MG Morning Breeze: Updates to Skim before Market

March 27, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PSX Closing Bell: Another Shot

PSX’s KSE-100 Index ended the trading session at 65,906.28, showing an increase of 380.63 points or 0.58%. Read more

• PKR gains around 5 paisa against USD

The Pakistani rupee (PKR) appreciated by around 5 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 278.08 per USD, compared to the previous session's closing of PKR 278.13 per USD. Read more

• M2 rises by Rs149.4bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, rose by Rs149.37 billion WoW to Rs32.63 trillion as of March 15, 2024, according to provisional accounts on Monetary Aggregates for the week, maintained by the State Bank of Pakistan (SBP). Read more

• Govt borrows 181.3bn debt in a week

The government of Pakistan has acquired an additional debt of Rs181.27 billion during the week ended March 15, 2024, which brings its total net borrowing for ongoing fiscal year 2024 to Rs3.4 trillion, according to the central bank's weekly estimates. Read more

• Packages Limited reports Rs10.49bn profit in 2023, gives Rs27.5 DPS

Packages Limited (PSX: PKGS) has witnessed a substantial 50.28% YoY growth in its earnings for 2023, as the profit after tax clocked in at Rs10.49 billion [EPS: Rs103.8] compared to a profit of Rs6.98bn [EPS: Rs77.49] recorded in the same period last year (SPLY). Read more

• BAHL’s wholly-owned subsidiary, Al Habib Exchange commences operations

AL Habib Exchange Company (Private) Limited, a wholly owned (100%) subsidiary of Bank AL Habib Limited (PSX: BAHL) has commenced its operations today, March 26, 2024. Read more

• GLAXO’s earnings take a hit, down 78% in 2023

GlaxoSmithKline (Pakistan) Limited (PSX: GLAXO) recorded a significant fall of 78.32% YoY in its profits in 2023, reporting after-tax profits of Rs533.95 million [EPS: Rs1.68], compared to a profit of Rs2.46 billion [EPS: Rs7.73] in the previous year. Read more

• BAHL’s wholly-owned subsidiary, Al Habib Exchange commences operations

AL Habib Exchange Company (Private) Limited, a wholly owned (100%) subsidiary of Bank AL Habib Limited (PSX: BAHL) has commenced its operations today, March 26, 2024. Read more

• Gold prices inch up ahead of key US economic data

The domestic bullion rose on Tuesday, with 24-karat gold being sold at Rs229,400 per tola, a gain of Rs1,200 as compared to the previous session. Read more

• Pakistan seeks US leniency on Iran gas pipeline sanctions

Pakistan plans to ask the US to relax possible sanctions around a natural gas pipeline project from neighbouring Iran. Read more

• PIA board greenlights privatization, restructuring plan

The Board of Directors of the Pakistan International Airlines Corp (PSX: PIAA) has approved the company’s restructuring and privatization plan. Read more

• Bannu Woollen Mills extends production shutdown amid reduced dealer orders

Due to a reduction in anticipated orders from the mill's dealers for the financial year 2024-2025, the management of the Bannu Woollen Mills Limited (PSX: BNWM) has decided to extend the temporary shutdown of its production activities from March 27, 2024 to April 14, 2024. Read more

• OCAC pushes for latest exchange rate in petrol pricing, citing Rupee stability

The Oil Companies Advisory Council (OCAC) has requested the government to revert to the previous methodology for calculating petrol prices, which involves using the latest available exchange rate rather than a 15-day average exchange rate as the Pakistani Rupee (PKR) has currently stabilized. Read more

• OGDC discovers hydrocarbons in Kohat block

 Oil & Gas Development Company Limited (PSX: OGDC) has discovered hydrocarbons in the exploratory segment of the Togh-02 (Slant) well in the Lumshiwal-II Formation. Read more

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