MG Morning Breeze: Updates to Skim before Market

April 08, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PKR remains stable against USD this week

The Pakistani rupee (PKR) inched up slightly by 2 paisa against the US dollar during the week as the currency settled the trade at PKR 277.93 per USD, compared to the previous week's closing of PKR 277.95 per USD. Read more

• Weekly Market Roundup

The benchmark KSE-100 index closed this week at a record high of 68,417 showing an increase of 1,412 points or 2.11% WoW. Read more

• Pakistan’s bullion prices break all-time records this week

Gold prices in Pakistan rallied this week, surging past their previous all-time high to reach a new peak, driven by a massive rise in international rates. Read more

• Weekly Corporate Buzz

MG's Weekly Corporate Buzz provides the reader with a concise recap of the latest corporate news. Read more

• Trading activity slips at PMEX by 10.42% DoD

Across Metals, Energy, COTS/FX, and indices, the trading activity on Thursday reduced at the Pakistan Mercantile Exchange (PMEX) to clock in at Rs25.74 billion, marking a 10.42% DoD drop compared to the previous session close of Rs28.73bn. Read more

• LHC lifts stay on drug price deregulation

In a significant win for the pharmaceutical sector, the Lahore High Court lifted the stay order on deregulating Maximum Retail Prices (MRPs) for drugs. Read more

• Weekly inflation rises by 0.96%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.96% WoW during the week ended April 04, 2024, while the SPI rose 29.45% YoY compared to the corresponding period from last year. Read more

• NCCPL launches pilot run for T+1 settlement cycle implementation

The National Clearing Company of Pakistan Limited (NCCPL) has announced that the pilot run of the T+1 settlement cycle, a shortened settlement cycle from T+2, will commence by April 15, 2024. Read more

• Finance Bill 2024 proposes amendments

To streamline and update procedures within the Federal Excise Act, certain amendments have been proposed for simplification and harmonization through the Finance Bill of 2024. Read more

• SBP targets to raise Rs4.565tr

The government is targeting to raise Rs4.565 trillion during the next three months (April-June) of FY24, through the auction of Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs) Fixed Rate, and PIBs Floating Rate. Read more

• ECC dismisses reports of delay in wheat procurement targets

The Economic Coordination Committee (ECC) has dismissed certain media reports that claimed a misleading impression that the committee has delayed the decision on the wheat procurement targets. Read more

• ECC’s Rs7.3bn wheat subsidy approval to resolve crises in GB

The approval of Rs7.3 billion as a wheat subsidy for the people of Gilgit-Baltistan by the Economic Coordination Committee (ECC) will eliminate the crisis situation regarding wheat subsidy in the region. Read more

• Pakistan, Iran set to sign MoU on livestock & plant protection

Pakistan and Iran are expected to sign a Memorandum of Understanding (MoU) on livestock quarantine and plant protection. Read more

• Branchless banking transactions surpass 1bn for first time in single quarter (2QFY24)

For the first time, the number of Branchless Banking (BB) Transactions has crossed 1 billion in a single quarter, as shown in the recently released data for the second quarter of fiscal year 2024 by the State Bank of Pakistan (SBP). Read more

• IMF board meeting on Pakistan set for end April: Julie Kozack

The International Monetary Fund's Executive Board Meeting on Pakistan is expected to be held by the end of April. Read more

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