MG Morning Breeze: Updates to Skim before Market

January 22, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PSMC delisting: Are minority shareholders getting a fair shake?

Ensuring the protection of shareholders' rights serves as the foundation for business success. However, when access to these rights is restricted for minority shareholders, it leaves a sour taste that repels corporate cream from the local stock exchange over time. Read more

• IMF asks for another adjustment in gas prices

The International Monetary Fund (IMF) has asked for another gas tariff adjustment under the Oil and Gas Regulatory Authority (OGRA)'s December 2023 determination till February 15, 2024. Read more

• Govt agrees to raise taxes on various sectors if revenue falls short

The government has agreed on contingency revenue measures with the International Monetary Fund (IMF), which includes imposing a federal excise duty (FED) of Rs5 per kilogram on sugar to generate additional revenue of Rs8 billion per month during 2023-24. Read more

• Gold price in Pakistan drops Rs2,150 per tola in a week

Domestic Bullion extended its downturn for the third consecutive week as the price of 24-karat gold dropped by Rs2,150 per tola to Rs215,300. Read more

• IMF lowers inflation forecasts for Pakistan

The International Monetary Fund (IMF) has revised the inflation forecasts, projecting CPI to average 24% in FY24 from an earlier projection of 25.9% amid easing food and energy prices. Read more

• Pakistani Rupee’s unbeaten streak reaches 10 weeks against USD

The Pakistani rupee (PKR) sustained its upward momentum this week and gained a marginal 46 paisa to settle at PKR 279.9, as compared to the previous week's closing of PKR 280.36 per USD. Read more

• Auto financing in Pakistan drops for 18th consecutive month

Automobile financing in Pakistan dropped to Rs251.25 billion in December 2023, witnessing a decline of 25.55% YoY and 2.26% MoM compared to Rs333.747bn in December 2022 and Rs257.06bn in November 2023, respectively. Read more

• Weekly Market Roundup

The benchmark KSE-100 index closed the week at 63,282 showing a decrease of 1,355 points or 2.1% WoW. Read more

• Weekly inflation increases by 0.34%

Pakistan's weekly inflation rose for the fourth consecutive week, with the Sensitive Price Indicator (SPI) for the Combined Group increasing by 0.34% WoW during the week ended January 18, 2024. Read more

• Breakup of Pakistan’s trade data in December: PBS

Pakistan's revised trade deficit for December clocked in at $1.83 billion compared to a deficit of $1.97bn from the previous month, improving by 7% MoM. Read more

• Currency in circulation rises by Rs188bn in a week

The currency in circulation within the economy till January 05, 2024, has increased by Rs188.1bn WoW to Rs8.6 trillion, according to provisional accounts on Monetary Aggregates for the week. Read more

• STYLERS to debut on PSX after AEL merger

Stylers International Limited (PSX: STYLERS) is all set to be listed on the Pakistan Stock Exchange Limited (PSX) from Monday, January 22, 2024, at the opening price of Rs43.87 per share. Read more

• Govt borrows Rs293bn debt in a week

The government of Pakistan has acquired an additional debt of Rs292.7 billion during the week ended January 05, 2024, which brings its total net borrowing for ongoing fiscal year 2024 to Rs2.49 trillion. Read more

• MARI hits success with second Ghazij Well in Sindh lease

Mari Petroleum Company Limited (PSX: MARI) has successfully drilled and tested the second appraisal well in the Ghazij formation in the Mari Development and Production Lease (D&PL), Sindh. Read more

Copyright Mettis Link News