MG Morning Breeze: Updates to Skim before Market

January 31, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• 15.3% shareholders reject unfair offer by PSMC, standing against unjust delisting

Owners representing 15.39% of the total shareholding of Pak Suzuki Motor Company Limited (PSMCL) collectively reject the delisting of the company and the purchase price of Rs609/- per share. Read more

• IMF downgrades Pakistan’s GDP growth estimate to 2% for FY24

The International Monetary Fund (IMF) has downgraded Pakistan’s real GDP growth projections for fiscal year 2024 to 2% down from the previous forecast of 2.5%. Read more

• Currency in circulation decreases by Rs53.55bn in a week

The currency in circulation within the economy till January 19, 2024 has decreased by Rs53.538bn WoW to Rs8.604 trillion. Read more

• SBP expects another $5bn rollover, debt in check, growth ahead

Riding the wave of positive news in the economic arena, the State Bank of Pakistan (SBP) is now banking on another $5 billion rollover from friendly countries. Despite an anticipated $10bn external outflow, the bank is left holding the bag with a net repayable amount of $5bn for the rest of FY24. Read more

• PKR maintains momentum, gains over 9 paisa against USD

The Pakistani rupee (PKR) appreciated by 9.32 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 279.55, as compared to the previous day's closing of PKR 279.64 per USD. Read more

• PSX Closing Bell: The Auld Triangle

The Pakistan Stock Exchange (PSX) experienced a challenging session, with the benchmark KSE-100 index concluding the trading day at 61,841.74, reflecting a drop of 931.98 points or 1.48%. Read more

• 24-Karat gold price increases to Rs216,100 per tola

Domestic bullion witnessed a positive session on Tuesday as the price of 24-karat gold increased by Rs700 per tola to reach Rs216,100. Read more

• Al Shaheer’s Karachi Plant resumes operation ahead of schedule

Al Shaheer Corporation Limited (PSX: ASC) has announced that its Karachi plant has commenced operations ahead of schedule. Read more

• SBP initiates process of designing new banknote series

As part of the initial process of designing the new banknote series, the State Bank of Pakistan (SBP) is organizing an Art Competition to have innovative and thematic design ideas for the new banknote series. Read more

• PSW advances integration, embraces E-Phyto for agricultural imports

In continuation of its ongoing integration with the E-Phyto Hub, Pakistan Single Window (PSW) has commenced receiving electronic phytosanitary certificates (e-Phyto) on imports of agricultural goods and commodities. Read more

• FFBL to give Boron boost to accelerate agriculture in 2024

Fauji Fertilizer Bin Qasim Limited (PSX: FFBL) is all set to launch Boron Fortified DAP during CY24 which will prove to be a value-added excellence to the agriculture sector. Read more

• International Industries declares 20% dividend as earnings soar to Rs2.47bn in 1HFY24

International Industries Limited (PSX: INIL) experienced a massive surge in its earnings for 1HFY24, clocking in its profit after tax at Rs2.47 billion [EPS: Rs10.76]. Read more

• Official reserve assets stand at $13.67bn as of December: SBP

The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $13.67 billion as of December 31, 2023. Read more

• AIRLINK achieves 2.58x YoY profit growth, declares 20% DPS

Air Link Communication Limited (PSX: AIRLINK) reported a profit after tax of Rs2.04 billion [EPS: Rs5.17] for 1HFY24, marking a significant growth of 2.58x YoY, compared to a profit of Rs791.78m [EPS: Rs2.05] in the same period last year (SPLY). Read more

• Pakistan advances by 7 spots in Corruption Perceptions Index 2023

Pakistan has advanced by 7 positions in the Corruption Perceptions Index (CPI), moving from 140 in CPI 2022 to 133 in CPI 2023. Read more

• PABC expands annual capacity by 250m to 1.2bn cans

Pakistan Aluminium Beverage Cans Limited (PSX: PABC) has achieved a significant milestone by surpassing its previous capacity of 950 million cans per annum. Read more

• Colgate earns Rs7.37bn in 1HFY24, declares dividend of Rs22.5

Colgate Palmolive (Pakistan) Limited (PSX: COLG) experienced a rise of 74.8% YoY in its profits for the 1HFY24, earning a profit after tax of Rs7.37 billion [EPS: Rs30.36]. Read more

Copyright Mettis Link News