MG Morning Breeze: Updates to Skim before Market

May 02, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• FBR orders to block SIMs of over half a million non-filers

To enforce tax regulations and encourage greater participation in the tax system, the Federal Board of Revenue (FBR) has mandated that mobile phone connections of non-filers of income tax returns can be terminated any time. Read more

• Govt cuts petrol price by Rs5.45 to Rs288.49 per litre

The federal government has reduced the price of petrol by Rs5.45 per litre to Rs288.49, said a notification issued by the Finance Division. Read more

• PSX Closing Bell: Round Two

The benchmark KSE-100 index ended Tuesday's trading session at 71,102.55 showing a decrease of 592.49 points or 0.83%. Read more

• PKR rebounds, gains over 8 paisa against USD

The Pakistani rupee (PKR) appreciated by 8.34 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 278.31 per USD, compared to the previous session's closing of PKR 278.4 per USD. Read more

• Domestic gold price drops Rs2,000 per tola

The domestic bullion market has experienced its third consecutive decline, with the price of 24-karat gold dropping by Rs2,000 per tola to Rs241,900 on Tuesday. Read more

• Auction Result: Govt raises Rs252.9bn through T-bills

The State Bank of Pakistan (SBP) conducted an auction on Tuesday in which it sold Market Treasury Bills (MTBs) worth Rs252.92 billion for 3,6 and 12 months against a target of Rs300bn. Read more

• SBP raises Rs193.55bn through PIB-PFL auction

The State Bank of Pakistan (SBP) conducted an auction on Tuesday in which it sold Pakistan Investment Bond – Floating Rate (PIB-PFL) semiannual Rs193.546 billion for 5 and 10 years against a target of Rs280bn. Read more

• Govt borrows 40.3bn debt in a week

The government of Pakistan has acquired an additional debt of Rs40.32 billion during the week ended April 19, 2024, which brings its total net borrowing for ongoing fiscal year 2024 to Rs4.51 trillion, according to the central bank's weekly estimates. Read more

• M2 falls by Rs106bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, dropped by Rs105.99 billion WoW to Rs33.32 trillion as of April 19, 2024. Read more

• SBP receives $1.1bn from IMF

The State Bank of Pakistan (SBP) has received the final instalment of SDR 528 million, equivalent to around $1.1 billion from the International Monetary Fund (IMF), the central bank said. Read more

• US Fed leaves interest rates unchanged at 5.5%

The US Federal Reserve decided to leave interest rates unchanged at 5.25%-5.5% for the sixth consecutive meeting. Read more

• Pakistan records Rs3.9tr fiscal deficit in 9MFY24

Pakistan recorded a fiscal deficit of Rs3.902 trillion (-3.7% of GDP) in the first nine months of fiscal year 2024, as compared to a fiscal deficit of Rs3.08tr (-3.6% of GDP) in the same period of last year. Read more

• Treet Battery partners with Shanghai-listed Hexing Energy

Treet Battery Limited (PSX: TBL) has entered into a new strategic venture with Hexing Energy (Private) Limited, a subsidiary of Hexing Electrical Co Ltd, which is prominently listed on the Shanghai Stock Exchange. Read more

• SBP Governor foresees manageable debt repayments ahead

The country's external debt repayments for the remainder of the current fiscal year stand at a manageable sum of approximately $1.8 billion. Read more

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