MG Morning Breeze: Updates to Skim before Market

September 14, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• MPS Preview: 100bps Hike on Cards

The State Bank of Pakistan (SBP) will likely hike the policy rate by around 100 basis points (bps) to 23% in tomorrow’s Monetary Policy Committee (MPC) meeting to tame the uncontrollably high inflation. Read more

• PKR appreciates by 1.07 rupees higher in interbank, remains stable in open market against USD

The Pakistani rupee (PKR) appreciated by 1.07 rupees against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 298.82 per USD, compared to the previous session's closing of PKR 299.89 per USD. Read more

• PSX Closing Bell: Mindful Optimism

The benchmark KSE-100 index showed a slight recovery, closing Wednesday’s trading session at 45,590.93, reflecting an increase of 82.53 points or 0.18% compared to the previous session. Read more

• President recommends to hold elections on November 06

President Arif Alvi has recommended the Chief Election Commissioner, Sikandar Sultan Raja to hold elections on November 6, which is the 89th day after the end of the National Assembly term. Read more

• $1.5bn making way to Pakistan as IFC doubles investment

International Finance Corporation (IFC) committed approximately $1.5 billion in short and long-term investments in Pakistan in fiscal year 2023. Read more

• PCAL’s CCV line commences commercial production

The management of Pakistan Cables Limited (PSX: PCAL) has announced the successful completion of the installation and commissioning of its Catenary Continuous Vulcanization (CCV) line, marking the commencement of commercial production. Read more

• OGDCL enhances production capacity of Nashpa Well-10

The Oil & Gas Development Company Limited (OGDCL), as part of its production enhancement campaign, has successfully increased the production capacity of its Nashpa Well – 10. Read more

• JAZZ issues Rs10bn notice to SNGPL amidst baseless allegations

While rejecting the accusations made by Sui Northern Gas Pipelines Limited (SNGPL), Jazz, Pakistan's leading mobile operator and digital company filed a lawsuit against the company worth Rs10 billion, citing baseless allegations. Read more

• SECP witnesses 21% growth in August incorporations

The Securities and Exchange Commission of Pakistan (SECP) registered 2,847 new companies in the month of August 2023, taking the total number of registered companies in the country to 200,629. Read more

• Fashion industry to face $65bn loss by 2030

The fashion supply chain, including four major countries; Pakistan, Cambodia, Bangladesh, and Vietnam could face a 22% shortfall in export earnings, amounting to a loss of $65 billion by 2030 due to the impacts of extreme heat and flooding. Read more

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