MG Morning Breeze: Updates to Skim before Market

January 23, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SIFC gears up for crucial talks with Saudi Side on Rekodiq Project valuation

The Special Investment Facilitation Council (SIFC), in its meeting scheduled for January 24 at 1030 hours will conduct discussions with the Saudi Side regarding the valuation of the Rekodiq project in collaboration with Manara Minerals. Read more

• PSX Closing Bell: Eleventh Hour

The Pakistan stock market took a slow start to the week and hovered around the opening level for most of the session. However, in the last two hours, the KSE-100 index gained momentum amid increased buying interest from investors, pushing it up by 657.19 points or 1.04% to close at 63,939.41. Read more

• PKR continues upward ride, settles at 279.85 against USD

The Pakistani rupee (PKR) appreciated by a marginal 4.51 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 279.85 per USD, compared to the previous session's closing of PKR 279.9 per USD. Read more

• APTMA calls for immediate implementation of power tariff adjustment

Further to the government and SIFC’s announcement to remove the cross-subsidy from power tariffs for industrial consumers, thereby bringing them down to 9 cents/kWh in line with regional competitors, the All Pakistan Textile Mills Association has appealed for the urgent implementation of this measure. Read more

• Domestic gold price falls to Rs214,700 per tola

Domestic Bullion started the week under the red zone as the price of 24-karat gold dropped by Rs600 per tola to Rs214,700. Read more

• Govt incentives boost wheat sowing by 7.5% in rabi season

Owing to the incentives introduced by the government, wheat sowing in the country during the current season (Rabi 2023-24) increased by 7.5% as compared to the crop sowing of the corresponding period of the last year. Read more

• CDNS raises Rs55bn in Islamic bonds

The Central Directorate of National Savings (CDNS) has secured Rs55 billion in Islamic finance bonds by January 22, of the current fiscal year 2023–24. Read more

• National Foods’ footprint grows as subsidiary expands in UAE market

The wholly-owned subsidiary of National Foods Limited (PSX: NATF), National Foods DMCC based in Dubai, has established another subsidiary, namely National Foods (FZE), in Sharjah, U.A.E. Read more

• SECP grants investment finance license to Cordoba Leasing

The Securities and Exchange Commission of Pakistan (SECP) has granted a license to Cordoba Leasing Limited (CLL) to operate as an investment finance company and to undertake/carry out investment finance services restricted to conventional lending/advance to SME/MSME. Read more

• NEPRA approves 20-year distribution, supplier licenses for K-Electric

The National Electric Power Regulatory Authority (NEPRA) has approved the grant of a Distribution License as well as the Supplier License to K-Electric Limited (PSX: KEL) for a period of 20 years. Read more

• SGF shareholders approve Rs1.5bn investment in Service Long March Tyres

The shareholders of Service GlobalFootwear Limited (PSX: SGF) have authorized the company to make further long-term equity investments in Service Long March Tyres (Private) Limited of up to Rs1.5 billion. Read more

• KEL’s acquisition offer by Shanghai Electric gets 90-day extension

The deadline for the intention of Shanghai Electric Power Company Limited to acquire 18.3 million ordinary shares of K-Electric Limited (PSX: KEL) has been extended by 90 days. Read more

• Pakistan holds talks with World Bank on $425m funding for dual projects

To discuss, review, and finalize the financing for two World Bank-funded operations worth $424 million in Pakistan, the caretaker Finance Minister, Dr. Shamshad Akhtar, engaged in a meeting with the Country Director of the World Bank for Pakistan, Najy Binhassine, and his team. Read more

• PM urges close cooperation with China for CPEC projects

Pakistan remains fully committed to the success of the China-Pakistan Economic Corridor (CPEC) and needs to work closely with China to ensure the timely completion of ongoing projects, Interim Prime Minister Anwaar-ul-Haq emphasized during a meeting with Chinese Vice Foreign Minister Sun Weidong on Monday. Read more

Copyright Mettis Link News