MG Morning Breeze: Updates to Skim before Market

April 09, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt picks Rs25.41bn through Sukuk auction via PSX against Rs50bn target

The Pakistan Stock Exchange (PSX) conducted an auction for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds, raising Rs25.41 billion against the Rs50bn target set for GIS Variable Rental Rate (VRR) and GIS Fixed Rental Rate (FRR) and GIS FRD. Read more

• PSX Closing Bell: Back in Glory

The benchmark KSE-100 index surged 1,203.20 points or 1.76% to close Monday's trading session at a record high of 69,619.99. Read more

• Gold price in Pakistan inches up to Rs245,700

24-karat gold price in Pakistan inched upwards to a new record high of Rs245,700 per tola, showing a rise of Rs600 compared to the previous session. Read more

• PKR drops by around 2 paisa against USD

The Pakistani rupee (PKR) depreciated by around 2 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 277.95 per USD, compared to the previous session's closing of PKR 277.93 per USD. Read more

• Trading activity at PMEX skyrockets by 40% DoD

The trading activity at the Pakistan Mercantile Exchange (PMEX) surged by 40.24% DoD on Friday to clock in at Rs36 billion compared to the previous close of Rs25.74bn. Read more

• Workers’ remittances surge 31.3% MoM to $2.95bn in March

Workers' remittances have surged by 31.27% MoM to $2.95 billion in March, compared to $2.25bn in the previous month. Read more

• SBP introduces banking ease for Benazir Income Support Program

The State Bank of Pakistan has issued a framework to onboard the Benazir Income Support Program (BISP) Beneficiaries for receiving the social welfare payment into their accounts to be opened in all banks and MFBs across the country. Read more

• AKD Group Holdings pulls out of acquisition bid for EFG Hermes Pakistan

AKD Group Holdings (Pvt) Limited has withdrawn its Public Announcement of Intention (PAI) to acquire more than 51% of the voting shares and control of EFG Hermes Pakistan Limited (PSX: EFGH). Read more

• Sazgar’s auto rickshaw sales drop 12% MoM to 1,341 units in March

Sazgar Engineering Works Limited (PSX: SAZEW) witnessed a substantial drop of over 12% MoM in the sale of its auto rickshaws in March 2024, with 1,341 units sold compared to the sale of 1,524 three-wheelers in the previous month. Read more

• KSTM operations remain stalled due to high electricity costs

Khalid Siraj Textile Mills Limited (PSX: KSTM) continues to experience a suspension of operations due to high electricity rates of around 19 cents, compared to foreign competitors who utilize energy at 7 cents. Read more

• FCEL continues negotiations with creditors to resolve financial obligations

First Capital Equities Limited (PSX: FCEL) is currently in the process of negotiations with secured creditors/financial institutions for the settlement of its overdue financial obligations. Read more

• SLG’s public subscription falls short

The general public subscription of Secure Logistics Group Limited (SLG) of 12.5 million shares i.e. 20% of the total issue size was undersubscribed as the offering attracted applications for just 2.82m shares. Read more

• Pak Suzuki’s losses surge to Rs10bn in 2023

Pak Suzuki Motor Company Limited (PSX: PSMC) saw its losses widen by 58.9% YoY in 2023, recording a loss after tax of Rs10.07 billion [LPS: Rs122.35], compared to a loss of Rs6.34bn [LPS: Rs77] in the previous year. Read more

• OGDC strikes gas at Nur West in Sindh

Oil & Gas Development Company Limited (PSX: OGDC) as the operator (100%) of Nur Development & Production Lease (D&PL) has discovered gas at its exploratory Well Nur West # 01, located in district Sujawal, Sindh Province. Read more

• Avanceon’s profits soar fourfold in 2023, hitting Rs4.5bn

Avanceon Limited (PSX: AVN) experienced a significant fourfold increase in profitability in 2023, with its profit after tax reaching Rs4.48 billion [EPS: Rs12.15], compared to a profit of Rs1.12bn [EPS: Rs2.75] in the previous year. Read more

• IFC approves $400m debt financing to PTCL

The Board of Directors of International Finance Corporation (IFC) has approved the debt financing of up to $400 million to Pakistan Telecommunication Company Ltd (PSX: PTC) for the acquisition of Telenor Pakistan (Private) Limited (TPL). Read more

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