MG Morning Breeze: Updates to Skim before Market

February 19, 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 closed this week at 59,873 plummeting 3,071 points or 4.88%. Read more

• Domestic gold ends another week in red, drops by Rs1,100 per tola WoW

Domestic bullion continued its decline for the second consecutive week as the price of 24-karat gold plunged by Rs1,100 per tola to Rs213,200 by the end of this week. Read more

• PKR snaps 13-week winning streak against USD

The Pakistani rupee (PKR) snapped its 13-week-long winning steak against the mighty Dollar as the currency settled the last trading session of the week at PKR 279.36 per USD this week, compared to the previous week's closing of PKR 279.28 per USD. Read more

• Meezan Bank announces successful financial closure of Rs69bn pipeline project

Meezan Bank Limited (PSX: MEBL) has announced the successful financial closure of a water pipeline project valued at Rs69 billion undertaken by Enertech Water Private Limited. Read more

• Breakup of Pakistan’s trade data in January: PBS

Pakistan's revised trade deficit for January clocked in at $1.979 billion compared to a deficit of $1.828bn from the previous month, increasing by 8.26% MoM, according to the revised data released by the Pakistan Bureau of Statistics (PBS). Read more

• Hub Power to buy 9.5% stake in Sindh Engro Coal Mining

The Hub Power Company Limited (PSX: HUBC) has entered into a definitive agreement to acquire Sindh Engro Coal Mining Company Limited (SECMC) shares. Read more

• MARI discovers gas at Maiwand X-I ST-l exploration well

Mari Petroleum Company Limited (PSX: MARI) has discovered gas at Maiwand X-I ST-l exploration well drilled in Block 28, in Kohlu District of Balochistan. Read more

• DFML to start local assembly of KIA commercial vehicles in 2024

Dewan Farooque Motors Limited (PSX: DFML) will start local assembly operations of special purpose KIA Commercial Vehicles in Pakistan with its product KIA SHEHZORE very soon in 2024. Read more

• Weekly inflation decreases 0.78%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group eased by 0.78% WoW during the week ended February 15, 2024, while the SPI increased by 34.25% YoY compared to the corresponding period from last year. Read more

• IMF aid boosts Pakistan’s economy in January, but challenges remain

The International Monetary Fund's injection of financial aid helped boost Pakistan's economic activity in January. Read more

• Ministry of Health bans consumption of sugary beverages

The Ministry of National Health Services, Regulations, and Coordination, under the direction of Federal Minister Dr. Nadeem Jan has issued an advisory to ban the consumption of sweetened sugary beverages during official meetings within the ministry and its attached departments. Read more

• CHCC’s board approves investment of Rs75m in Mirpurkhas Sugar Mills

The Board of Directors (BoD) of Cherat Cement Company Limited (PSX: CHCC) has approved an investment of up to an aggregate amount of Rs75 million in Mirpurkhas Sugar Mills Limited (PSX: MIRKS). Read more

• CCP approves Lucky Cement, Fatima Fertilizer’s acquisition bid for National Resources

In a significant development for the minerals sector in Balochistan, the Competition Commission of Pakistan (CCP) has approved the offer by Lucky Cement Limited (LUCK) and Fatima Fertilizer Company Limited (FATIMA) to acquire a combined total of 66.66% shares in National Resources (Private) Limited. Read more

• RLNG prices slashed by up to 9% for February

Regassified Liquefied Natural Gas (RLNG) prices for February 2024 have been slashed by up to 8.7% and 9% for Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC) respectively. Read more

• Cherat Cement records Rs3.4bn profit in 1HFY24, announces 15% DPS

Cherat Cement Company Limited (PSX: CHCC) experienced a rise of 11.95% YoY in its profits, earning a profit after tax of Rs3.4 billion [EPS: Rs17.51], compared to a profit of Rs3.04bn [EPS: Rs15.64] in the same period last year (SPLY). Read more

• Fertilizer offtake drops 7.2% YoY in January’24

The country’s overall nutrient offtake dropped by 7.2% YoY to 378,000 tons during January 2024 as compared to an offtake of 407,000 tons in the same month last year. Read more

• HMB announces Rs5.5 additional DPS as profit rises to Rs25.24bn in 2023

Habib Metropolitan Bank Limited (PSX: HMB) has recorded a massive profit of Rs25.24 billion [EPS: Rs23.44] for 2023, depicting a surge of over 69% YoY, compared to the earnings of Rs14.92bn [EPS: Rs9.88] incurred in the same period last year (SPLY). Read more

• PSMC commences share purchase offer at Rs609/share before delisting from PSX

In a significant development, the management of Pakistan Suzuki Motor Company (PSMC) has commenced its share purchase offer, effective from February 22, 2024, until April 21, 2024. Read more

• Pakistan bond sell-off to end with IMF support, Goldman Sachs says

Goldman Sachs Group Inc. says Pakistan's dollar bonds will rebound, overcoming a fractured election mandate, as the leaders of the emerging coalition understand the gravity of the economic crisis and will work together to secure International Monetary Fund aid. Read more

• Petroleum products production grows 8.4% in 1HFY24

 The production of petroleum products witnessed an increase of 8.4% YoY during the first six months of the fiscal year 2024. Read more

• Frieslandcampina Engro Foods earns Rs1.5bn profit in 2023

Frieslandcampina Engro Foods Limited (PSX: FCEPL) saw a 38.8% YoY fall in profitability in the year 2023, with its profit after tax reaching Rs1.51 billion [EPS: Rs1.97]. Read more

• Engro Fertilizers posts Rs26.2bn profit in 2023, declares additional Rs8 dividend

Engro Fertilizers Limited (PSX: EFERT) unveiled its profitability for the year 2023, wherein the profit after tax clocked in at Rs26.19 billion [EPS: Rs19.61] compared to a profit of Rs16bn [EPS: Rs11.98] in the previous year. Read more

• Allied Engineering sets record date for ARM certificate holders

The Board of Directors (BoD) of Allied Engineering Management Company (Private) has decided that the record date for determining the identities of the certificate holders of Allied Rental Modaraba (PSX: ARM) shall be the close of business on February 26, 2024. Read more

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