MG Morning Breeze: Updates to Skim before Market

January 19, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP reserves decreased by $127m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) diminished by $127.4 million or 1.56% WoW to $8.03 billion during the week ended on January 12, 2024, according to the data released by the central bank on Thursday. Read more

• PKR continues its ascent, appreciates by over 12 paisa against USD

The Pakistani rupee (PKR) continued its ascent by appreciating 12.16 paisa against the US dollar in Thursday's interbank session to settle PKR 279.98 per USD, compared to the previous session's closing of PKR 280.1 per USD. Read more

• PSX Closing Bell: Collateral Damage

Despite positive developments on the external front, Pakistan’s stock market suffered a setback on Thursday as geopolitical tensions escalated after Pakistan retaliated against Iran’s attack. Read more

• Weekly SCRA records net sale of Rs138m

The net sale of securities for the week ended January 12, 2024 clocked in at Rs137.78 million, as compared to a net purchase worth Rs1.56 billion recorded last week, according to a weekly report on Specially Convertible Rupee Accounts (SCRA) released by the State Bank of Pakistan. Read more

• Govt releases Rs3.1bn for agriculture, livestock development

The government has released an amount of Rs3.1 billion for various agriculture and livestock uplift projects under the Public Sector Development Program (PSDP) 2023-24 as against the total allocation of Rs8.85bn. Read more

• SSGC announces 48-hour halt in industrial, CNG gas supply

Sui Southern Gas Company Limited (PSX: SSGC) has announced the discontinuation of gas supply to industries, power generation installations in factories, and CNG stations for 48 hours. Read more

• Prime Minister encourages DP World’s investment growth in Pakistan

The Caretaker Prime Minister, Anwaar-ul-Haq Kakar, welcomed DP World’s interest in expanding its business in Pakistan and assured the UAE-based company of the government’s continued support. Read more

• JOPP shareholders approve delisting, share buyback at Rs160

The shareholders of Johnson & Phillips (Pakistan) Limited (PSX: JOPP) have resolved that the company shall be delisted from the Exchange upon completion of all regulatory requirements as prescribed by the Exchange. Read more

• Gold price in Pakistan falls further by Rs1,600 per tola

The domestic bullion market extended its downslide amid a fall in international prices, as the price of 24-karat gold in Pakistan fell further by Rs1,600 per tola to stand at Rs213,700. Read more

• Pakistan’s external financing stands at $5.97bn in 1HFY24

The country secured external financing worth $5.968 billion in 1HFY24 from multiple financing sources against the annual budget estimates of $17.62bn for FY24. Read more

• Pakistan, Dubai forge $3bn investment deal in key sectors

Pakistan and Dubai on Wednesday inked more than $3 billion investment pact on cooperation in railways, economic zones, and infrastructure at the World Economic Forum in Davos. Read more

• Cotton arrivals reach 8.26m bales as of January 15

Cotton arrivals in Pakistan reached 8.258 million bales as of January 15, 2024, the latest data released by the Pakistan Cotton Ginners Association (PCGA) showed. Read more

• PSMC agrees to buy-back 62.84% stake at delisting committee’s determined price

Suzuki Motor Corporation (SMC), as the majority shareholder, has agreed to repurchase a 62.84% shareholding in Pak Suzuki Motor Company Limited (PSX: PSMC) at a buy-back price of Rs609 per share as determined by the Voluntary Delisting Committee (VDC). Read more

• PACRA maintains entity ratings of Loads Limited, assigns negative outlook

Pakistan Credit Rating Agency Limited (PACRA) has maintained entity ratings Loads Limited (PSX: LOADS) at "A" for long term and "A1" for short term with a negative outlook forecast. Read more

• Pakistan Digital Stack: A collaborative effort to boost digitization

The creation of digital stack in Pakistan by the Bill & Melinda Gates Foundation and Karandaaz aligns with the government's digitization policy, Caretaker Minister for Finance, Dr. Shamsad Akhtar stated while addressing the 'Pakistan Digital Stack' workshop held in Islamabad. Read more

• IT exports hit record high of $303m in December 2023

The Information and communication technology (ICT) export remittances have surged to an all-time high of $303 million, an astounding increase 22.67% YoY in comparison to $247m in December 2022. Read more

Copyright Mettis Link News