MG Morning Breeze: Updates to Skim before Market

May 15, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PKR stands rock-solid against mighty Dollar in 2024

  The Pakistani Rupee (PKR) has sustained its march on the path of stability and strength since the start of the calendar year (2024) as the USD to. Read more

• PSX Closing Bell: Bears Buried Deep

  The benchmark KSE-100 index surged 732.08 points or 0.99% to close Tuesday’s trading session at another record high of 74,531. Read more

• PKR edges higher against USD

  The Pakistani rupee (PKR) appreciated by 1.09 paisa against the US dollar in Tuesday’s interbank session as the currency settled the trade at PKR 278.18. Read more

• SBP sees sustained growth in H2-FY24

  Pakistan’s modest economic recovery in H1-FY24 is expected to continue in the second half of FY24, which is also reflected by improvement in business. Read more

• Cnergyico temporarily shuts down refinery due to high petroleum stocks

  Cnergyico Pk Limited (PSX: CNERGY) decided to temporarily shut down its refinery due to unavoidable ullage issues about alarmingly high petroleum. Read more

• Gold price loses Rs1,200 per tola

  Gold prices in Pakistan fell on Tuesday, with 24-karat gold losing another Rs1,200 to Rs241,100 per tola. Read more

• Trading at PMEX drops by 25.44% DoD

  The trading activity at the Pakistan Mercantile Exchange (PMEX) on Monday slipped by 25.44% DoD. Read more

• Ghazi Fabrics temporarily shuts down spinning plant

  Ghazi Fabrics International Limited (PSX: GFIL) has decided to temporarily shut down / close production activities of its spinning units. Read more

• Govt to privatize all SOEs, except strategic entities

  Pakistan will privatize all state-owned enterprises, with the exception of strategic entities, Prime Minister Shehbaz Sharif announced on Tuesday. Read more

• Citi sees new $8bn IMF loan deal by July

  Wall Street bank Citi expects Pakistan to reach an agreement with the International Monetary Fund (IMF) for a new four-year program of up to $8 billion. Read more

• Chinese solar giant plans 200 MW solar injection to Pakistan’s energy sector

  Trina Solar Asia Pacific, one of the leading solar energy companies in China has announced plans to inject 200 megawatts (MW) of solar energy into. Read more

• Shariah-focused fintech KalPay closes early-stage round

  KalPay, one of the leading Shariah-aligned Buy Now Pay Later fintech service providers in Pakistan has closed an undisclosed early-stage round as it hits. Read more

• CDNS slashes profit rates on majority National Saving Schemes

  The Central Directorate of National Savings (CDNS) has slashed the profit rates on majority of its National Savings Schemes, with the decline going as much. Read more

• ML-1 project advancement essential for trade, communications: Ahsan Iqbal

  Solid progress on ML-1 will prove to be a milestone for our communications and trade sectors, Federal Minister for Planning, Development, and Special. Read more

• Govt targets $25bn in IT exports: Shaza Fatima

  The government has set a target of increasing IT exports to $25 billion for which collaborative efforts are needed to build a digital future that is. Read more

• India inks 10-year deal with Iran to develop Chabahar port

  India signed a 10-year contract with Iran on Monday to develop and operate the Iranian port of Chabahar, the Narendra Modi-led government said. Read more

• CCoSOEs urges CMU to expedite SOE annual financial report for FY23

  The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Monday directed the CMU to finalize and publish the SOE Annual Financial Report for the. Read more

• Pakistan Chemical companies see profits dry up despite revenue gains in Q1 2024

  Pakistan’s Chemical sector has faced a challenging start in the first quarter of 2024, witnessing a profit contraction amid inflationary pressures and. Read more

• GameStop’s shares skyrocket over 2x on social media meme

  GameStop Corp. shares surged as speculation swirled around a return to social media by Keith Gill, who drove the meme-stock mania of 2021 under the moniker. Read more

• Emerging market credit profiles at risk from strong US Dollar

  Fitch Ratings believes a sustained period of US dollar (USD) strength against emerging market (EM) currencies could weigh on some EM sovereign. Read more

• Oil prices rise ahead of OPEC market outlook, US Inflation data

  Oil prices edged up on Tuesday ahead of the release of OPEC’s market outlook, with traders closely monitoring supply outlook as well as US inflation data. Read more

• Asian shares hold near 15-month high

  Asian shares hovered around 15-month highs on Tuesday and the dollar was firm ahead of highly anticipated U.S. inflation data, while Japanese bonds were. Read more

• NBP issues foreign exchange rate

  The treasury management division of the National Bank of Pakistan (NBP) on Tuesday issued the following exchange rates. Read more

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