MG Morning Breeze: Updates to Skim before Market

April 22, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt demands explanation from FFC over urea price hike

The government has asked Fauji Fertilizer Company Limited (PSX: FFC) to justify its recent urea price hike of Rs633 per bag to Rs4,400 per bag, especially since there has been no corresponding increase in gas prices. Read more

• Gold prices break records in Pakistan on global, currency cues

The domestic bullion market continued to roar as prices this week surpassed their previous record high level and reached a new peak, driven by surging rates in the international market and a relatively weaker Rupee. Read more

• Weekly Corporate Buzz (April 15-19)

MG's Weekly Corporate Buzz provides the reader with a concise recap of the latest corporate news. Here's a snapshot of the top headlines from the past week. Read more

• Weekly Market Roundup

The benchmark KSE-100 index closed fifth consecutive week in green, gaining 595 points or 0.85% to a record high of 70,910. Read more

• PKR loses 37 paisa against USD in a week

The Pakistani rupee (PKR) depreciated by around 37 paisa this week, closing the interbank trade of the last session at PKR 278.31 per USD, compared to the previous week's closing of PKR 277.94 per USD. Read more

• Holiday declared in Karachi on Tuesday

To facilitate a smooth and secure visit for the upcoming high-level foreign delegation, Commissioner Karachi Syed Hassan Naqvi announced a public holiday in the bustling port city on April 23 (Tuesday). Read more

• Runup to budget FY25 may fuel KSE-100 rally

The record-breaking stock market's benchmark KSE-100 Index may continue its leg higher leading up to the Budget FY25, history shows. Read more

• PM Shehbaz Sharif forms committee to tackle fertilizer price discrimination with WACOG

Given the urgent need to address price discrimination in the fertilizer sector, Prime Minister Shehbaz Sharif has announced the formation of a committee tasked with implementing the Weighted Average Cost of Gas (WACOG). Read more

• Finance Minister touts priority reforms to S&P Global, Fitch Ratings

Federal Minister for Finance Muhammad Aurangzeb met with representatives of S&P Global and Fitch Ratings and highlighted ongoing reforms in the priority areas of taxation, energy and privatization over the short, medium and long-term horizon. Read more

• Pakistan to launch Panda bonds in FY26: Aurangzeb

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, said that Pakistan wanted to tap into the Chinese bond market and launch Panda bonds during FY 2025-26. Read more

• Pakistan aims to agree outline of new IMF loan in May

Pakistan hopes to agree the contours of a new International Monetary Fund loan in May, Finance Minister Muhammad Aurangzeb told Reuters. Read more

• OMO Result: SBP injects Rs7.7tr

The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah-compliant Modarabah-based Open Market Operation (OMO) on Friday, cumulatively injecting a total of Rs7.7 trillion into the market. Read more

• SPI decreases 0.79% WoW

The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.79% WoW during the week ended April 18, 2024, while the SPI rose 28.54% YoY compared to the corresponding period from last year. Read more

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