MG Morning Breeze: Updates to Skim before Market

March 08, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Moody’s upgrades Pakistan banking sector outlook to ‘Stable’

In a noteworthy development, Moody's Investors Service (Moody's) changed the outlook on the banking sector of Pakistan (Caa3 stable) to stable from negative. Read more

• PSX Closing Bell: Dead Calm

The benchmark KSE-100 index concluded Thursday's trading session at 65,603.09 showing a decrease of 53.53 points or 0.08%. Read more

• EFERT’s CFO calls for an end to discriminatory gas pricing

By removing discriminatory gas pricing among fertilizer manufacturers, the government will be able to facilitate new investments and promote efficiency to ensure sufficient urea availability for the farmers. Read more

• Gold prices in Pakistan up Rs13,350 in 7 sessions

The gold market in Pakistan continued its bullish streak for the seventh straight session, with the price of 24-karat gold climbing by Rs2,750 per tola to Rs228,150 on Thursday. Read more

• Jazz, TenX forge partnership to elevate Pakistan’s tech status

Further strengthening Pakistan's presence on the global tech stage, a significant partnership has been forged between Jazz, Pakistan's premier digital operator, and TenX. Read more

• Pakistan’s top ERP player secures landmark investment at LEAP 2024

 Pakistan's leading ERP company has secured a transformative equity partnership with Saudi and Pakistani investors at the Tech destination Pakistan pavilion, a collaborative effort organized by the Pakistan Software Export Board (PSEB) and TDAP at LEAP 2024. Read more

• PM Shehbaz Sharif orders FBR to clear sales tax claims within 30 days

On the directions of the newly elected Prime Minister, Muhammad Shehbaz Sharif, the Federal Board of Revenue (FBR) has instructed Field Formations to process all Sales Tax Refund claims within 30 days. Read more

• SECP amends rules to boost Corporate Restructuring Companies

The Securities and Exchange Commission of Pakistan (SECP), under the auspices of the federal government, has notified amendments to the Corporate Restructuring Companies Rules, 2019. Read more

• Moody’s stabilizes APAC banking outlook

Moody's Ratings has maintained its overall stable outlook on Asia-Pacific’s (APAC) banking systems. Read more

• Sazgar’s auto rickshaw sales drop 31.63% MoM to 1,524 units in February

 Sazgar Engineering Works Limited (PSX: SAZEW) witnessed a substantial drop in the sale of its auto rickshaws in February 2024, with 1,524 units sold compared to the sale of 2,229 three-wheelers in the previous month. Read more

• Minimum Zakat amount set at Rs135,179 for 1443-44 AR

The Administrator General Zakat has notified the Nisab of Zakat for the upcoming Zakat year 1444-45 A.H, setting the minimum amount at Rs135,179/- (Rupees One Hundred Thirty-Five Thousand One Hundred Seventy-Nine only). Read more

• SNGP approves 25:75 gas & RLNG blend for industrial sector

Sui Northern Gas Pipelines Limited (PSX: SNGP) has accorded approval for supplying a 25:75 blend of indigenous gas and RLNG to the Entire Industrial Sector with effect from March 01, 2024.  Read more

• PPL, FWO join forces for mineral exploration in Pakistan

In a landmark development for the mineral sector of Pakistan, Frontier Works Organization (FWO) and Pakistan Petroleum Limited (PPL) have signed an agreement for the exploration of minerals. Read more

• Pakistan’s economic future hinges on new govt’s approach to IMF program

Despite media reports suggesting the continuity of the International Monetary Fund (IMF) program as one of the most significant near-term economic risks, Pakistan’s economic situation should see incentives aligned for the new government to come together to seek an agreement with the IMF. Read more

• Goldman Sachs, IMF predict lower interest payments in Pakistan

Goldman Sachs and the International Monetary Fund (IMF) expect interest payments as a share of GDP in Pakistan to fall meaningfully as inflation and rates normalize and the debt-to-GDP ratio to fall substantially. Read more

• PKR undervalued by 20%: Goldman Sachs

The Pakistani Rupee (PKR) is nearly 20% undervalued on a 12-month horizon and offers about 26% nominal carry, according to Goldman Sachs’ GSDEER framework. Read more

• Positive shift expected for Pakistan’s credit rating

There is potential for an improvement in Pakistan's credit rating alongside its USD bonds, with expectations for the yield curve to steepen. Read more

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