MG Morning Breeze: Updates to Skim before Market

April 03, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PSX Closing Bell: Vivacious

The Pakistan Stock Exchange (PSX) saw relief after two consecutive drops, as the benchmark KSE-100 index concluded Tuesday's trading session at 66,886.26, showing an increase of 89.94 points or 0.13%. Read more

• Pak Rupee gains over 10 paisa against USD

The Pakistani rupee (PKR) appreciated by 10.12 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 277.84 per USD, compared to the previous session's closing of PKR 277.94 per USD. Read more

• Domestic gold price eases with Rs500 per tola drop

The rally in the domestic bullion market eased on Tuesday as the price of 24-karat gold dropped Rs500 per tola to Rs237,100. Read more

• PMEX trading activity dips by 3.53% on Monday

The trading activity at the Pakistan Mercantile Exchange (PMEX) dropped on Monday as the total traded value of transactions stood at  Rs29.4 billion, marking a 3.53% decrease from the previous session's close of Rs30.48bn. Read more

• World Bank expects 40% poverty rate to persist in Pakistan through FY24–26

Pakistan’s poverty headcount rate, measured at the lower-middle-income country poverty line of $3.65/day 2017 purchasing power parity (PPP), is expected to remain around 40% over FY24–26. Read more

• World Bank urges full implementation of SOE act, privatization

The full and effective implementation of the State-Owned Enterprises (Governance and Operations) Act 2023 and the SOE Ownership and Management Policy 2023, along with accelerating privatizations and implementing the SOE Triage exercise, is now critical for Pakistan. Read more

• ICT export remittances surge by $257m in 8MFY24

In a notable development, the ICT export remittances have surged by $257 million or 14.94% to $1.977bn during 8MFY24 compared to $1.72bn reported for the same period last year. Read more

• World Bank forecasts 1.8% GDP growth for Pakistan in FY24

In the absence of an ambitious and credible economic reform plan, confidence and investment are likely to remain muted in Pakistan, with real GDP projected to grow at 1.8% in FY24, according to the World Bank’s latest Pakistan development update. Read more

• Govt & PIA Holdco invite bids to sell a majority stake in PIACL, deadline May 03

The government along with PIA Holding Company Limited (PIA Holdco) has invited Expressions of Interest (EOI) from prospective investors to acquire between 51% and 100% share capital of Pakistan International Corporation Limited (PIACL) together with management control with a deadline set for May 03, 2024. Read more

• Oil sales rise 3% MoM to 1.15 MTs in March 2024

The sales of oil marketing companies (OMCs) increased by 3% MoM to clock in at 1.15 million tonnes (MTs) in March 2024 compared to 1.12 MTs in February 2024. Read more

• NCCPL extends KYC registration deadline to June 30, 2024

Considering the significant number of investors who have not yet registered in the KYC regime, the National Clearing Company of Pakistan Limited (NCCPL) has further extended the timeline for registration in the KYC Database until June 30, 2024. Read more

• Pakistan’s textile exports rise 3% YoY to $1.3bn: APTMA

The country's total textile export registered an increase of 3.17% YoY to $1.3 billion in March 2024 compared to $1.26bn recorded in the same period of last year, according to the statistics released by the All Pakistan Textile Mills Association (APTMA). Read more

• Money supply reaches to Rs36.12tr in February

The total money supply circulating within the economy till February 2024 has been recorded at Rs36.12 trillion. Read more

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