MG Morning Breeze: Updates to Skim before Market

May 10, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Workers’ remittances rise 27.9% YoY to $2.81bn in April

Workers' remittances have increased by 27.9% YoY in April to $2.81 billion, compared to $2.2bn in the same month of last year. Read more

• SBP reserves cross $9bn mark amid IMF’s final tranche

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $1.1 billion or 13.92% WoW to $9.12bn during the week ended on May 03, 2024. Read more

• PSX Closing Bell: Breaking Bad

The benchmark KSE-100 index closed Thursday's trading session at 72,658.05 showing an increase of 56.24 points or 0.08%. Read more

• PKR loses 10 paisa against greenback

The Pakistani rupee (PKR) depreciated by over 10 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 278.2 per USD, compared to the previous session's closing of PKR 278.1 per USD. Read more

• IPAK’s IPO oversubscribed by 1.73x

The book-building process of International Packaging Films Limited’s (IPAK) Initial Public Offer (IPO) has concluded with an oversubscription of 1.73 times. Read more

• IMF reaffirms commitment to boost Pakistan’s economic growth

The International Monetary Fund (IMF) Resident Representative Esther Pérez Ruiz on Thursday reiterated IMF's support for capacity building to accelerate economic growth in Pakistan. Read more

• Kohinoor Energy’s board approves incorporation of subsidiary

The Board of Directors of Kohinoor Energy Limited (PSX: KOHE) has given its approval for the incorporation of a wholly-owned subsidiary Private Limited Company. Read more

• Gold price per tola unchanged in Pakistan

Gold prices in Pakistan remained unchanged on Thursday after witnessing a decline for two consecutive sessions, with 24-karat gold being sold at Rs239,200 per tola. Read more

• PSO eyeing stake acquisitions to offset mounting debt in energy sector

Pakistan State Oil (PSX: PSO), the country's largest oil marketer is in talks with the government on a plan to acquire stakes in public sector energy companies and offset mounting debt it is owed by firms such as the national airline. Read more

• OMO Result: SBP injects Rs393.75bn

The State Bank of Pakistan (SBP) conducted a reverse repo Open Market Operation (OMO) today, in which it cumulatively injected a total of Rs393.75 billion into the market. Read more

• Nishat Chunian’s board approves scheme of arrangement with Nishat Chunian Power

The Board of Directors of Nishat Chunian Limited (PSX: NPL) has considered and approved the Scheme of Arrangement amongst NPL and Nishat Chunian Power Limited (PSX: NCPL) and their two shareholders. Read more

• Sazgar reports 3x YoY surge in auto rickshaw sales for April 2024

Sazgar Engineering Works Limited (PSX: SAZEW) witnessed a substantial rise of around 3x YoY in the sale of its auto rickshaws in April 2024, with 1,212 units sold compared to the sale of 406 three-wheelers in the same month last year. Read more

• Dubai Islamic Bank joins International Finance Corporation’s global trade finance program

Dubai Islamic Bank Pakistan Limited (DIBPL) has signed an Issuing Bank Agreement (IBA) with the International Finance Corporation (IFC) to support international trade in Pakistan. Read more

• PTBA proposes tax on all incomes

The Pakistan Tax Bar Association (PTBA) has put forth a comprehensive set of proposals aimed at boosting tax revenues in the upcoming fiscal year of 2024-25, including suggesting an imposition of tax on all incomes. Read more

• Fertilizer companies to be restricted from undue profit

The Federal Minister for Industries & Production Rana Tanveer Hussain on Wednesday said that fertilizer companies must not be allowed to take undue profit. Read more

• Istanbul’s $11bn airport to broaden reach into Pakistan, US

The operator of Istanbul’s new $11 billion airport is exploring a global foray into markets including Pakistan, North America, and the Middle East as it seeks to diversify and expand its operations. Read more

• World Bank VP lauds FBR’s digital tax initiatives

World Bank has appreciated the Federal Board of Revenue’s (FBR) policy for digitalized tax administration and emphasized that these initiatives will bear even greater fruits if coupled with eliminating exemptions over time. Read more

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