MG Morning Breeze: Updates to Skim before Market

January 25, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP raises Rs293.64bn through PIB-PFL auction

The State Bank of Pakistan (SBP) sold Pakistan Investment Bond – Floating Rate (PIB-PFL) semiannual and quarterly worth Rs293.638 billion for 2, 3, 5 and 10 years against a target of Rs280bn. Read more

• SBP sells T-bills worth Rs185bn, yields drop by up to 62bps

SBP conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs184.66 billion for 3,6 and 12 months against a target of Rs225bn. Read more

• PKR continues to rise against USD, gains 12 paisa in interbank market

The Pakistani rupee (PKR) appreciated by 11.9 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 279.67 per USD, compared to the previous session's closing of PKR 279.79 per USD. Read more

• Archroma Pakistan reports 28% increase in sales but suffers Rs104m loss in 2QFY24

Archroma Pakistan Limited (PSX: ARPL) recorded a loss after tax of Rs104.14 million [LPS: Rs3.01] in the first quarter of FY24 compared to a profit of Rs154.45m [EPS: Rs4.53] in the same period last year (SPLY). Read more

• Currency in circulation rises by Rs61bn in a week

The currency in circulation within the economy till January 12, 2024 has increased by Rs60.7bn WoW to Rs8.66 trillion, according to provisional accounts on Monetary Aggregates for the week. Read more

• Govt borrows Rs86bn debt in a week

The government of Pakistan has acquired an additional debt of Rs86.28 billion during the week ended January 12, 2024, which brings its total net borrowing for ongoing fiscal year 2024 to Rs2.57 trillion. Read more

• 24-Karat gold holds firm at Rs215,200 per tola

Domestic bullion experienced a stable session on Thursday as the price of 24-karat gold remained unchanged at Rs215,200 per tola. Read more

• Honda Atlas Cars’ profits drop by 11% in nine months

Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) recorded a decline of 11.09% YoY in its profits in nine months ended December 31, 2023, with the company's after-tax profits falling to Rs963.54 million [EPS: Rs6.75], compared to a profit of Rs1.08bn [EPS: Rs7.59] in the same period last year (SPLY). Read more

• Symmetry group expands customer base, secures 2 domestic, 1 international client

Symmetry Group Limited (SYM) has recently gained three new customers, with two from Pakistan and one from Singapore. Read more

• Prime Minister calls for a long-term strategy to eradicate energy sector debt

To eliminate the revolving credit in the energy sector, the caretaker prime minister, Anwar ul Haq  Kakar stressed the need for an effective, long-lasting, and viable strategy. Read more

• Gohar Ejaz gets additional charge of Interior Ministry

Federal Minister for Commerce, Industries & Production and Board of Investment, Dr. Gohar Ejaz has been assigned the portfolio of Interior. Read more

• NayaPay partners with Alipay+ to enhance digital payments in Pakistan

NayaPay, a rapidly growing financial platform, has partnered with Alipay+ to streamline digital payments, tackling prevalent issues such as limited interoperability and elevated transaction costs. Read more

• Banking sector spread inches down by 1bps MoM in December

The banking sector spread for December 2023 has decreased by 1 basis points (bps) MoM to 7.62% compared to a spread of 7.63% in November 2023. Read more

• PSX Closing Bell: Rising Tide

The benchmark KSE-100 index extended its gains to end Wednesday's trading session at 64,822.43 showing an increase of 368.21 points or 0.57%. Read more

• OGRA grants license to SSGC’s subsidiary for natural gas sale

The Oil & Gas Regulatory Authority (OGRA) has granted a license of SSGC Alternate Energy (Private) Limited (SSGC-AE) to undertake the regulated activity of the sale of natural gas/ RLNG to its customers under the terms and conditions given in the license. Read more

• Four companies to invest $33.3m in oil and gas exploration

The government has executed Petroleum Concession Agreements and Exploration Licences for 8 blocks with 4 companies, stipulating a minimum investment of over $33.3 million to be carried out by the Exploration and Production (E&P) companies in these blocks for prospecting within three years. Read more

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