MG Morning Breeze: Updates to Skim before Market

July 23, 2026 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Pakistan-Iran talks focus on trade, connectivity boost

Pakistan and Iran deliberated on strengthening bilateral economic cooperation, trade and connectivity during a high-level meeting held in Islamabad. Read more

• Govt increases petrol price by Rs6.39, diesel by Rs7.83

The federal government has increased the petrol price by Rs6.39 per litre to Rs327.12, and the price of High-Speed Diesel (HSD) by Rs7.83 per litre to Rs375.04, effective July 23, 2026. Read more

• SBP raises Rs768bn through MTB Auction

The State Bank of Pakistan (SBP) raised Rs768.40bn in face value terms through the auction of Market Treasury Bills (MTBs), inclusive of competitive and non-competitive bids, against total face value bids of Rs2.097tr received across four tenors. Read more

• Pakistan, Russia pledge deeper cooperation in trade, energy

Pakistan and Russia have reiterated their resolve to deepen bilateral cooperation across trade, energy, connectivity and other areas, while also strengthening coordination at multilateral forums. Read more

• Pakistan, Bangladesh agree to sustain positive ties trajectory

Pakistan and Bangladesh reaffirmed their commitment to strengthening bilateral relations, welcoming growing engagement between the two countries including enhanced people-to-people contacts and improved connectivity following the launch of direct flights earlier this year. Read more

• Pakistan eyes smartphone export hub with Samsung partnership

Pakistan has been invited to serve as a regional manufacturing, refurbishment and export hub for mobile phones, with the federal government assuring facilitation for exports, value addition and industrial investment as part of efforts to expand the country's role in global supply chains. Read more

• Pakistan invites FAMSUN to build high-tech silo network across country

Pakistan and China moved to deepen agricultural cooperation as FAMSUN Group was invited to set up a modern network of high-tech silos across the country to curb post-harvest losses and strengthen food security. Read more

• PKR closes firmer against USD

The Pakistani rupee extended its stability in the interbank market on Wednesday, edging up 0.71 paisa against the US dollar to close at PKR 277.91 per dollar after ending the previous session at PKR 277.92. Read more

• PSX Closing Bell: Bulls Run Out of Answers

The Pakistan Stock Exchange (PSX) closed Wednesday's session lower, with the benchmark KSE-100 Index coming under pressure as broad-based selling dominated the market amid renewed geopolitical tensions between the United States and Iran. Read more

• S&P upgrades Pakistann rating to 'B', assigns stable outlook

S&P Global Ratings on Wednesday upgraded Pakistan’s long-term sovereign credit rating to ‘B’ from ‘B-’, citing stronger institutional capacity, sustained implementation of International Monetary Fund-backed reforms, improved fiscal performance and a significant rebuilding of foreign exchange reserves. Read more

• SLCL makes further progress in creditor settlements amid restructuring drive

Security Leasing Corporation Ltd (PSX:SLCL) has made further headway in its restructuring and revival plan, settling with several creditors while negotiations with others near completion. Read more

• Gold climbs to $4,116 on technical buying

Gold prices climbed to a two-week high on Wednesday, lifted by technical buying as investors weighed the widening Middle East conflict and looked ahead to next week's US Federal Reserve meeting for signals on the interest rate path. Read more

• Suhail Jute Mills revives asset sale plan, sets EOGM

Suhail Jute Mills Limited (PSX: SUHJ) renewed efforts to dispose of its unutilized assets to settle outstanding obligations to creditors, including institutions that have secured decrees from the courts, according to the company's progress report for the quarter ended June 30, 2026. Read more

• Gold price in Pakistan rises Rs4,600 per tola

Gold price in Pakistan increased on Wednesday, with 24-karat gold being sold at Rs433,836 per tola, up Rs4,600. Read more

• Sakrand Sugar completes 25% stake transfer under revival plan

Sakrand Sugar Mills Limited (PSX: SKRS) has completed the transfer of a 25% equity stake to incoming investors, marking a key milestone in the implementation of its board-approved Revival Plan. Read more

• UBL approves Rs40bn for Agriculture, KMBL, University

United Bank Limited (PSX: UBL) has approved investments and contributions totaling up to Rs40 billion for an agriculture subsidiary, Khushhali Microfinance Bank Limited (KMBL), and the establishment of a non-profit university. Read more

• Cotton output collapse costing Pakistan $2-3bn annually

Pakistan's cotton production has more than halved from its historic peak, a slump that is now draining the economy of an estimated $2-3bn every year through higher import bills and forgone export revenue. Read more

• UBL posts 33% profit, declares Rs16 dividend

United Bank Limited (PSX: UBL) recorded a robust 33% increase in its net profit for the half year ended June 30, 2026, with profit after taxation climbing to Rs85.91bn from Rs64.73bn in the corresponding period last year. Read more

• Pakistan's gold reserves fall to $8bn as of June

Pakistan's gold reserves, which include gold deposits and swapped gold, stood at $8.39bn as of June 2026, down 11.4% from $9.47 billion in May, even as they remained 22.6% higher than the $6.84 billion recorded in June 2025. Read more

• PACRA upgrades Askari Bank's long-term rating to AAA

The Pakistan Credit Rating Agency (PACRA) has upgraded the long-term entity rating of Askari Bank Limited (PSX:AKBL) to AAA from AA+, while maintaining the short-term rating at A1+ with a stable outlook. Read more

• Pakistan reaffirms peace, mediation role during Iranian minister's visit

Prime Minister Muhammad Shehbaz Sharif and Chief of Army Staff (COAS) and Chief of Defence Forces (CDF) Field Marshal Syed Asim Munir held separate meetings with Iran's Interior Minister Eskandar Momeni on Tuesday, reaffirming Pakistan's commitment to regional peace, security and stronger bilateral cooperation. Read more

• IPAK unit approves Rs1.4bn metallizer investment

International Packaging Films Limited's (PSX: IPAK) wholly owned subsidiary Global Packaging Films (Private) Limited (GPAK) has approved the acquisition of a state-of-the-art metallizer at an estimated project cost of approximately Rs1.4bn. Read more

• Pakistan Customs moves to ease KICT, SAPT congestion as trade volumes jump

Pakistan Customs has rolled out a series of measures to improve port operations and ease recent congestion at the Karachi International Container Terminal (KICT) and the South Asia Pakistan Terminal (SAPT), as a sharp rise in trade activity through July 2026 puts pressure on both terminals. Read more

• Oil climbs above $92 on escalating U.S.-Iran tensions

Oil prices rose slightly in early trading on Wednesday as growing tensions between the United States and Iran heightened concerns over potential disruptions to global oil supplies. Read more

• Pakistan, UK vow continued collaboration on development, reform priorities

Pakistan and the United Kingdom reaffirmed their commitment to deepening bilateral cooperation, with both sides agreeing to continue collaboration on the country's reform agenda, tariff policy overhaul, and sector-specific initiatives spanning mobile, industrial, and energy policy. Read more

• FM pushes fast-track DFC support for key projects

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with representatives of the U.S. International Development Finance Corporation (DFC) in Washington, D.C., to discuss support for Pakistan's priority private sector-led projects. Read more

• Govt seeks greater US support for economic growth

Pakistan sought greater U.S. support to strengthen its economic transformation during a meeting between Finance Minister Muhammad Aurangzeb and U.S. Treasury Secretary Scott Bessent in Washington, D.C. Read more

• Pakistan climbs to 101st spot on Henley Passport Index 2026

Pakistan has moved up to the 101st position on the Henley Passport Index 2026, with a visa-free score of 29 destinations, improving from its 103rd ranking a year earlier. Read more

• NBP issues foreign exchange rates

The treasury management division of the National Bank of Pakistan (NBP) on Wednesday issued the following exchange rates. Read more

• Asian markets rise; South Korea surges over 5%

Asian stock markets traded mostly higher on Wednesday, led by a sharp rally in South Korea, as investors looked ahead to a busy day of corporate earnings while optimism around artificial intelligence (AI) supported technology shares. Read more

• Global ESG sukuk issuance to stay subdued in 2026

ESG sukuk issuance is expected to remain below 2025 levels through 2026, as the broader global sukuk market continues to slow amid volatility in the Middle East. Read more

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