MG Morning Breeze: Updates to Skim before Market

May 08, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PSX Closing Bell: Rock steady

The benchmark KSE-100 index ended Tuesday's trading session largely stable at 72,761.20, showing a marginal drop of 3.04 points. Read more

• Official reserve assets surge to $15.05bn as of April

The official reserve assets, including foreign currency reserves, reserve position in funds, Special Drawing Rights (SDRs), gold, and other reserve assets, rose to $15.05 billion as of April 2024 compared to $13.77bn recorded in the previous month. Read more

• PKR strengthens by 12 paisa against USD

The Pakistani rupee (PKR) appreciated by 11.86 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 278.12 per USD, compared to the previous session's closing of PKR 278.24 per USD. Read more

• Gold prices edge lower in Pakistan

Gold prices in Pakistan edged lower on Tuesday, with 24-karat gold losing Rs500 per tola to Rs240,000. Read more

• Pakistan considers raising retirement age amid pension payment concerns

Pakistan is considering raising its retirement age to reduce burgeoning pension payments ahead of the annual budget and International Monetary Fund (IMF) mission visit, the country's finance minister said on Tuesday. Read more

• PIA-HoldCo scheme of arrangement secures regulatory approval

Following the Competition Commission of Pakistan (CCP)'s authorization, the Securities and Exchange Commission of Pakistan has also approved the Scheme of Arrangement between Pakistan International Airlines Corporation Limited (PIA) and PIA Holding Company Limited (HoldCo). Read more

• Finance Minister hints at rate cut amid decreasing inflation

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) may consider the interest rate cut in June or July as inflation is showing signs of decline. Read more

• Telecom operators flag technical hurdles in SIM blocking talks with FBR

Following a meeting today with the Federal Board of Revenue (FBR), the telecom operators refrained from providing assurances regarding the blocking of SIM cards on the back of various technical and operational challenges alongside legal complexities in its execution. Read more

• Citi Pharma expects Rs4.5bn gross profit from Chinese joint venture

Citi Pharma Ltd. (PSX: CPHL) has entered into a Joint venture with Hangzhou Newsea Technology Co., Ltd, a renowned player in the pharmaceutical industry in China. Read more

• Trading at PMEX dives by 48.3% DoD

The trading activity at the Pakistan Mercantile Exchange (PMEX) on Monday plummeted by 48.3% DoD to clock in at Rs19.79 billion with the number of lots traded at 18,367. Read more

• Pakistan seeks Japanese investment in auto industry

Federal Minister for Industry and Food Security Rana Tanveer Hussain highlighted the significant role Japan can play in Pakistan’s auto industry and expressed hope that more Japanese companies will invest in Pakistan. Read more

• SYS explores Saudi investment avenues in Pakistan’s IT sector

To unlock new pathways for Saudi investment in Pakistan's rapidly growing IT industry, Asif Peer, CEO & MD of Systems Limited (PSX: SYS) is engaged in insightful discourse with Ibrahim Almubarak, Deputy Investment Minister of the Kingdom of Saudi Arabia. Read more

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