MG Morning Breeze: Updates to Skim before Market

February 20, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PSX Closing Bell: Ups and Downs

The benchmark KSE-100 index ended Monday's trading session at 60,459.75 showing an increase of 586.79 points or 0.98%. Read more

• PKR remains stable at 279.36 against USD

The Pakistani rupee (PKR) appreciated by 0.46 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 279.36 per USD, compared to the previous session's closing of PKR 279.36 per USD. Read more

• China’s $255m divestment in January drives Pakistan’s FDI into negative territory

Having previously held the position as the leading foreign investor in Pakistan every month, China has now transitioned to divesting $254.9 million as of January 2024. Read more

• Textile exports rise 4.29% MoM to $1.37bn in January

The country's total textile exports registered an increase of 4.29% MoM to $1.37bn in January 2024 compared to $1.32bn recorded in the previous month. Read more

• Pakistan’s FDI turns negative to $173.2m in January

Pakistan recorded a Foreign direct disinvestment of $173.2 million in January compared to a direct investment of $211.1m observed in December 2023. Read more

• China dominates as Pakistan’s top import partner in January FY24

Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during January FY24, followed by Qatar, Saudi Arabia, and U. A. E. Dubai. Read more

• Petroleum import bill rises by 15.65% YoY to $1.43bn in January: SBP

The import bill of the petroleum group stood at $1.43 billion in January 2024, marking an increase of 15.65% MoM compared to the import bill of $1.24bn recorded in December 2023. Read more

• PKR’s REER index surges to 101.7 in January

Pak Rupee's Real Effective Exchange Rate Index (REER) increased by 2.91% MoM in January 2023 to a provisional value of 101.7 from the revised value of 98.83 in December 2023. Read more

• Pakistan’s election outcome raises IMF financing agreement concerns

The close outcome of Pakistan’s election and resulting near-term political uncertainty may complicate the country’s efforts to secure a financing agreement with the IMF, to succeed the Stand-By Arrangement (SBA) expiring in March 2024. Read more

• Pakistan records a trade deficit in services of $317m in January

The service sector of Pakistan posed a trade deficit of $317 million in January, reflecting an increase of 2.48x MoM, as compared to a deficit of $128m recorded in the previous month. Read more

• Pakistan posts a current account deficit of $269m in January

Pakistan has recorded a current account deficit of $269 million largely due to a decline in exports and an increase in imports. Read more

• PIA’s debt segregation plan gets approved

In a noteworthy development, the segregation plan of Pakistan International Airlines Corporation Limited (PSX: PIAA) has been approved. Read more

• 24-Karat gold price rises by Rs1,100 per tola to Rs214,300

Domestic Bullion Market continued upon its gains incurred in the last session of the previous week as the price of 24-karat gold rose by Rs1,100 per tola to Rs214,300 per tola on Monday. Read more

• OGDC strikes major gas-condensate find in Khewari block

The Oil and Gas Development Company Limited (PSX: OGDC) has made a significant gas-condensate discovery from its exploration efforts at Kharo-1, a well drilled in the Khewari exploration license area, located in District Khairpur, Sindh Province. Read more

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