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MG Morning Breeze: Updates to Skim before Market

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

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

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, 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

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

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

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

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

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

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

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 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 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

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 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 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

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 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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Posted on: 2024-02-29T06:00:00+05:00