MG Morning Breeze: Updates to Skim before Market

March 12, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PKR falls by over 4 paisa against USD

The Pakistani rupee (PKR) depreciated by over 4 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 279.08 per USD, compared to the previous session's closing of PKR 279.04 per USD. Read more

• PSX Closing Bell: Frozen in Time

The benchmark KSE-100 index closed Monday's trading session at 65,755.31 showing a decrease of 38.45 points or 0.06%. Read more

• Gold holds firm at Rs230,200 per tola

The local bullion market held stable on Monday, with the price of 24-karat gold remaining unchanged at Rs230,200 per tola. Read more

• Muhammad Aurangzeb appointed as Finance Minister

Muhammad Aurangzeb has officially taken over the responsibility as Finance Minister of Pakistan, said a statement from Ministry of Finance on Monday. Read more

• PSMC increases price of Swift by Rs304,000 amid higher tax

Pak Suzuki Motor Company Limited (PSX: PSMC) has raised the price of its Swift G. CVT model by Rs304,000, effective from March 08, 2024. Read more

• EFU Life Assurance gets approval to acquire 100% stake in EFU Health Insurance

In a significant development for Pakistan's Health Insurance and Health Takaful sector, the Competition Commission of Pakistan (CCP) has approved the acquisition of 100% shareholding of EFU Health Insurance Limited by EFU Life Assurance (PSX: EFUL). Read more

• CCP initiates bilateral cooperation talks with Russian market regulator

The Competition Commission of Pakistan (CCP) has initiated negotiations with the Federal Antimonopoly Service (FAS) of the Russian Federation for bilateral cooperation. Read more

• HBL sees leadership change

Muhammad Aurangzeb, President & Chief Executive Officer of Habib Bank Limited (PSX: HBL), has tendered his resignation to the Board of Directors. Read more

• NCCPL issues final reminder for securities brokers’ LC statements

The National Clearing Company of Pakistan Limited has issued a final reminder to Securities Brokers and Professional Clearing Members for the submission of their Audited/ Reviewed (whichever is applicable) Liquid Capital statement as of December 31, 2023. Read more

• First Habib Modaraba increases face value of certificates to Rs10

First Habib Modaraba (PSX: FHAM) has changed the face value of Modaraba certificates from Rs5 to Rs10 each by reducing the number of certificates. Read more

• Maple Leaf’s subsidiary Novacare to build $110m hospital

Novacare Hospitals (Private) Limited, a wholly owned subsidiary of Maple Leaf Cement Factory Limited (PSX: MLCF), will start constructing a state-of-the-art hospital in Islamabad with a total investment of $110 million. Read more

• SSGC announces gas timings for Ramadan

The timing schedule shows that SSGC would be carrying out gas pressure profiling from 09:00 am to 03:00 pm and then during night times from 10:00 pm to 03:00 am. Read more

• PSX issues trading, office timings during Ramadan

Pakistan Stock Exchange (PSX) announced trading and office timings for the stock market during the holy month of Ramadan. Read more

• SBP announces banking timings for Ramadan

The State Bank of Pakistan (SBP) on Monday announced the office and banking timings during the holy month of Ramadan-ul-Mubarak. Read more

• Crescent Fibres gains approval for major asset sale

The shareholders of Crescent Fibres Limited (PSX: CFL) have approved the disposal of freehold land and buildings at Faisalabad. Read more

• SSGC’s losses soar 4.78x YoY in 1HFY23

Sui Southern Gas Company Limited (PSX: SSGC) recorded a staggering 4.78x YoY increase in its losses in the first half of fiscal year 2023. The company’s loss after tax ballooned to Rs9.57 billion [LPS: Rs10.87], a substantial rise from the loss of Rs2bn [LPS: Rs2.27] in the same period last year (SPLY). Read more

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