April 23, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.
The State Bank of Pakistan (SBP) is expected to keep the policy rate unchanged at a record 22% for the seventh consecutive policy meeting on April 29, waiting longer than previously anticipated to cut rates. Read more
The benchmark KSE-100 index closed Monday's trading session at 71,433.46 showing an increase of 523.56 points or 0.74%. Read more
The Pakistani rupee (PKR) depreciated by 2.4 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 278.33 per USD, compared to the previous session's closing of PKR 278.31 per USD. Read more
Gold prices in Pakistan cooled down on easing geopolitical tensions in the Middle East, with 24-karat gold losing Rs3,500 to Rs248,700 per tola. Read more
The trading activity at the Pakistan Mercantile Exchange (PMEX) on Friday surged to Rs37.26 billion, marking a significant 43% DoD jump compared to the previous session close of Rs26.06bn. Read more
Pakistan and Iran have stressed the importance of continuing the expansion of bilateral relations and have decided, as a first step, to increase the trade volume between the two countries to $10 billion a year. Read more
The country's total textile exports increased by 3.56% YoY to $1.36 billion in March 2024 compared to $1.31bn in March 2023. Read more
The import bill of the petroleum group declined to $1.1 billion in March 2024, marking a decrease of 29.46% YoY compared to the import bill of $1.56bn recorded in March 2023. Read more
Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during March FY24, followed by U. A. E. Dubai, Qatar, and Saudi Arabia. Read more
Pakistan recorded a Foreign Direct Investment (FDI) of $258.04m in March, compared to an FDI of $169.91m in the Same Period Last Year (SPLY). Read more
China emerged as the largest investor in Pakistan in March 2024, with a net direct investment of $153.86m, followed by the Hongkong and United Kingdom which invested $29.5m and $22.58m respectively. Read more
The U.S.A. remained the top export destination for Pakistan during March FY24, with $421.43 million worth of shipments, down by 12.84% YoY against the exports of $483.52m in SPLY. Read more
Pakistan’s Power Sector witnessed the highest net Foreign Direct Investment (FDI) worth $167.47 million in March 2024. Read more
Pak Rupee's Real Effective Exchange Rate Index (REER) increased by 1.93% MoM in March 2024 to a provisional value of 104.07 from the revised value of 102.1 in February 2024. Read more
Pakistan has recorded a current account surplus of $619 million in March 2024 largely due to a significant increase in workers' remittances. Read more
The service sector of Pakistan posed a trade deficit of $89 million in March, reflecting an increase of 2.28x YoY, as compared to a deficit of $39m recorded in SPLY. Read more
Attock Refinery Limited (PSX: ATRL) shut down its main crude distillation unit with immediate effect from today owing to high stocks of diesel. Read more
The banking sector spread for March 2024 has increased by 15 basis points (bps) MoM to 7.1% as compared to a spread of 6.95% in February 2024. Read more
Pakistan and Iran have signed eight agreements and Memorandum of Understanding (MoUs) for cooperation in diverse fields, including security, judicial assistance in civil matters, and veterinary and animal health. Read more
Shanghai Electric Power Company Limited has withdrawn its offer to acquire up to 18.336 billion ordinary shares of K-Electric Limited (PSX: KEL) representing 66.4% of the total issued share capital. Read more
As the Staff Level Agreement (SLA) worth $3 billion, signed on June 30, 2023, has concluded, Pakistan is on track to secure a new loan from the International Monetary Fund (IMF), Finance Minister Muhammad Aurangzeb stated during an interview with a news channel. Read more
Pakistan Petroleum Limited (PSX: PPL) has implemented various production enhancement initiatives between October 2023 and March 2024, resulting in a significant production increase of approximately 17 MMscfd of gas and 530 barrels per day of oil and condensate. Read more
Mari Petroleum Company Limited (PSX: MARI) has made an oil discovery resulting from its exploratory efforts at Shawal-l well, drilled in Mari D&PL, located in Sindh Province. Read more
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Posted on: 2024-04-23T08:03:09+05:00
