MG Morning Breeze: Updates to Skim before Market

February 26, 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 surged 2,943 points or 4.92% to close the week at 62,816. Read more

• Weekly SCRA records net purchase of Rs1.49bn

The net purchase of securities for the week ended February 16, 2024, clocked in at Rs1.49bn, as compared to a net purchase worth Rs1.47bn recorded last week. Read more

• PKR remains flat against USD this week at 279.36

The Pakistani rupee (PKR) remained relatively flat against the US dollar this week and settled today's trading session at PKR 279.36 per USD, approximately equivalent to the previous week's closing of PKR 279.36 per USD. Read more

• Domestic gold ends 2-week losing streak, surges Rs1,900 per tola WoW

The domestic Bullion market broke free from its 2-week-long losing streak as the price of 24-karat gold surged by Rs1,900 per tola to Rs215,100 this week. Read more

• IMF looks forward to collaborating with new govt for macroeconomic stability

The International Monetary Fund (IMF) expressed its eagerness to collaborate with the new government on policies to ensure macroeconomic stability. Read more

• CCoE gives nod for pipeline construction from Pakistan Border to Gwadar

The Cabinet Committee on Energy (CCoE) on Friday approved the commencement of work on the 80 km segment of the pipeline from the Pakistan border up to Gwadar in the first phase. Read more

• Exporters get more freedom to use foreign currency accounts

The central bank has further eased rules for exporters, allowing them to use their Exporters’ Special Foreign Currency Accounts (ESFCAs) for any current account transactions abroad without prior approval. Read more

• Standard Chartered reports 2.15x YoY profit surge in 2023

Standard Chartered Bank (Pak) Ltd (PSX: SCBPL) announced its results for 2023 wherein the bank’s net profit soared by 2.15x YoY to Rs42.62 billion [EPS: Rs11.01]. Read more

• Banking sector spread decreases by 62bps MoM in January

The banking sector spread for January 2024 has decreased by 62 basis points (bps) MoM to 7.02% as compared to a spread of 7.64% in December 2023. Read more

• Pakistan’s external financing stands at $331.6m in January

The country secured external financing worth $331.59 million in January 2024 from multiple financing sources, the latest monthly report by the Economic Affairs Division (EAD) showed. Read more

• GHGL temporarily halts float glass furnace for maintenance

The management of Ghani Glass Limited (PSX: GHGL) on Friday informed that one of the furnaces of Float Glass has been shut down due to repair and maintenance purposes. Read more

• Kohinoor Energy earns Rs757.29m in 1HFY24

Kohinoor Energy Limited (PSX: KOHE) has reported a profit after tax worth Rs757.29 million [EPS: Rs4.47] in 1HFY24, down by 2.36% YoY. Read more

• PCAL board approves sale of land for debt repayment

The Board of Directors of Pakistan Cables Limited (PSX: PCAL) has approved the sale of a portion of the company’s land to repay loans and other liabilities, facilitating the relocation of its Karachi operations to the new site at Nooriabad. Read more

• NICL board greenlights acquisition of manufacturing facility

The board of directors of Nimir Industrial Chemicals Limited (PSX: NICL) on Friday approved the acquisition of a manufacturing facility consisting of the property, plant and equipment. Read more

• SPI inches up by 0.04%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group inched up by 0.04% WoW during the week ended February 22, 2024, while the SPI by 30.68% YoY compared to the corresponding period from last year. Read more

• Systems Limited earns D&B Business Rating Report

Systems Limited (PSX: SYS) has received a D&B Business Rating Report from Dun & Bradstreet Pakistan, reflecting its financial standing and stability. Read more

• HBL achieves record profit of Rs57.76bn in 2023

Habib Bank Limited (PSX: HBL) recorded its highest profit of Rs57.76 billion [EPS: 39.32] in 2023. Read more

• EFERT’s PEF Phase-I hits 60% milestone, Phase II set for launch in 2025

Engro Fertilizers Limited (PSX: EFERT)’s Pressure Enhancement Facility (PEF) Project Phase-I is nearing 60% completion by the end of CY24 while the preparations for Phase II are underway, anticipating the commencement by the end of 2025. Read more

• Murree Brewery’s profit soars 95% in 1HFY24

Murree Brewery Company Limited (PSX: MUREB) experienced a rise of 94.79% YoY in its profitability in 1HFY24, clocking in its profit after tax at Rs1.05 billion [EPS: Rs41.66]. Read more

• Thatta Cement achieves remarkable turnaround

Thatta Cement Company Limited (PSX: THCCL) has recorded a remarkable turnaround as the country earned Rs358.08m [EPS: Rs3.64] 1HFY24. Read more

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