MG Morning Breeze: Updates to Skim before Market

September 11, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Pakistan to receive a total of $6bn inflows in FY24: Shamshad Akhtar

A total of $6 billion dollar inflow is expected within fiscal year 2024. Read more

• PKR gains 2.5 rupees in interbank, 23 rupees in open market against USD in a week

The Pakistani rupee (PKR) appreciated by 2 rupees against the US dollar in Friday's interbank session as the currency settled the trade at PKR 302.9482 per USD. Read more

• Gas price hike possible amid circular debt crisis

Given the pressing concerns regarding the circular debt, it is deemed necessary to increase gas prices across the board as a vital step towards addressing the crisis. Read more

• Gold Weekly Review: Bullion prices take a nosedive as rupee gains momentum

The 24-karat gold concluded the week at Rs212,000 per tola, witnessing a cumulative loss of Rs27,800 or 11.59% WoW. Read more

• SBP suspends authorization of an exchange company of ‘B’ category

The State Bank of Pakistan (SBP) has suspended the authorization of Usman International Exchange Company –B (Pvt) Limited. Read more

• SBP aims to raise Rs10.56tr: Auction Calendar Sep-Nov

The government aims to raise Rs10.56 trillion during the next three months (September-November) of FY24. Read more

• Pakistan’s IMF program and external funding in peril, warns Fitch Ratings

Pakistan is confronting risks with implementing the International Monetary Fund (IMF) program and external funding amid large external financing requirements and a volatile political climate. Read more

• Pakistan, World Bank target $2bn disbursement in FY24

The World Bank and Ministry of Finance, Revenue, Economic Affairs, and Privatization target disbursements of around $2 billion during FY24. Read more

• Pakistan Customs seizes Rs2.25bn worth of essential commodities

Pakistan Customs seized large quantities of essential commodities worth approximately Rs2.25 billion during the last fortnight in various operations across the country. Read more

• Military vows unwavering support to eradicate illegal activities

Military leadership has reaffirmed its unwavering support to assist the government in curbing all illegal activities that hinder economic growth, stability, and investor confidence. Read more

• PSX Closing Bell: Bracing for the hike

The Pakistan stock market concluded the week on a positive note, with the KSE-100 index closing just above the 46,000 mark on Friday. It recorded a gain of 256.25 points. Read more

• Amreli Steels posts Rs678m loss in FY23 amid lower sales, higher finance costs

Amreli Steels Ltd. (PSX: ASTL) unveiled its financial statement for the year ended 30 June 2023, wherein the loss after tax clocked in at 678.44 million [LPS: Rs2.28]. Read more

• SPL extends plant shutdown for 30 more days

The management of Sitara Peroxide Limited (PSX: SPL) has decided to extend the suspension of plant operation and production activities for another 30 days. Read more

• Weekly inflation increases by 0.96%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group inched up by 0.96% WoW during the week ended September 07, 2023. Read more

• Interloop threads global expansion, acquiring Top Circle Hosiery Mills

Interloop Limited (PSX: ILP) is all set to bolster its presence on the international stage through the acquisition of a controlling interest in Top Circle Hosiery Mills Co., Inc. USA. Read more

• World Bank backs Pakistan’s plan to create a single platform for all government services

The Digital Economy Enhancement Project will allow all government systems to be linked, allowing citizens to access all services from a single platform. Read more

• National Foods earns Rs3.83bn in FY23, announces 50% cash dividend

National Foods Limited (PSX: NATF) witnessed a remarkable surge in profitability, recording a 41.01% YoY increase for the year ended 30 June 2023. Read more

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