MG Morning Breeze: Updates to Skim before Market

May 21, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PSX Closing Bell: Baking Hot

The benchmark KSE-100 index closed Monday’s trading session at 75,084 showing a decrease of 258.34 points or 0.34%. Read more

• Pak Rupee falls by over 8 paisa against USD

The Pakistani rupee (PKR) depreciated by 8.54 paisa against the US dollar in Monday’s interbank session as the currency settled the trade at PKR 278.3. Read more

• Gold price in Pakistan spikes Rs2,300 per tola

Gold prices in Pakistan surged for the second consecutive day, with the rate for 24-karat gold rising by Rs2,300 to Rs250,400. Read more

• Trading activity at PMEX clocks in Rs19.13bn

The trading activity at the Pakistan Mercantile Exchange (PMEX) dropped by 11.22% DoD. Read more

• PIA’s last trading day on PSX scheduled for May 24 prior to delisting

Pakistan International Airlines Corporation (PSX: PIAA) Limited has announced May 25, 2024, as the final date of Book Closure (notified through PUCARS). Read more

• NEPRA approves KEL’s power acquisition program for FY 2024-2028

National Electric Power Regulatory Authority (NEPRA) has approved K-Electric Limited’s (PSX: KEL) Power Acquisition Programme. Read more

• Pakistan’s QNA launch signals progress in macroeconomic statistics: World Bank

Pakistan’s launch of new Quarterly National Accounts (QNA) on November 28, 2023, is a landmark development in the nation’s macroeconomic statistics program. Read more

• Banks’ deposits increase 21.3% YoY to Rs28.4tr in April

The total deposits held by scheduled banks have moved up by 21.29% YoY to Rs28.42 trillion in April 2024 compared to Rs23.43tr in April 2023. Read more

• Car financing in Pakistan drops 1.56% MoM to Rs236bn in April

Automobile financing in Pakistan has dropped to Rs235.69bn in April 2024, witnessing a fall of 1.56% MoM compared to Rs239.44bn recorded in March 2024. Read more

• Foreign investors buy another Rs8.64bn via SCRA

The net purchase of securities for the week ended May 13, 2024 clocked in at Rs8.64bn, as compared to a net purchase worth Rs8.12bn recorded last week. Read more

• Govt recognizes Symmetry Group as top exporter for Q2 FY24

Symmetry Group (PSX: SYM) has been recognized as one of the top exporters with positive growth in second quarter of FY 2023-24. Read more

• PBC proposes doubling electricity tax for non-filers

The Pakistan Business Council (PBC) has proposed to increase the advance income tax on electricity bills for non-filers to 30%, up from the current 12%. Read more

• Learning from India: PBC recommends steps for tax base expansion

To broaden the tax base, PBC in a letter to FM has recommended to implement steps taken by Indian government. Read more

• Shaffi Securities transforms into trading-only brokerage

Shaffi Securities (Private) Limited has converted into the category of Trading Only Securities Broker as per requirements of Regulation 5A of Securities. Read more

• Ishaq Dar engages in bilateral talks with Saudi Foreign Minister

Deputy Prime Minister and Foreign Minister Ishaq Dar held a telephone discussion with the Minister for Foreign Affairs of the Kingdom of Saudi Arabia. Read more

• Bank Alfalah cleared by SBP to conduct due diligence on Samba Bank

The State Bank of Pakistan (SBP) has approved Bank Alfalah Limited (PSX: BAFL), to conduct Due Diligence of Samba Bank Limited (PSX: SBL), subject to. Read more

• China dominates as Pakistan’s top import partner in April FY24

Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during April FYFY24, followed by Saudi Arabia, U. A. E. Dubai. Read more

• CCP’s critical Phase II review of PTCL-Telenor Pakistan deal underway

The Competition Commission of Pakistan (CCP) is currently conducting a Phase II review of the proposed acquisition of Telenor Pakistan by Pakistan. Read more

• China’s housing demand set to decline to 800m Sq M annually by 2040: Fitch

China’s new housing demand may drop to around 800 million sq m per year on average over 2024-2040 amid adverse demographic shifts, slower urbanisation. Read more

• Symmetry Group partners with US-based Codebase Technologies

In a major development, Symmetry Group (PSX: SYM) has entered into a referral partner agreement with Codebase Technologies, as disclosed in the. Read more

• Oil prices jump amid geopolitical tensions

Oil prices jumped on Monday on top of last week’s gain as geopolitical risks in Russia and the Middle East came back into focus following weekend attacks. Read more

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