MG Morning Breeze: Updates to Skim before Market

May 13, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Pakistan, IMF to kick off formal discussions today

Formal discussions between Pakistan and the International Monetary Fund (IMF) will kick off from Monday for a longer and bigger program. Read more

• Gold prices in Pakistan rebound despite weak consumer demand

The domestic bullion market snapped its two-week tragic loss and marked gains this week as the price of 24-karat gold surged by Rs5,500 per tola and settled at Rs243,500. Read more

• Maersk logistics eyes first green port project in Pakistan

A renowned global Logistics company AP Moller-Maersk has expressed interest in establishing the first Green Transhipment Terminal in Karachi. Read more

• Weekly Market Roundup

Pakistan stocks resumed their bullish momentum this week, with the benchmark KSE-100 index closing at 73,086, a gain of 1,183 points or 1.65% WoW. Read more

• Ishaq Dar heads to China to advance economic, trade cooperation

To review Pakistan-China bilateral relations including economic and trade cooperation; high-level exchanges and visits; upgradation of China-Pakistan Economic Corridor and future connectivity initiatives, Foreign Minister Ishaq Dar will visit Beijing, China from May 13-16, 2024. Read more

• Pakistan’s ability to repay IMF hinges on strong policies, external viability

Pakistan’s capacity to repay the International Monetary Fund (IMF) depends on the restoration of external viability and strong policy implementation, including, but not limited to, external asset accumulation and exchange rate flexibility. Read more

• Pakistan plans to issue green Sukuk bonds by December

Federal Minister for Finance and Revenue Muhammad Aurangzeb said government is working on issuing domestic green sukuk bonds by December 2024. Read more

• Foreign investors buy another Rs8.1bn through SCRA in a week

The net purchase of securities for the week ended May 03, 2024, clocked in at Rs8.12bn, as compared to a net purchase worth Rs591.29m recorded last week, according to a weekly report on Specially Convertible Rupee Accounts (SCRA) released by the State Bank of Pakistan. Read more

• PKR gains 9 paisa against USD in a week

The Pakistani rupee (PKR) appreciated by around 9 paisa against the US dollar this week as the currency settled the trade at PKR 278.12 per USD, compared to the last week's closing of PKR 278.2 per USD. Read more

• Govt picks Rs106.25bn through Sukuk auction via PSX

The Pakistan Stock Exchange (PSX) conducted an auction on Thursday for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds, raising Rs106.25 billion against the Rs100bn target set for GIS Variable Rental Rate (VRR) and GIS Fixed Rental Rate (FRR) and GIS FRD. Read more

• OMO Result: SBP injects Rs619.85bn

The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah Compliant Modarabah based Open Market Operation (OMO) today, cumulatively injecting a total of Rs619.85 billion into the market. Read more

• Weekly SPI drops by 1.39%, fourth consecutive decline

The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 1.39% WoW during the week ended May 09, 2024, while the SPI rose 22.32% YoY compared to the corresponding period from last year. Read more

• Trading activity at PMEX soars by 22% DoD

The trading activity at the Pakistan Mercantile Exchange (PMEX) on Thursday surged by 22% DoD to clock in at Rs26.55 billion with the number of lots traded at 19,978. Read more

• Anti-dumping duties of 19.15% on steel rebar imports from China to continue for 5 years

The National Tariff Commission (NTC) has decided to continue anti-dumping duty on imports of deformed concrete reinforcing steel bars into Pakistan from China. Read more

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