MG Morning Breeze: Updates to Skim before Market

January 26, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Financial Advisor unveils comprehensive business plan for PIA divestment

 Earnest & Young, the Financial Advisor for divestment of Pakistan International Airlines Corp (PSX: PIAA) presented a business plan on Thursday that outlines the investment roadmap and covers the capital and fleet needs of the national carrier. Read more

• SBP reserves hit $8.27bn after IMF installment

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $243.1 million or 3.03% WoW to $8.27 billion during the week ended on January 19, 2024. Read more

• PSX Closing Bell: Hope Bites Back

The benchmark KSE-100 index fell 524.43 points or 0.81% to close today's trading session at 64,298. Read more

• PKR settles stable at 279.67 against USD

The Pakistani rupee (PKR) remained stable against the US dollar in Thursday's interbank session and settled the trade at PKR 279.67 per USD, similar to that of the previous session. Read more

• Domestic gold loses shine, silver holds steady

Domestic bullion resumed its downward trend on Thursday, with the price of 24-karat gold falling Rs1,400 per tola Rs213,800. Read more

• LCI’s profit grows 83.35% YoY to Rs5bn in 6MFY24

Lucky Core Industries Limited (PSX: LCI) unveiled its profitability for 6MFY24, wherein the profit after tax clocked in at Rs5.07 billion [EPS: Rs54.58] compared to a profit of Rs2.77bn [EPS: Rs29.96] reported in the same period last year (SPLY), reflecting a massive 83.35% YoY growth. Read more

• Cotton prices jump to Rs21,000 per maund amid interest rate cut hopes

Cotton spot rate rose to Rs21,000 per maund, witnessing a sharp increase of Rs1000 in a day compared to previous day. Read more

• Economic headwinds delay TGL, LCI mega facility

The float glass manufacturing facility project in partnership with Lucky Core Industries Limited (PSX: LCI) facility is currently facing delays in the first phase (500 metric tons) due to economic challenges. Read more

• DSML navigates legal procedures for integration with TPL Life

Dar es Salaam Textile Mills Limited (PSX: DSML) is currently in the process of completing legal formalities regarding the merger agreement with TPL Life Insurance Limited. Read more

• SPLC recovers Rs134.65m, settles Rs2.75m liability

Saudi Pak Leasing Company Limited (SPLC) has made a recovery of an amount of Rs134.645 million and settled a liability of Rs2.75m as of December 31, 2023. Read more

• FFBL profit dips by 48% in 2023 on PMP losses

Fauji Fertilizer Bin Qasim Limited (PSX: FFBL) has wrapped up 2023 in green as its profitability clocks in at Rs4.15 billion [EPS: Rs2.35]. However, the bottom line has shrunk by 48% YoY as compared to Rs8bn profits in 2022. Read more

• Pakistan Cables sees 28% fall in profits

Pakistan Cables Limited (PSX: PCAL) recorded a fall of 27.79% YoY in its profits in 1HFY24, with the company's after-tax profits declining to Rs217.97 million [EPS: Rs4.4], compared to a profit of Rs301.87m [EPS: Rs6.1] in the same period last year (SPLY). Read more

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