MG Morning Breeze: Updates to Skim before Market

February 29, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP’s shift to monetary easing may spark Pakistan stocks surge

Pakistan’s already explosive stock rally may get another leg up as the central bank shifts its gears to monetary easing. Read more

• PTI presses IMF for probe into Pakistan’s General Elections 2024

Pakistan Tehreek-e-Insaf (PTI) finally called the International Monetary Fund (IMF) for an audit of at least 30% of the national and provincial assemblies seats, urging that such an endeavour could be completed within a mere two weeks. Read more

• China extends helping hand, rolls over $2bn loan to Pakistan

China, portraying a true friendship gesture in a time of need, has agreed to roll over a $2 billion loan, which was set to mature in March. Read more

• Govt likely to increase petrol price by Rs3.5 per litre

The government is likely to hike the price of petrol by Rs3.5 per litre for the first half of March 2024. Read more

• PSX Closing Bell: Top Line

The benchmark KSE-100 index closed Wednesday's trading session at 63,703.45 showing an increase of 484.35 points or 0.77%. Read more

• Saritow Spinning temporarily halts production

Saritow Spinning Mills Limited (PSX: SSML) has decided to halt production with immediate effect due to the ongoing heavy losses being experienced. Read more

• PKR rebounds, gains 16 paisa against USD

The Pakistani rupee (PKR) appreciated by around 16 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 279.12 per USD, compared to the previous session's closing of PKR 279.28 per USD. Read more

• 24-Karat gold price drops Rs1,100 per tola to Rs214,800

Domestic bullion concluded its upward journey on Wednesday as the price of 24-karat gold dropped Rs1,100 per tola to Rs214,800. Read more

• TOMCL’s profit dips 9% YoY to Rs185.53m in 1HFY24 despite massive sales growth

The Organic Meat Company Limited (PSX: TOMCL) has recorded a profit drop of around 9% YoY in 1HFY24, as the after-tax earnings clocked in at Rs185.53 million [EPS: Rs1.25] compared to a profit of Rs203.87m [EPS: Rs1.37] reported in 1HFY23. Read more

• NCL’s losses down to Rs385m in 1HFY24

Nishat Chunian Limited (PSX: NCL) incurred a loss after tax of Rs385.11 million [LPS: Rs1.6] compared to a loss of Rs1.59 billion [LPS: Rs7.12] in the same period last year (SPLY), depicting an improvement of 75.8% YoY. Read more

• KOHP’s gross margins soar in 1HFY24

Kohinoor Power Company Limited (PSX: KOHP) turned profitable in the first half of FY24 amid notable improvement in gross margins, earning a profit after tax of Rs2.49 million [EPS: Rs0.2], compared to a loss of Rs6,348 in the same period last year (SPLY). Read more

• Symmetry Group seals deal with 2 new clients, targets Rs58m revenue boost in FY24

Symmetry Group Limited (PSX: SYM) has secured approvals from two new clients for the development of certain digital products that are projected to generate revenue of Rs58 million for the company in FY24. Read more

• Nestle registers 10% YoY profit growth in 2023

Nestle Pakistan Limited (PSX: NESTLE) experienced a rise of 9.59% YoY in its profits in 2023, earning a profit after tax of Rs16.49 billion [EPS: Rs363.68], compared to a profit of Rs15.05bn [EPS: Rs331.86] in the same period last year. Read more

• Prema’s profit plunges 72% in 1HFY24 despite higher revenue

At-Tahur Limited (PSX: PREMA) revealed its earnings for six months ended December 31, 2023, wherein the profit after tax clocked in at Rs105.28 million [EPS: Rs0.48] compared to a profit of Rs373.15m [EPS: Rs1.71] in the same period last year. Read more

• Pioneer Cement declares Rs5 dividend as profit spikes to Rs2.63bn in 1HFY24

Pioneer Cement Limited (PSX: PIOC) recorded an increase of 49.08% YoY in its earnings for 1HFY24, reporting a profit after tax at Rs2.63 billion [EPS: Rs11.56], compared to a profit of Rs1.76bn [EPS: Rs7.75] in the same period last year. Read more

• Cnergyico suffers Rs1.92bn loss in 1HFY24

Cnergyico PK Limited (PSX: CNERGY) reported its financial statement for 1HFY24, wherein the loss after tax clocked in at Rs1.92 billion [LPS: Rs0.35]. Read more

• NEPRA petition pursuit delays K-Electric financial result for 1HFY24

As K-Electric Limited (PSX: KEL) continues to pursue the National Electric Power Regulatory Authority (NEPRA) for the timely conclusion of its petitions for the award of MYT post-June 2023, the company was unable to finalize financial statements for the half-year ended December 31, 2023, within the stipulated timeline. Read more

• Moody’s affirms Pakistan’s credit rating at ‘Caa3’ with a stable outlook

Moody's Investors Service has affirmed Pakistan's long-term issuer rating at 'Caa3" with a stable outlook, citing the government's very high liquidity and external vulnerability risks due to significantly low foreign exchange reserves. Read more

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