MG Morning Breeze: Updates to Skim before Market

February 23, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Pakistan planning $6bn IMF loan negotiation for debt management

The government is gearing up to approach the International Monetary Fund (IMF) for a substantial loan of at least $6 billion in a bid to manage its mounting debt obligations. Read more

• Caretaker govt’s debt repayment, fiscal measures

During the caretaker government's tenure, borrowing remained lower than in the preceding period, the majority of which was directed towards meeting debt repayment obligations. Read more

• SBP’s reserves decrease $44m to $8.01bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $43.7 million or 0.54% WoW to $8.01 billion during the week ended on February 16, 2024. Read more

• PKR appreciates by 17 paisa against USD

The Pakistani rupee (PKR) appreciated by 17.09 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 279.33 per USD, compared to the previous session's closing of PKR 279.5 per USD. Read more

• IGI Insurance to buy 6% stake in Packages from Stora Enso

The Board of Directors of IGI Insurance Limited (PSX: IGIIL) has accorded approval to acquire a 6.04% shareholding in Packages Limited (Packages), a listed associate concern of IGIIL.  Read more

• NBP records profit of Rs53.32bn in 2023, up 72.29% YoY

National Bank of Pakistan (PSX: NBP)’s financial disclosure for 2023 reveals that the bank’s profit surged to Rs53.32 billion [EPS: Rs24.96], around 72.29% YoY higher than the earnings of Rs30.95bn [EPS: Rs14.49] reported in the same period last year (SPLY). Read more

• Nishat Mills reports lower profit in Q2, pays Rs2.5 dividend

Nishat Mills Limited (PSX: NML) experienced a decline of 22% YoY in its profit after tax for the second quarter of fiscal year 2024, amounting to Rs858.43 million [EPS: Rs2.42]. Read more

• Pakistan pays $7.3bn in debt repayment in 1HFY24

Pakistan has disbursed a total of $7.3 billion as debt and interest payments during the six months ended on December 31, 2023 (1HFY24). Read more

• Gold price edges higher by Rs100 in Pakistan

The domestic bullion market saw another slight increase, with the price of 24-karat gold increasing by Rs100 per tola to reach Rs215,300 per tola on Thursday. Read more

• Abbott Laboratories’ profit plunges 91% in 2023

Abbott Laboratories (Pakistan) Limited (PSX: ABOT) profit after tax plummeted to Rs261.78 million [EPS: Rs2.67]. Read more

• GCIL secures Rs800m Sukuk for new projects

Ghani Chemical Industries Limited (PSX: GCIL) has received financing in the form of a privately placed and secured long-term Islamic certificate (Sukuk) amounting to Rs800 million. Read more

• CDNS cuts savings rates for third time in 2 months

The Central Directorate of National Savings (CDNS) has once again announced a reduction in the savings account profit rates, whereby the rates have been slashed by up to 72bps. Read more

• Ministry of Finance directs SME Bank to initiate SME Leasing’s liquidation

The Ministry of Finance has advised SME Bank Limited to proceed with the liquidation of SME Leasing Limited (PSX: SLL) alongside SME Bank's liquidation. Read more

• National Foods launches Faisalabad plant operations, ceases production at 2 plants

National Foods Limited (PSX: NATF) has commenced operations of its new site "Faisalabad Plant " located at Plot No. 346 Ex 347 Phase – 2. M-3 Industrial City. Read more

• INDU to invest Rs3bn in localizing vehicle parts

 The Board of Directors of Indus Motor Company Limited (PSX: INDU) has approved an investment of around Rs3 billion for additional localization of parts and components of various existing vehicles. Read more

• NCCPL to collect capital gain tax on February 29

The aggregate amount of CGT arising on the disposal of shares at the Pakistan Stock Exchange (PSX) for the period January 01, 2024, to January 31, 2024, would be collected on Thursday, February 29, 2024, through respective settling banks of the Clearing Members. Read more

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