MG Morning Breeze: Updates to Skim before Market

January 30, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP maintains policy rate at 22% for fifth consecutive meeting

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 22% for the fifth consecutive meeting. Read more

• CCI greenlights Tight Gas Exploration, Production Policy 2024

The Council of Common Interests (CCI) on Monday approved the draft Tight Gas Exploration and Production Policy 2024, according to a press release issued by the Prime Minister's Office on the same day. Read more

• SBP to issue new currency notes

To combat counterfeit currency proliferation, the State Bank of Pakistan (SBP) has decided to issue new currency notes featuring advanced security features, Mr Jameel Ahmed Governor SBP informed on Monday. Read more

• SBP penalizes 10 banks for Rs465.08m over regulatory breaches

 The State Bank of Pakistan (SBP) has imposed hefty fines on ten banks for violating its rules and regulations, with the total amount of penalties worth Rs465.081 million, according to a document released by SBP's Banking Supervision Department. Read more

• ISL declares Rs2.5 dividend as 1HFY24 profits soar to Rs2.35bn

International Steels Limited (PSX: ISL) experienced a massive rise in its earnings for the six months ended December 31, 2023 as the profit after tax clocked in at Rs2.35 billion [EPS: Rs5.41], compared to a profit of Rs60.87m [EPS: Rs0.14] in the same period last year (SPLY). Read more

• ISL’s board approves Rs1bn solar project at Karachi facility

The Board of Directors (BoD) of ISL has approved the company to undertake a 6.4 MW Solar Power Project at its Karachi factory. Read more

• PSX Closing Bell: Roll the Dice

The benchmark KSE-100 index ended Monday's trading session at 62,773.72 showing a decrease of 1,039.34 points or 1.63%. Read more

• Pakistan to secure significant funding with 5 new EU grant agreements

The European Union (EU) Ambassador to Pakistan, Riina Kionka, and Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs, signed five new EU grant agreements signifying a substantial commitment of nearly €100 million (equivalent to over Rs30 billion). Read more

• Mari announces Rs98 dividend after 57% profit growth in 1HFY24

Mari Petroleum Company Limited (PSX: MARI) recorded an increase of 57.17% YoY in its profitability in the first half of FY24, clocking in its profit after tax at Rs37.5 billion [EPS: Rs281.14]. Read more

• PKR loses 5 paisa against USD

The Pakistani rupee (PKR) marginally depreciated by 4.76 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 279.64 per USD, compared to the previous session's closing of PKR 279.59 per USD. Read more

• Pakistan records primary surplus of Rs1.8tr in 1HFY24

Pakistan recorded a primary surplus of 1.7% of GDP (Rs1.81 trillion) in the first half of the fiscal year 2024 as against a primary surplus of 1.1% (Rs890 billion) in 1HFY23, as per data reported by Finance Ministry. Read more

• PRL to undergo maintenance shutdown January 30

Pakistan Refinery Limited (PRL) is carrying out its maintenance and inspection turnaround starting from January 30, 2024, for approximately 35 to 38 days. Read more

• Gold price in Pakistan surges by Rs1,500 per tola

After experiencing the fourth consecutive weekly drop, domestic bullion has started this week on a positive note, with the price of 24-karat gold surging by Rs1,500 per tola to reach Rs215,400. Read more

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