MG Morning Breeze: Updates to Skim before Market

September 05, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Saudi Arabia, UAE to rescue Pakistan by providing $25bn

Saudi Arabia and United Arab Emirates (UAE) have expressed interest in rescuing the sinking ship of Pakistan by investing $25 billion after helping the South Asian nation avert a default a few months ago. Read more

     •Tech Beat: KSE-100 bounces from 50% Fibonacci level – Is a Bottom Forming?

KSE-100 Index currently faces resistance at the 46,000 level, however, if it breaks and finds acceptance above this level, there is a possibility that the previous low of 44,500 could shape up as a bottom, especially considering it is also the 50% Fibonacci retracement level. Read more

• PKR depreciates by over 17 paisa against USD

The Pakistani rupee (PKR) continues to face pressure as it depreciated by over 17 paisa against the US dollar in Monday's interbank session, settling the trade at PKR 305.6427 per USD. Read more

• Domestic gold retreats after nearing all-time high

Domestic bullion fell on Monday, with 24-karat gold marking a decline of Rs700 per tola to close the trading session at Rs239,100. Read more

• Cotton arrivals reach 3.04m bales as on August 31

Cotton arrivals in Pakistan have reached 3.041 million bales as of August 31, 2023. Read more

• Cement despatches jump by 37% during August 2023

Cement despatches increased by 37.04% in August 2023 as the total Cement despatches during the month stood at 4.518 million tons against 3.297 million tons. Read more

• PSX Closing Bell: Glimmer of Hope

After a week of heavy losses, the local bourse recovered some ground today, as the benchmark KSE-100 Index rose by 394.77 points or 0.87% DoD to end the session at 45,707.43. Read more

• UNITY’s Sunridge increases stake in Al Shaheer Corporation to 18.42%

Sunridge Foods (Private) Limited, a wholly owned subsidiary of Unity Foods Limited (PSX: UNITY) has increased its shareholding in Al Shaheer Corporation Limited (PSX: ASC) to 18.42%. Read more

• PAKOXY plans to boost capital with 13.88m new shares

The Board of Directors (BoD) of Pakistan Oxygen Limited (PSX: PAKOXY) on Friday decided to increase the paid-up share capital of the company by issuing a further 13.88 million ordinary shares. Read more

• Oil sales down 8% YoY in August, up 4% MoM

The sales of oil marketing companies (OMCs) decreased by 8% YoY and rose 4% MoM to clock in at 1.41 million tonnes (MTs) in August 2023 compared to 1.53 MTs in August 2022 and 1.35 MTs in July. Read more

• Global house prices to rebound in 2024 after mild dip

The recent downturn in global property prices is mostly over with average home prices in major markets now expected to fall less than anticipated at the start of the year and rise into 2024. Read more

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