MG Morning Breeze: Updates to Skim before Market

May 23, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Power generation drops 13.7% YoY in April 2024

The total power generation in the country decreased by 13.7% YoY to 8,640 GWh during April 2024 as compared to 10,010 GWh in the same month of last year. Read more

• SBP raises Rs96.9bn through PIB auction, yields down by up to 5bps

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Pakistan Investment Bonds (PIBs) worth Rs96.88 billion. Read more

• CSIL withdraws litigation, initiates positive steps with Dost Steels

Crescent Star Insurance Limited (CSIL) has withdrawn all litigation with Dost Steels Ltd (DSL) which led to the reorganization of the DSL Board. Read more

• PIAHCL listing date set for May 27

Shares of PIA Holding Company Limited (PIAHCL) will be listed on the Pakistan Stock Exchange with effect from Monday, May 27, 2024. Read more

• Finox Ltd strikes share subscription deal with Symmetry Group

Finox (Pvt) Limited, an associated company of Cordoba Logistics & Ventures Limited (PSX: CLVL) has entered into a share subscription agreement. Read more

• PSX approves right shares issuance by PKGI

The Pakistan Stock Exchange Limited has approved the schedule for the issuance of Right Shares of The Pakistan General Insurance Company Limited. Read more

• Pakistan Railways earns over Rs40bn in H1 FY24: Senate informed

Pakistan Railways has earned over Rs40 billion in the first half of the current fiscal year (H1 FY24), Minister for Law and Justice Azam Nazeer Tarar. Read more

• PKR loses another 8 paisa against USD

The Pakistani rupee (PKR) depreciated by 8.29 paisa against the US dollar in Wednesday’s interbank session as the currency settled the trade at PKR 278.47. Read more

• PSX Closing Bell: Keep the Ball Rolling

The benchmark KSE-100 index ended Wednesday’s trading session at 74,956.67 showing a decrease of 250.10 points or 0.33%. Read more

• Banking sector kicks off Q1 2024 with a bang, records upbeat earnings

Pakistan’s most profitable sector, commercial banks sustained its robust profit growth in the first quarter of 2024, primarily supported by. Read more

• Citi fined £62m after UK trader triggered flash crash

Citigroup Inc. was fined £61.6 million ($79m) by UK regulators for failures after a London staffer’s fat-finger trade caused a flash crash. Read more

• Oil prices drop for third consecutive session

Oil prices extended losses following an expected rise in US crude inventories that will add to bearish signs for the market. Read more

• PABC expects order decline despite peak season amid security issues

Pakistan Aluminium Beverage Cans Limited (PSX: PABC) expects a negative impact on its order bookings during the peak season. Read more

• Gold price falls marginally in Pakistan

Gold prices in Pakistan declined marginally on Wednesday, with the rate for 24-karat gold losing Rs300 to Rs248,200 per tola. Read more

• Petroleum Minister reiterates commitment to TAPI pipeline project

Addressing an energy symposium on Tuesday, Minister for Petroleum, Musadik Masood Malik affirmed that Pakistan is pushing for the. Read more

• Commerce, Communication ministers lead effort to boost Pakistani enterprises globally

Federal Minister for Commerce, Jam Kamal Khan, and Federal Minister for Communication, Abdul Aleem Khan, jointly chaired a cabinet committee dedicated. Read more

• Accountant General applauds green channel facility for streamlining transactions

The Green Channel Facility, which accelerates payments for high-volume but low-risk bills, is significantly reducing transaction delays and improving. Read more

• PMEX trading plummets 37% DoD to Rs13.65bn

The trading activity at Pakistan Mercantile Exchange (PMEX) decreased by 37.19% DoD on Tuesday to clock in at Rs13.65 billion. Read more

• PRBC urges inclusion of untaxed retail sector in tax net

Pakistan Retail Business Council (PRBC) underscored the need to integrate the untaxed undocumented retail sector into the tax net and addressed various. Read more

• Planning Minister examines agriculture, energy initiatives in CPEC phase 2 review meeting

Federal Minister for Planning, Ahsan Iqbal, discussed projects related to communications, infrastructure, energy, economic development, agriculture. Read more

• PM vows to pass inflation reduction benefits to public through governance

Measures are being taken to pass on the benefits of reduction in inflation to the common man through governance, Prime Minister Shehbaz Sharif stated while. Read more

• CCP grants time-bound exemption to Aramco Trading, GO Petroleum agreement

The Competition Commission of Pakistan (CCP) has granted a time-bound exemption on the relevant clauses of product supply agreement between Aramco. Read more

• PSX investors to pay CGT on May 30, 2024: NCCPL

The aggregate amount of CGT arising on the disposal of shares at the Pakistan Stock Exchange (PSX) for the period April 1, 2024 to April 30, 2024. Read more

• Federal Judicial academy hosts 1st professional course for SECP officers

The first-ever four-day Professional Development Course for officers of Securities and Exchange Commission of Pakistan was launched at the Federal. Read more

• Pakistan Cables achieves TUV certification for locally made solar DC cables

In an important milestone for the local engineering industry, Pakistan Cables Ltd. has announced that it has achieved TUV certification for their local. Read more

• Chinese firms show interest in PRL’s expansion project

Chinese companies have shown keen interest in collaborating with Pakistan Refinery Limited (PSX: PRL) on its Refinery Expansion & Upgrade Project (REUP). Read more

• Effectiveness of China’s new property policies remains uncertain: Fitch

The impact of recent policy moves including local state-owned enterprises’ (SOEs) home-buying plans and some higher-tier cities’ removal of purchase curbs. Read more

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