MG Morning Breeze: Updates to Skim before Market

September 07, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Auction Result: Cut-off yield jumps to around 25%

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs1.332 trillion for 3, 6, and 12 months against a target of Rs1.95tr. Read more

• PKR trades 12 paisa higher against USD in interbank, strengthens by 10 rupees in open market

The Pakistani rupee (PKR) appreciated by 12.01 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 306.9795 per USD. Read more

• PKR exchange gap shrinks below IMF’s 1.25% limit

As a result of the ongoing crackdown against speculators, hoarders and smugglers, the dollar in the open market lost its dominance as the greenback fell by Rs21 to Rs310 per USD. Read more

• SBP unifies ECs for stronger financial regulation, increases capital requirement to Rs500mn

Owing to the frequent regulatory issues observed in the Exchange Companies (ECs), particularly in the operations of ECs-B and franchises of ECs, the State Bank of Pakistan (SBP) has decided to consolidate and transform various types of ECs into a single category with a well-defined mandate. Read more

• Army Chief attributes rise in electricity prices to IMF conditions

The increase in electricity prices is attributed to the conditions imposed by the International Monetary Fund (IMF), as stated by Army Chief General Asim Munir during a press conference with the business community on Wednesday. Read more

• Barrick Gold to invest $7bn in Pakistan’s Reko Diq

Barrick Gold has expressed interest in investing $7 billion to revive the mining project, Reko Diq. Read more

• Tech Beat: Cement Sector’s bullish momentum tests key 1D 200EMA

The cement sector has shown a strong bullish momentum since May of this year, when it crossed above the one-day 200 exponential moving average (1D 200EMA) for the first time in eight months. Read more

• ECC okay to increase margin of OMC dealers by Rs1.64/litre

The Economic Coordination Committee (ECC) of the Cabinet on Wednesday decided to enhance the Petroleum dealers' margins on MS & HSD by Rs1.64 per liter in four fortnightly instalments of Rs0.41 per liter with effect from September 15, 2023. Read more

• Textile units of Karachi, Nooriabad, Hyderabad agree to pay 60% hike in terms of gas tariff

All zero-rated textile units of Karachi, Nooriabad and Hyderabad have signed the agreement for gas supply for the next two months on a tariff which has increased by up to 60%. Read more

• Domestic gold plummets by more than Rs10,000 per tola

Domestic bullion experienced another significant setback as the price of 24-karat gold dropped by Rs10,500 per tola, closing at Rs222,300. Read more

• PSX Closing Bell: Back in the game

The Pakistan equity market had a relatively quiet day until the final two trading hours when it surged in response to the remarkable strength of the PKR against the USD in the open market. Read more

• Business leaders label IPPs contracts ‘Fraud’ in meeting with Army Chief

The business community on Wednesday termed the contracts signed with Independent Power Producers (IPPs) ‘Fraud’ and requested Chief of Army Staff Asim Munir not to revise the agreements on the old terms. Read more

• TREET to venture into shaving foam market

Treet Corporation Limited (PSX: TREET) is pleased to announce its decision to venture into the shaving foam market. Read more

• KAPCO’s profit plummets by 60% in FY23, pays Rs5 DPS

The profitability of Kot Addu Power Company Limited (PSX: KAPCO) plummeted by almost 60% YoY. Read more

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