MG Morning Breeze: Updates to Skim before Market

September 13, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PKR gains 1.27 rupees in interbank, depreciates by 2 rupees in open market against USD

The Pakistani rupee (PKR) sustained its positive momentum, appreciating by 1.27 rupees against the US dollar in Tuesday's interbank session and closing at PKR 299.89 per USD, compared to the previous session's closing rate of PKR 301.16 per USD. Read more

• Banks’ deposits increase by 17.87% YoY to Rs26.11tr in August: SBP

The total deposits held by scheduled banks have moved up by 17.87% YoY to Rs26.11 trillion in August 2023 compared to Rs22.15 tr in August 2022. Read more

• Gold prices rebound, 24-karat gains Rs5,600 per tola

Domestic bullion ended its seven-day downward trend on Tuesday, gaining some respite, with the price of 24-karat gold rebounding by Rs5,600 to reach Rs215,000 per tola. Read more

• RLNG prices for SNGPL hiked by $0.35/MMBtu to $12.84

Regassified Liquefied Natural Gas (RLNG) prices for the month of September 2023 have been increased by 2.79% and 3.08% for Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC), respectively. Read more

• UBL ventures into Exchange Company with Rs1bn capital

The Board of Directors (BoD) of United Bank Limited (UBL) on Monday approved the agenda of establishing an Exchange Company (EC) with Rs1 billion as initial paid-up capital. Read more

• Pakistan Railways to go solar, saving billions

Pakistan Railways is planning to switch its entire stations’ power network including major railway stations, offices, workshops, and factories to solar systems in different phases. Read more

• Saudi Arabia, India join hands to boost SME financing

The Small and Medium Enterprises Bank (SMEB) of Saudi Arabia has signed a joint cooperation agreement with the Small Industries Development Bank of India (SIDBI). Read more

• OGDCL’s Nashpa-11 Well strikes black gold

The Oil & Gas Development Company Limited (OGDCL)'s Nashpa-11 well has been successfully tested, completed, and brought into the production stream. Read more

• Pakistan: A potential investment destination for US enterprises

With the presence of 80 US enterprises in Pakistan, the country provides ample opportunities for investment, given its existing vast infrastructure. Read more

• PSX Closing Bell: Caught in a Quagmire

The benchmark KSE-100 index continued its downward trend, closing Tuesday's trading session at 45,508.4, reflecting a decrease of 357.34 points or 0.78% compared to the previous session. Read more

• HUBCO reports Rs62.01bn profit for FY23, announces Rs6 DPS

Hub Power Company Limited (PSX: HUBC) has disclosed its financial results for the year ended 30 June 2023, showing a significant 2.10x YoY increase in profitability to Rs62.01 billion. Read more

• Dawood Lawrencepur shareholders approve $10m SBLC for Tenaga Generasi

The shareholders of Dawood Lawrencepur Limited (DLL) on Monday granted the approval to obtain a continuing Standby Letter of Credit (SBLC) of up to $10 million in favour of lenders of Tenaga Generasi Limited. Read more

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