MG Morning Breeze: Updates to Skim before Market

March 11, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Tech Beat: Gold price in Pakistan set to surge record highs

As international spot gold enters price discovery mode, local prices of 24-karat gold are set to surpass their all-time high of Rs240,000 per tola. Read more

• PKR gains 16 paisa against USD in a week

The Pakistani rupee (PKR) gained around 16 paisa against the U.S. Dollar this week and settled at PKR 279.04 per USD, compared to the previous week's PKR 279.18 per USD closing. Read more

• Weekly Market Roundup

After a rangebound week, the benchmark KSE-100 index closed at 65,794 showing a marginal increase of 468 points or 0.72%. Read more

• Weekly Corporate Buzz

Here's a concise recap of the latest corporate headlines from the past week. Read more

• Banks to remain closed on 1st Ramadan for public dealing

The State Bank of Pakistan (SBP) will remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1445 A.H., which shall be observed as a ‘Bank Holiday’ for deduction of Zakat. Read more

• Govt updates description of automobile goods for 25% sales tax

The federal government has revised the descriptions of manufactured automobile goods under the PCT code to which the 25% sales tax will be applicable, as imposed by the government. Read more

• Weekly inflation increases 1.11%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 1.11% WoW during the week ended March 07, 2024, while the SPI rose 32.39% YoY compared to the corresponding period from last year. Read more

• Workers’ remittances fall by 6.2% MoM to $2.25bn in February

Workers' remittances have decreased by 6.18% MoM in February to $2.25 billion, compared to $2.4bn in the previous month. Read more

• IMF encourages fair, peaceful resolution of electoral disputes

The International Monetary Fund (IMF) encourages the fair and peaceful resolution of all electoral disputes given the importance of the institutional environment for economic stability and growth. Read more

• IMF ready to work with new govt on Stand-by review

The fund also stands ready to hold a mission for the second review of the Stand-by shortly after a new cabinet is formed. Read more

• OMO Result: SBP injects Rs7.63tr

The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah-compliant Modarabah-based Open Market Operation (OMO) today, cumulatively injecting a total of Rs7.63 trillion into the market. Of which Rs7.51tr were injected through reverse repo OMO. Read more

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