ago, drawing sharp criticism from opposition parties and other business entities that expressed concern over rising government expenditures and little fiscal room for economic growth.

Finance Minister Muhammad Aurangzeb moved the finance bill in parliament, which was endorsed by the ruling alliance led by Prime Minster Shehbaz Sharif. Pakistan Muslim League-Nawaz (PML-N), the party in command at the centre, saw its main coalition partner, the Pakistan Peoples Party, disagree with some of the budgetary measures before announcing its support earlier this week.

Meanwhile, addressing the National Assembly, the finance minister said that the country’s economic indicators are moving in the right direction.

KSE 100 Skyrockets to Historic 78k Milestone!


The Pakistan Stock Exchange (PSX) experienced a buying frenzy as the benchmark KSE-100 index surged by over 1,500 points during the opening hours of the first trading session following the Eid holidays on Thursday.

The bullish spell is mainly observed in the Banking stocks i.e. UBL, MCB, HBL, BAHL, MEBL stock.

In a key development, Fitch Ratings on Tuesday called Pakistan’s budget for fiscal year 2024-25 “ambitious”, but stressed that it strengthens prospects for a deal with the International Monetary Fund (IMF). “It is uncertain whether fiscal targets will be hit, but even assuming only partial implementation of the budget, we forecast the fiscal deficit will narrow. This should reduce external pressures, albeit at a cost to growth,” it said in the commentary.

LSMI output surged by 5.8% YoY in April


In April 2024, Pakistan’s Large-scale Manufacturing Industries (LSMI) production dropped sharply by 8.14%, down from 115.78 in March 2024.

However, on a month-on-month basis, the LSMI output rose by 5.76% year-on-year, reaching 106.35, up from 100.56 in April 2023, according to the Pakistan Bureau of Statistics (PBS).

For the 10-month period ending in April 2024, the cumulative LSMI production has slightly increased by 0.45% compared to the same period last year.

SPI surged by 1.3% WoW


According to data released by the Pakistan Bureau of Statistics (PBS), the Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 1.3% WoW during the week ended June 13, 2024, while the SPI rose 23.03% YoY compared to the corresponding period from last year.

During the week, out of 51 items, prices of 19 items increased, price of 08 items decreased and price of 24 items remained stable.

KSE-100 Index soars with record-breaking single-day gain of 3,411 points!


Bulls added 3,411 points (↑ 4.69%) to the KSE – 100 Index to close at 76,208 level. Trading Turnover was recorded at 636Mn (117% Up) against the Traded Value of PKR 30.75Bn.

The Index remains bullish and recorded the highest points gain in a single session as the Investors welcomed the Budgetary measure in the Finance Bill FY-2024-25.

Sectors-wise, the Banks, E&P, Fertilizer, Cement, Power, Tech, Pharma, OMC, and Inv-Banking stocks added 3,170 points to the Index. While the Textile, Food, and Leasing stocks were the negative contributors.

Govt likely to reduce Petrol Price by up to Rs9/litre


In a positive development for inflation-hit masses, the federal government could likely reduce the petrol price by up to Rs9 per litre from June 16, sources told Geo News on Thursday.

The price of diesel is expected to be reduced by Rs4 per litre, whereas kerosene oil rates are likely to be dropped by Rs2 per litre, the oil marketing companies (OMCs) sources added.

The final price will be calculated by the Oil and Gas Regulatory Authority (Ogra) and will be based on global petroleum rates on June 13 and 14.

Pakistan Aims for reaching IMF Staff-Level Agreement in July: FM Aurangzeb


Finance Minister Muhammad Aurangzeb said Thursday the federal government was hopeful of reaching a staff-level agreement with the International Monetary Fund (IMF) in July after the budget was presented in line with the lender’s requirements.

The budget, which analysts believe has been tailored to meet IMF requirements for securing another bailout of $6 to $8 billion under the medium-term Extended Fund Facility (EFF), marks a 25% increase over the outgoing fiscal year’s outlay.

The discussion with IMF is moving in the right track […] we are hopeful and we aim to reach a staff-level agreement in July,” the finance minister told reporters during the post-budget press conference.

The minister said virtual discussions were underway with the Fund’s team and they’re exchanging views on the budget as well. “I don’t want to say anything in finality other than the fact that it’s moving positively.”

RDA inflows surged by 31% MoM in May


Total inflows into Roshan Digital Accounts (RDA) reached $224 million in May 2024, bringing the cumulative total to $8.06 billion.

According to data from the State Bank of Pakistan, this represents an increase of $53 million compared to April’s inflows of $171 million.

For the cumulative period of 11MFY24, total inflows amounted to $1.71 billion, up from $1.62 billion in the same period last year.

The $155 million was repatriated and utilized locally in May, resulting in a $71 million increase in the Net Repatriable Liability of RDA. Of this, $9 million was repatriated and $145 million was used locally.