MG Morning Breeze: Updates to Skim before Market

January 29, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• CPI Preview: January inflation to soften to 27.2% YoY as base effect kicks in

January will begin a sharp disinflation trend, with the headline inflation expected to soften to 27.2% YoY due to the favourable base effect. Read more

• PSX sees highest foreign investment via SCRA since Feb 2020

Foreign investors recorded the highest net purchase of securities via Specially Convertible Rupee Accounts (SCRA) since February 14, 2020, amounting to Rs18.56 billion for the week ending January 19, 2024. Read more

• 24-Karat gold price falls for 4th straight week

Domestic bullion continued its downward trend for the fourth consecutive week as the price of 24-karat gold dropped by Rs1,400 per tola to Rs213,900. Read more

• Weekly Market Roundup

The benchmark KSE-100 index closed this week at 63,813 showing an increase of 531 points or 0.84%. Read more

• PKR notches up 11 straight weeks of appreciation against USD

The Pakistani rupee (PKR) continued its upward spree this week and gained a marginal 30 paisa to settle at PKR 279.59, as compared to the previous week's closing of PKR 279.9 per USD. Read more

• Repatriation of profit surges to $567.7m in 1HFY24

Foreign investors' repatriation of profit and dividends soared by 2.61x YoY in 1HFY24 to $567.7 million compared to $217.6m worth of repatriation in the same period last year. Read more

• VIS assigns initial rating of ‘A’ to SAZEW

The VIS Credit Rating Company Limited (VIS) has assigned an initial rating to Sazgar Engineering Works Limited (PSX: SAZEW) of ‘A’ for long term and ‘A-2’ for short term with a stable outlook forecast. Read more

• ATRL initiates refinery turnaround, anticipates 40% throughput reduction

Attock Refinery Limited (PSX: ATRL) is planning the refinery turnaround to carry out essential maintenance with effect from February 10, 2024, for a period of about one month. Read more

• Weekly inflation drops by 0.14%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group fell by 0.14% WoW during the week ended January 25, 2024, while the SPI by 43.79% YoY compared to the corresponding period from last year. Read more

• Atlas Honda’s profit surges 65% in 9MMFY23

Atlas Honda Limited (PSX: ATLH) reported its profitability for nine months ended December 31, 2023, wherein the profit after tax clocked in at Rs6.08 billion [EPS: Rs49.01] compared to a profit of Rs3.69bn [EPS: Rs29.72] in the same period last year (SPLY). Read more

• National savings slashes profit rates by up to 2.83%

The National Savings has announced a revision in the savings account profit rate, which has been slashed by up to 2.83%. Read more

• Chashma Sugar Mills subsidiary enters commercial phase following successful trials

Ultimate Whole Foods (Private) Limited, the subsidiary of Chashma Sugar Mills Limited (PSX: CHAS) has commenced its commercial production after completing its trial run. Read more

• Lucky Cement’s profits soar by 2.15x in 1HFY24

Lucky Cement Limited (PSX: LUCK) recorded a surge of 2.15x YoY in its profits in the first half of FY24, with the company's after-tax profits rising to Rs38.32 billion [EPS: Rs117.19]. Read more

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