2 min read
KSE-100 rose this week as record high exports and falling inflation drove positive market sentiment. PKR depreciated again this week, hitting a nine-month low, as the flow of remittances further slowed after Eid. Local gold prices rose slightly this week.
On Friday, the Asian Development Bank approved a USD 500 million loan for Pakistan to assist the country in purchasing more Covid-19 vaccines. The funds are expected to help buy 40 million more doses. This came days after the World Bank reallocated USD 150 million worth of funding to specifically assist Pakistan’s vaccine procurement.
Meanwhile, the vaccine drive is in full flow in the country as more than one million vaccinations were administered in a single day on 3 August, setting a new record. Big concerns still remain however, with overall vaccination numbers remaining low relative to the population, and the Delta variant posing a threat. In this context, it is more vital than ever to get vaccinated.
What do you make of the government’s vaccine rollout? And what was your experience like getting vaccinated? Share your thoughts by replying to this email.
KSE-100 rose this week as record high exports and falling inflation drove positive market sentiment. PKR depreciated again this week, hitting a nine-month low, as the flow of remittances further slowed after Eid. Local gold prices rose slightly this week.
The annual change in Sensitive Price Index rose to 12.40% vs. 12.20% last week. The poorest of the country (Q1) continue to bear the brunt of increased prices, with a change of 15.79% vs. 11.87% for Q5. On a weekly basis, prices rose for all quintiles by 0.12%.
Increase in prices of Milk (+0.35%), Petrol (+1.44%), and Yogurt (+0.27%) contributed to inflation this week. LPG prices are also up 3.67% since last week. A fall in the price of Tomatoes (-18.0%) and Eggs (-3.53%) helped moderate inflation.
.
What Else We’re Reading (Local)
- According to a new report, a USD 1,000 investment in KSE-100 index in 1991 would have increased by more than seven times to USD 7,273 by FY 21. (Topline Securities)
- The bridal dress business in Pakistan is worth an estimated PKR 100 billion, with different tiers of brands fighting it out in a largely undocumented sector of the economy. (Profit)
What Else We’re Reading (International)
- Jeff Bezos took on Mukesh Ambani in Indian court, and won. The Supreme Court sided with Amazon, halting the sale of the country’s second-largest supermarket chain to Ambani’s Reliance Industries. (Bloomberg)
- Airbnb had big plans for the Tokyo Olympics by becoming the official accommodation sponsor. Instead, Covid-19 has left hosts counting their losses. (WSJ)
