MG Morning Breeze: Updates to Skim before Market

February 12, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Weekly Market Roundup

The benchmark KSE-100 index concluded the week at 62,944, marking a decrease of 59 points or 0.09%. Read more

• PKR gains ground against USD for 13th straight week

The Pakistani rupee (PKR) extended its upward momentum for the 13th straight week, as the currency gained 12.88 paisa and settled at PKR 279.28 per USD this week, compared to the previous week's closing of PKR 279.41 per USD. Read more

• Gold price in Pakistan drops Rs1,700 per tola this week

After snapping its four-week-long losing streak in the previous week, the domestic bullion has once again entered the red zone as the price of 24-karat gold plunged by Rs1,700 per tola to Rs214,300 by the end of this week. Read more

• Pakistan’s Dollar bond drops most in 7 months amid political uncertainty

Pakistan’s Dollar bonds due in 2051 were indicated over 3 cents lower, the most since July 2023, to trade at 61.2 cents on the dollar, while the 2029 and 2031 notes also dropped. Read more

• Govt dismisses doubts over circular debt plans, expects further progress next week

The government has dismissed the negative perception being created regarding the Circular Debt Reduction and Tariff Rationalization Plans. Read more

• SECP imposes Rs962m in penalties on corporate sector violations in 1HFY24

The Securities and Exchange Commission of Pakistan (SECP), aided by its in-house Adjudication Division, has imposed penalties worth Rs962 million during 1HFY24 for violating laws by the corporate sector. Read more

• SBP reserves decreased by $172.5m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $172.5 million or 2.1% WoW to $8.04 billion during the week ended on February 02, 2024. Read more

• CCM board approves sale of assets in Faisalabad

The Board of Directors (BoD) of Crescent Cotton Mills Limited (PSX: CCM) has unanimously approved the sale/disposal of the company's assets located at Nishatabad, Faisalabad. Read more

• Re-composition: OGDC, SAZEW, EFERT, PSMC, ENGRO, HCAR, INDU, BIPL added to JSMFI

The Pakistan Stock Exchange Limited (PSX) has conducted the Re-composition exercise of the JS Momentum Factor Index (JSMFI) as of January 31, 2024. Read more

• Pakistan needs a new IMF deal, no matter who wins election

The most critical thing for the new Pakistan government, be it a majority or a coalition, is negotiating a new bailout program with the International Monetary Fund. Read more

• SECP introduces ‘eZfile’ portal to replace ‘eServices’ for online filings

The Securities and Exchange Commission of Pakistan (SECP) has announced the transition from its current online filing system, 'eServices', to a more sophisticated and user-friendly online portal called 'eZfile'. Read more

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