MG Morning Breeze: Updates to Skim before Market

February 01, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt hikes petrol price by Rs13.55 per litre

Due to the substantial rise in global oil prices, the government has raised the price of petrol by Rs13.55 per litre to Rs272.89 per litre. Read more

• PKR starts 2024 strong, gains 2.36 rupees against USD in January

The Pakistani Rupee (PKR) has made a positive start to 2024, closing the month of January at Rs279.5 with a gain of 0.84% or 2.36 rupees against the mighty Dollar. Read more

• PSX Closing Bell: Out of the Ashes

The benchmark KSE-100 index closed the trading session at 61,979.18 with an increase of 137.44 points or 0.22%. Read more

• Money supply reaches to Rs35.74tr in December

The total money supply circulating within the economy till December 2023 has been recorded at Rs35.74 trillion. Read more

• Ministry foresees inflation to hover around 27.5% to 28.5% in January

Inflation is anticipated to remain around 27.5% to 28.5% in January 2024 and further ease out to 26.5% to 27.5% in February 2024 mainly on the back of the decline in fuel cost which offers a promising counterbalance and the high base effect. Read more

• SEPL takes legal stand against SECP’s public sector label

Security Papers Limited (PSX: SEPL) intends to challenge the Securities and Exchange Commission of Pakistan (SECP)'s classification of the company as a Public Sector Company. Read more

• EFG Hermes Pakistan board greenlights merger with Intermarket Securities

The Board of Directors of EFG Hermes Pakistan Limited (PSX: EFGH) has tentatively approved the merger with Intermarket Securities Limited (IMS), authorizing discussions, negotiations, and the signing of a memorandum of understanding. Read more

• BAHL declares Rs5 dividend as earnings surge to Rs35.93bn in 2023

Bank AL Habib Limited (PSX: BAHL) has revealed its financial statement today for the year ended December 31, 2023, as per which the bank posted a profit worth Rs35.93billion [EPS: Rs32.33]. Read more

• ECC to discuss transition from LIBOR to SOFR

The Economic Coordination Committee (ECC) of the Cabinet, in its meeting which is scheduled to be held on February 01, 2024, at 1,500 hours, will discuss the transition from London Inter-Bank Offer Rate (LIBOR) to Secured Overnight Financing Rate (SOFR). Read more

• Gold price in Pakistan drops by Rs4,500 per tola in January

Domestic bullion has started 2024 on a negative note as the price of 24-karat gold has dropped by Rs4,500 per tola to Rs215,500 in January. Read more

• Soneri Bank’s profit surges to Rs6.08bn in 2023, rewards 30% DPS

Soneri Bank Limited (PSX: SNBL) has revealed its financial statement today for the financial year 2023, as per which the bank posted a profit worth Rs6.08billion [EPS: Rs5.51], depicting a surge of 3.23xYoY. Read more

• PSX to host awareness session on GIS auction

The Pakistan Stock Exchange (PSX) will conduct an awareness session on newly introduced Sukuks issued through the PSX auction system and an introduction to the services of Master FIX on Tuesday, February 6, 2024. Read more

• SBP empowers dealers for import advances without prior approval

The State Bank of Pakistan (SBP) has granted Authorized Dealers the authority to make import advance payments, up to 100% of the value of irrevocable letters of credit or invoices, without prior SBP approval, contingent upon appropriate due diligence. Read more

• SBP, PSX to remain closed on February 05 on account of Kashmir Day

The State Bank of Pakistan (SBP) and the Pakistan Stock Exchange (PSX) will remain closed on Monday, February 05, 2024, on the occasion of “Kashmir Day” as declared by the Government of Pakistan. Read more

• Ahsan Zafar Syed appointed as President, CEO Designate of Engro Corporation

The Board of Engro Fertilizers Limited (PSX: EFERT) has been informed that Mr Ahsan Zafar Syed has been appointed as the ‘President & Chief Executive Officer – Designate’ of Engro Corporation Limited. Read more

• Business Confidence Index reaches highest level since April 2022

The overall Business Confidence Index improved by 1.5 points to 54.5 in January, the highest level BCI value since April 2022 when it was 55.2. Read more

• Pakistani finance experts eye Imran Khan as economic saviour: Bloomberg

Former Prime Minister Imran Khan is the top pick for Pakistani finance professionals to oversee the cash-strapped economy’s recovery, according to a Bloomberg survey. Read more

• Consumer confidence drops by 2.6% MoM in January: SBP

Consumers’ confidence in the country declined by 2.6% MoM or 0.9 points during January 2024. Read more

• Govt retires Rs150bn debt in a week

The government of Pakistan has retired a debt of Rs150.6 billion during the week ended January 19, 2024, which brings its total net borrowing for ongoing fiscal year 2024 to Rs2.424 trillion. Read more

• Govt approves FBR restructuring, digitalization plan

The Federal Cabinet on Tuesday approved the FBR restructuring and digitization plan which has been under deliberation since September 2023. Read more

• China to rollover $2bn debt

The caretaker Prime Minister, Anwar ul Haq Kakar, has formally submitted a request for China to roll over $2 billion in debt before its scheduled maturity on March 23, 2024. Read more

• Sazgar records massive jump in earnings, reports profit of Rs1.4bn in 1HFY24

Sazgar Engineering Works Limited (PSX: SAZEW) unveiled its profit and loss statement for 1HFY24, wherein the profit after tax clocked in at Rs1.41 billion [EPS: Rs23.4]. Read more

Copyright Mettis Link News