MG Morning Breeze: Updates to Skim before Market

April 15, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Saudi delegation to visit Pakistan on April 15-16

To embark on a significant diplomatic mission, a high-level Saudi delegation, led by Foreign Minister Prince Faisal bin Farhan bin Abdullah is set to visit Pakistan from 15 to 16 April 2024, the statement issued by Ministry of Foreign Affairs informed on Sunday. Read more

• Reko Diq project to receive $1bn investment from Saudi Arabia in May

A Saudi investment of up to $1 billion is likely next month in the Reko Diq Copper Gold project located in the Chagai district in Balochistan, as per the latest update from the Information Ministry. Read more

• Middle East unrest sees mixed impact on regional stock markets

Israeli stocks fell as much as 1.07% in early trading on Sunday before recovering some of their losses. Read more

• Pakistan strikes $200m deal with China for solar power conversion

Pakistan has signed a $200 million Memorandum of Understanding (MoU) with a Chinese firm to convert a thermal plant to solar power, as per a recent post by the Information Ministry. Read more

• ADB’s outlook report confirms bright future for Pakistan’s economy

The Asian Development Outlook report for April 2024 has portrayed positive prospects for Pakistan's economy, validating the government's correct economic policies, Federal Minister for Economic Affairs. Read more

• Pakistan repays $1bn international bond

Pakistan successfully repaid $1 billion Pakistan’s International Bond on April 12, 2024. Read more

• Gold hits record high above $2,400 amid China’s buying, geopolitical tensions

International gold rose above $2,400 per ounce and recorded a new all-time high on Friday as geopolitical tensions and China’s economic concerns continued to uplift demand for the safe haven asset. Read more

• IMF Chief Says Pakistan seeking potential Follow-up Loan program

Pakistan is discussing with the International Monetary Fund on a potential follow-up program to its nine-month, $3 billion stand-by arrangement. Read more

• Pakistan’s GDP growth set to recover to 1.9% in FY24

Pakistan’s gross domestic product (GDP) growth is projected to recover modestly to 1.9% in FY2024 from -0.2% in FY2023 as economic reforms take effect and inflationary pressures ease. Read more

• M2 surges by Rs697bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, rose by Rs697.04 billion WoW to Rs33.37 trillion as of March 29, 2024. Read more

• Govt borrows 231.3bn debt in a week

The government of Pakistan has acquired an additional debt of Rs231.27 billion during the week ended March 29, 2024, which brings its total net borrowing for ongoing fiscal year 2024 to Rs3.64 trillion. Read more

• PKR closes stable at 277.94 against USD

The Pakistani rupee (PKR) appreciated by around 1 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 277.94 per USD, compared to the previous session's closing of PKR 277.95 per USD. Read more

• PSX Closing Bell: Festive Feast

The benchmark KSE-100 index surged another 694.73 points or 1% to close the last trading session before the Eid holidays at a record high of 70,314.72. Read more

• Gold price in Pakistan extends gains to hit Rs247,600

The domestic bullion market continued its upward journey on Tuesday, with the price of 24-karat gold surging to a new record high of Rs247,600 per tola. Read more

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