MG Morning Breeze: Updates to Skim before Market

January 17, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP raises Rs157.53bn through PIB auction, yields drop by up to 50 bps

The State Bank of Pakistan (SBP) raised Rs157.529 billion against a target of Rs190bn through the sale of fixed-rate Pakistan Investment Bonds (PIBs). Read more

• Nadeem Nisar accelerates past 10% stake in PSMC

In a recent development, investor Nadeem Nisar formally informed the management of Pak Suzuki Motor Company (PSX: PSMC) regarding his increase in ownership stake in the company, surpassing the 10% threshold of the total issued, subscribed, and paid-up shares. Read more

• PSX Closing Bell: Feeling the Pinch

The benchmark KSE-100 index extended its downslide on Tuesday, closing the session at 63,737.46 with a decrease of 531.91 points or 0.83%. Read more

• Telecard shareholders greenlight sale of 81.8% stake in Supernet to Hallmark

The shareholders of Telecard Limited (PSX: TELE) have given their approval for the sale of the complete shareholding of 100.217 million shares, constituting 81.8% of its subsidiary, Supernet Limited, to Hallmark Company Limited (PSX: HCL). Read more

• Power generation drops 8.2% YoY in December 2023

The total power generation in the country dropped by 8.2% YoY to 7,726 GWh during December 2023 as compared to 8,417 GWh in December 2022. Read more

• Gold price in Pakistan falls by Rs600 per tola

Domestic bullion retraced on Tuesday, with the price of 24-karat gold in Pakistan falling by Rs600 per tola to Rs217,300. Read more

• Pakistan’s mutual fund AUM reach an all-time high of Rs2.097tr as of December 2023

The Assets Under Management (AUM) of Pakistan’s Mutual Funds Industry have reached an all-time high level of Rs2.097 trillion as of December 2023, reflecting a growth of 36.95% YoY compared to Rs1.531tr in December 2022. Read more

• IT Minister discusses startup fund, cloud infrastructure at DCO meeting

The Caretaker Minister for IT and Telecommunication, Dr. Umar Saif on Monday discussed a startup fund across Digital Cooperation Organisation (DCO) member countries and shared cloud services and infrastructure. Read more

• SAZEW secures 3 ISO certificates for 4-wheeler project

Sazgar Engineering Works Limited (PSX: SAZEW) has obtained three ISO certificates for its 4-wheeler project. Read more

• SBP likely to cut policy rate by 7% in 2024 as inflation eases

The State Bank of Pakistan (SBP) will likely start cutting its key rate from March as inflation slows down, and is expected to slash a cumulative 700 basis points by the end of 2024. Read more

• Pakistan seeks expanded aviation rights with Iraq for air carriers

The advisor to PM on Aviation Air Marshal (retd) Farhat Hussain Khan on Monday communicated Pakistan's interest in engaging with Iraq for granting of 5th freedom rights to Pakistan's air carriers for operations to and from Iraq. Read more

• VIS reaffirms entity ratings of Thal Limited

The VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Thal Limited (PSX: THALL) at ‘AA’ for long-term and ‘A-1+’ for short term with a stable future outlook. Read more

• Agha Steel initiates limited operations on electric arc furnace

Agha Steel industries (PSX: AGHA) has conducted test runs and commenced limited operations on its electric arc furnace. Read more

• HUBC eyes acquisition of Sindh Engro Coal Mining

The Board of Directors of The Hub Power Company Limited (PSX: HUBC) has authorized the company to enter into negotiations and execute definitive agreements for the proposed acquisition of shares of Sindh Engro Coal Mining Company Limited held by a potential seller. Read more

• POL secures promising Saruna West Block in govt’s latest hydrocarbon exploration auction

The federal government has provisionally awarded one new block Saruna West (2666-1) to joint ventures of Pakistan Oilfields Limited (POL) an operator with 40% share. Read more

• Taj Gasoline drops bid to acquire Hascol Petroleum

Taj Gasoline (Private) Limited has decided not to proceed with the acquisition of at least 41% of Hascol Petroleum Limited (PSX: HASCOL). Read more

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