MG Morning Breeze: Updates to Skim before Market

May 29, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Gold price in Pakistan drops Rs500 per tola

After breaking its five-day downward streak yesterday, gold price in Pakistan has once again entered the red zone, with the price of 24-karat gold. Read more

• Pakistan Customs completes core function mapping in World Bank-funded project

Pakistan Customs has successfully completed business process mapping of its core functions during the first five months of the World Bank-funded project. Read more

• PSX reschedules Al-Abbas Sugar, Altern Energy book closures

The start date of the book closure of Al-Abbas Sugar Mills Limited (PSX: AABS) and Altern Energy Limited (PSX: ALTN) has been changed to May 30, 2024. Read more

• Finance Minister briefs US Ambassador on key investment sectors

Pakistan’s Finance Minister, Muhammad Aurangzeb, apprised the US Ambassador to Pakistan Donald Blome of potential investments from investors in. Read more

• Federal, KP govts unite to tackle power losses

The Federal and Khyber Pakhtunkhwa Governments have agreed to jointly work to overcome power losses and recover areas, according to the Information. Read more

• Govt to revive China Belt and Road projects

Pakistan’s new government is hoping to inject some fresh momentum into projects that fall under China’s Belt and Road Initiative. Read more

• SBP, PSX to remain closed on May 28 on account of Youm-e-Takbeer

The State Bank of Pakistan (SBP) and Pakistan Stock Exchange (PSX) will remain closed on May 28, 2024 (Tuesday) being public holiday. Read more

• ECC grants 6-month operational extension to SNGPL-based plants

To ensure smooth supply of urea fertilizer for Kharif season, the Economic Coordination Committee (ECC) of the Cabinet on Monday allowed Sui Northern. Read more

• FBR sets new customs values for milk product imports

The FBR Directorate General of Customs Valuation Karachi has fixed new customs values on the import of “Skimmed Milk Powder and Instant Milk Powder”. Read more

• PSX Closing Bell: Summertime Sadness

The benchmark KSE-100 index ended Monday’s trading session at 75,517.49 showing a decrease of 465.55 points or 0.61%. Read more

• Pak Rupee loses 9 paisa against greenback

The Pakistani rupee (PKR) depreciated by 9.03 paisa against the US dollar in Monday’s interbank session as the currency settled the trade at PKR 278.3. Read more

• Overseas investors repatriate $887m profit in 10MFY24

Foreign investors ‘ repatriation of profit and dividends rose 250.13% YoY in 10MFY24 to $887.1 million compared to $253.36m worth of repatriation in the. Read more

• SIFC sets up 7 desks to attract global investment: Attaullah Tarar

Seven desks have been established under the Special Investment Facilitation Council to attract investment from Saudi Arabia, UAE, Qatar, China. Read more

• Domestic gold rebounds, gains Rs800 per tola

The domestic bullion market has witnessed a rebound from the losses of the past week, with the price of 24-karat gold rising by Rs800 to Rs240,800 per tola. Read more

• Hashoo Group, Dewan Motors partner for EV charger installation

In a major initiative to expand Electric Vehicle (EV) infrastructure in Pakistan, the Hashoo Group and Dewan Motors Private Limited are collaborating. Read more

• HCAR’s profit surges over 9x in MY24, announces Rs6.5 DPS

Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) recorded an increase of 797.2% YoY in its profits for year ended March 2024. Read more

• KP turns to domestic debt, Rs31.3bn proposed for FY25

Khyber Pakhtunkhwa’s budget for the upcoming fiscal year 2024-25 shows proposed Domestic Debt receipts of Rs31.3 billion among the capital inflows. Read more

• Asian markets rise ahead of US inflation

Most Asian markets rose on Monday, tracking a bounce on Wall Street at the end of a painful week for investors. Read more

• Oil steadies after recording sharp decline last week

Oil prices steadied following their largest weekly decline in four weeks, with attention now turning to the upcoming OPEC+ supply meeting scheduled for Sunday. Read more

• KP govt unveils Rs1.75tr budget, 10% rise in salary & pensions

The Pakistan Tehreek-e-Insaf (PTI) led Khyber Pakhtunkhwa government has unveiled its budget of Rs1.75 trillion for the upcoming fiscal year 2024-25. Read more

• World Bank foresees 6% drop in food price index for 2024

The World Bank’s food price index is expected to decline by 6% in 2024 and an additional 4% in 2025, as stated in a recent. Read more

• ADB calls for integrated fiscal, financial management reforms in Asia-Pacific

Fiscal policies to increase tax revenues and financial management systems to spend them are inextricably linked and to improve funding for development. Read more

• OGRA hikes RLNG prices by up to 6.49% for May

Regassified Liquefied Natural Gas (RLNG) prices for May 2024 have been raised by up to 6.16% for Sui Northern Gas Pipelines Limited (SNGPL) and 6.49%. Read more

• NRL’s credit ratings downgraded by PACRA, outlook revised to stable

Pakistan Credit Rating Agency Limited (PACRA) has downgraded the entry ratings of National Refinery Limited (PSX: NRL) to “AA” for long term and “A1” for. Read more

• Emirs of Kuwait, Qatar to visit Pakistan on PM’s invitation

The Emir of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, and the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, have accepted Prime Minister. Read more

• Punjab govt to assist CCP in crackdown on deceptive housing scheme practices

The Punjab Government will provide updated information about the housing schemes in Punjab to the Competition Commission of Pakistan (CCP) to facilitate. Read more

• Fitch warns of rising refinancing risk for global debt purchasers

Refinancing risk is growing for global debt purchasers as their debt capital market access becomes less reliable, and due to challenges in executing. Read more

• Pakistan aims for top ten economy by 2047: Ahsan Iqbal

Federal Minister for Planning and Development, Professor Ahsan Iqbal has articulated the government’s vision to provide a digital platform to the youth. Read more

• MEBL launches Meezan Exchange for remittance, forex services

Meezan Bank, Pakistan’s leading Islamic bank has officially commenced operations of Meezan Exchange Company Limited (MECL). Read more

• Aleem Khan to participate in Central Asia trade route talks in Tajikistan

Federal Minister for Communications, Privatization and Investment Board Abdul Aleem Khan will visit Tajikistan to represent Pakistan. Read more

• NBP issues foreign exchange rate

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

• Foreign investors buy another Rs9.35bn in a week

The net purchase of securities for the week ended May 17, 2024 clocked in at Rs9.35bn, as compared to a net purchase worth Rs8.64bn recorded last week. Read more

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