MG Morning Breeze: Updates to Skim before Market

May 16, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt cuts petrol price by Rs15.4 per litre

The federal government has reduced the price of petrol by a significant Rs15.39 per litre to Rs273.1, providing a major relief to the masses grappling with Asia's highest inflation. Read more

• SBP raises Rs458.5bn through PIB-PFL auction

The State Bank of Pakistan (SBP) sold Pakistan Investment Bond – Floating Rate (PIB-PFL) semiannual worth Rs458.53 billion for 5 and 10 years against a target of Rs280bn. Read more

• T-bills yields fall by up to 49bps

The central bank conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs639.52 billion for 3,6 and 12. Read more

• Pakistan’s outstanding external debt, liabilities reach $130.4bn in Q3 FY24

Pakistan’s external debt and liabilities (outstanding) reached $130.4bn at the end of Q3 FY24, reflecting a slight decrease of $1.45bn or 0.79% QoQ. Read more

• Central govt debt rises 14.4% YoY to Rs65.37tr in March

The total debt of the central government increased by 14.44% YoY to Rs65.37 trillion in March 2024, compared to Rs57.12tr in March 2023. Read more

• Savings Mobilized by NSS records net outflow of Rs9.7bn in March

The net payments of Savings Mobilized by National Savings Schemes (NSS) stood at Rs9.7 billion in March as compared to payments of Rs3.27bn in the previous. Read more

• PMEX trading surges 38% to Rs23.4bn

The trading activity at the Pakistan Mercantile Exchange (PMEX) on Tuesday soared by 38% DoD. Read more

• M2 surges by Rs418.3bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, rose by Rs418.31 billion WoW to Rs33.75 trillion as of May 03, 2024. Read more

• PKR loses 8 paisa against USD

The Pakistani rupee (PKR) depreciated by 8.06 paisa against the US dollar in Wednesday’s interbank session as the currency settled the trade at PKR. Read more

• Govt borrows another 387.5bn debt in a week

The government of Pakistan has acquired an additional debt of Rs387.54 billion during the week ended May 03, 2024, which brings its total net borrowing. Read more

• PSX Closing Bell: Bank On It

Stocks in Pakistan opened on a positive note on Wednesday, with the benchmark KSE-100 index surging past the 75,000 level for the first time in its history. Read more

• Gold price gains Rs2,900 per tola

Gold prices in Pakistan rebounded on Wednesday, with 24-karat gold jumping by Rs2,900 to Rs244,100 per tola. Read more

• Baluchistan glass successfully initiates furnace heating process at Unit-I

Baluchistan Glass Limited announced today that the heating/firing process of the furnace, located at Unit-I in Hub, Baluchistan, with a production. Read more

• Searle Company’s BoD greenlights full divestment of Searle Pakistan

The Board of Directors (BoD) of The Searle Company Limited has in principle approved the disposal of 100%. Read more

• Engro Powergen share acquisition revised with inclusion of different entities

The acquiring entities for up to 68.89% shares of Engro Powergen Qadirpur Limited have been revised to include Liberty Power Holding (Private) Limited. Read more

• Fertilizer offtake drops 6.3% YoY in April 2024

The country’s overall nutrient offtake fell 6.3% YoY to 244,000 tons during April 2024 as compared to an offtake of 260,000 tons in the same month last year. Read more

• LSMI output increases by 2.04% YoY

Pakistan’s Large-scale Scale Manufacturing Industries (LSMI) production increased by 2.04% YoY in March 2024 to stand at 115.53 compared to 113.21 in March. Read more

• Oil prices rise on expectations of strong demand

Global oil prices gained on Tuesday on expectations of drop in U.S. crude and gasoline inventories and strong demand due to a. Read more

• CCP cracks down on deceptive beauty product marketing, issues notices to 12 companies

The Competition Commission of Pakistan (CCP) has taken cognizance of deceptive marketing by the beauty products’ manufacturers and issued notices to 12. Read more

• CCP, DLE sign MoU to raise legal awareness

The Competition Commission of Pakistan (CCP) and the Directorate of Legal Education (DLE) signed a Memorandum of Understanding (MoU) on Monday, aimed. Read more

• Citi Pharma to embrace solar energy, foresees Rs100m in annual savings

Citi Pharma Limited (CPHL) announced today its decision to transition from traditional energy sources to solar power, which the company estimates. Read more

• UDPL completes non-compete agreement with IBL, receives Rs1.131bn

United Distributors Pakistan Limited (PSX: UDPL) has received the full amount of Rs1.131 billion from International Brands (Private) Limited (IBL). Read more

• PSX approves listing of JS Fixed Term Munafa Fund

Pakistan Stock Exchange (PSX) has approved the formal listing and the quotation of the units of JS Fixed Term Munafa Fund, effective from Thursday. Read more

• Mixed cargo of contraband seized in Coast Guard operation

On the directives of Federal Interior Minister Mohsin Naqvi, Pakistan Coast Guards have launched a special operation along the coastal belt. Read more

• Consumer spending growth in US to remain below trend in 2HCY24

Consumer spending growth is waning amidst sticky inflation, weaker income growth and deteriorating consumer sentiment, setting the stage for below trend. Read more

• NCCPL launches simultaneous account opening for investors from May 20, 2024

The National Clearing Company of Pakistan Limited (NCCPL) has announced the implementation of the Simultaneous Account Opening facility, a significant. Read more

• STZA, NRTC sign Rs12.5bn zone development agreement

Special Technology Zones Authority (STZA) and National Radio and Telecommunication Corporation (NRTC) have formally signed a zone development agreement. Read more

• VIS assigns an initial rating of ‘A-’ to Thatta Cement

The VIS Credit Rating Company Limited (VIS) has assigned an initial rating to Thatta Cement Company Limited (THCCL) of ‘A-’ for long term and ‘A-2’ for. Read more

• SPEL boosts Solar capacity to over 2.5 MW

Synthetic Products Enterprises Limited (PSX: SPEL) has successfully installed over 1.3 MW solar power project under its Environmental, Social, and Governance. Read more

• Intraday Report: KSE-100 index tops 75,000 level

Pakistan stocks continued to roar on Wednesday, with the benchmark KSE-100 index gaining 562.30 points or 0.75% to 75,093.49 as of 10:20am. Read more

• Wall Street reaps 97% return by trading emerging markets like Pakistan

Buying debt sold by the lowest-rated countries scares off most investors. On emerging markets desks across the globe though, that type of risky wager is being. Read more

• PACRA upgrades entity ratings of SLGL to ‘A+’

Pakistan Credit Rating Agency Limited (PACRA) has updated the entity ratings of Secure Logistics Group Limited PSX: SLGL) from “A” to “A+” for the long-term. Read more

• US tech giants fuel global stock market rally

Global equities are set for a fresh record after a big tech-led rally in US gauges, with investors awaiting key inflation data for clues on. Read more

• MSCI adds just one Pakistani company to Frontier Market Index

Morgan Stanley Capital International (MSCI) has incorporated just one new Pakistani company into its Frontier Market Index, without making any deletions. Read more

• Fast Cables IPO: Don’t Miss the Wire

A flurry of Initial Public Offerings (IPOs) is going on the local bourse, and to jump on the bandwagon, Fast Cables Limited also charged its wires. Read more

Copyright Mettis Link News