MG Morning Breeze: Updates to Skim before Market

September 15, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP maintains policy rate at 22%

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 22%. Read more

• Current account deficit improves by 79% MoM to $160m in August

The current account deficit for August 2023 shrank by 79.35% MoM to stand at $160 million compared to the deficit of $775m in July 2023. Read more

• SBP reserves fell by $140.4m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $140.4 million or 1.8% WoW to $7.64 billion during the week ended on September 08, 2023. Read more

• PKR appreciates by 86 paisa in interbank, 1 rupee in open market against USD

The Pakistani rupee (PKR) maintained its upward momentum for seven consecutive days, appreciating 86 paisa against the US dollar in Thursday's interbank session to settle at PKR 297.959 per USD. Read more

• FDI rises 67% MoM to $146m in August

Foreign direct investment (FDI) in Pakistan stood at $146.1 million in August 2023, registering a notable increase of 66.61% MoM and 15.44% YoY compared to $87.7m in July 2023 and $126.6m in August 2022. Read more

• Why are domestic gold rates not being published?

To delve into this matter, Mettis Link News reached out to Haji Haroon Rasheed Chand, the President of the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), who attributed the unforeseen circumstances to the fact that bullion has not been able to provide the closing rates. Read more

• China tops Pakistan’s import list in August

Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during August FY23, followed by U. A. E. Dubai, Qatar, and Kuwait. Read more

• USA stands as largest export destination for Pakistan in August

U.S.A. remained the top export destination for Pakistan, with $494.77 million worth of shipments against the exports of $623.2m in the preceding month, registering a fall of 20.61% YoY. Read more

• PSX Closing Bell: Every Little Helps

The benchmark KSE-100 index closed marginally higher at 45,650.06, reflecting an increase of 59.13 points or 0.13% compared to the previous session. Read more

• PM’s anti-power theft campaign to hit billion-rupee recovery mark today

Today marks a significant milestone in the Prime Minister’s relentless campaign against power theft, with recoveries to cross the billion-rupee mark. Read more

• Agha Steel to acquire blast furnace for backward integration

Agha Steel Industries Limited (PSX: AGHA) has entered into a contract to acquire a 50 cubic meter (m3) blast furnace for backward integration with its existing Arc furnace. Read more

• Octopus Digital expands to UAE with a new subsidiary

Octopus Digital Limited (OCTOPUS) has incorporated a new wholly-owned subsidiary in the United Arab Emirates named “Octopus Digital FZ-LLC”. Read more

• PSMC extends motorcycle plant shutdown to September 15

Pak Suzuki Motor Company Limited (PSX: PSMC) has decided to extend the shutdown of its motorcycle plant to September 15, 2023. Read more

• Searle makes history by registering a manufacturing facility in the UAE

 The Searle Company Limited (PSX: SEARL) has become the first pharmaceutical company of Pakistan to enter the United Arab Emirates (UAE) by registering its manufacturing facility. Read more

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