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MG Morning Breeze: Updates to Skim before Market

MG Morning Breeze: Updates to Skim before Market
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March 01, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

The foreign exchange reserves held by the State Bank of Pakistan (SBP) diminished by $63.2 million or 0.79% WoW to $7.95 billion during the week ended on February 23, 2024, according to the data released by the central bank on Thursday. Read more

The benchmark KSE-100 index closed Thursday's trading session at 64,578.52 showing an increase of 875.07 points or 1.37%. Read more

The Pakistani rupee (PKR) remained stable against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 279.11 per USD. Read more

Domestic bullion resumed its upward trend on Thursday, with 24-karat gold reaching Rs215,700 per tola, increasing by Rs900. Read more

The State Bank of Pakistan (SBP) has decided to maintain the rate of remuneration for March 2024 on the Special Cash Reserve Account (US$) at 4.32%. Read more

The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $13.53 billion as of January, 2024 compared to $13.67bn recorded in the previous month. Read more

Inspired by the ‘Magnificent Seven’, a popular term for seven US tech stocks that have dominated the S&P 500 in recent years, Research House Chase Securities has introduced Pakistan’s very own ‘Magnificent Seven’. Read more

Roshan Packages Limited (PSX: RPL) reported a 7.2% YoY drop in net income in the first half of fiscal year 2024 as higher costs eroded its margins. Read more

Cherat Packaging Limited (PSX: CPPL) has successfully completed the sale of its Papersack Line V and has also received sales proceeds of €4.4 million from the buyer. Read more

The State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it mopped up a total of Rs753.3 billion from the market, the first mop-up in over five months. Read more

Inflation is projected to hover around 24.5%-25.5% in February 2024, with expectations of a further easing to 23.5%-24.5% in March 2024 despite the upward adjustment in transportation expenses and gas prices. Read more

Merit Packaging Limited (PSX: MERIT) reported a slightly smaller loss in the first half of fiscal year 2024 as sales increased and gross margins improved. Read more

The Federal Board of Revenue (FBR) has successfully achieved the revenue collection target for the first eight months of FY24, collecting Rs5.83 trillion, it said on its social media account, X (formerly Twitter). Read more

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Posted on: 2024-03-01T06:00:00+05:00