MG Morning Breeze: Updates to Skim before Market

May 30, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Auction Result: Govt raises Rs500.5bn through T-bills

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs500.5 billion. Read more

• Inflation likely to hover around 13.5-14.5% in May 2024: Ministry

Inflation is projected to hover around 13.5-14.5% in May 2024, with expectations of a decrease to 12.5-13.5 percent by June 2024. Read more

• Petrol prices likely to fall by over Rs5 per litre

The government is likely to cut the price of petrol by another Rs5.3 per litre for the first half of June 2024, providing a major relief. Read more

• Pakistan’s economy shows stability as FY24 nears end: Economic report

As the fiscal year (FY24) draws to a close, economic indicators suggest a strengthening of stability in Pakistan’s real, fiscal, and external sectors. Read more

• Oil gains on rising Middle East tensions

Oil extended gains following another attack on a ship in the Red Sea, further escalating geopolitical tensions in the Middle East. Read more

• Nadeem Nisar’s stake in EPCL accelerates past 10%

Nadeem Nisar has acquired 400,000 voting shares of Engro Polymer & Chemicals Limited (PSX: EPCL) at the rate of Rs43.69 per share on May 24. Read more

• SBP raises Rs421bn through PIB-PFL

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Pakistan Investment Bond – Floating Rate worth Rs421bn Read more

• Trading activity at PMEX clocks in at Rs17.24bn

The trading activity at the Pakistan Mercantile Exchange (PMEX) on Tuesday clocked in at Rs17.24 billion while the number of lots traded stood at 13,700. Read more

• PSX Closing Bell: Down in the Dumps

The benchmark KSE-100 index closed Wednesday’s trading session at 74,836.30 showing a decrease of 681.19 points or 0.9%. Read more

• PKR loses over 10 paisa against USD

The Pakistani rupee (PKR) depreciated by 10.31 paisa against the US dollar in Wednesday’s interbank session as the currency settled the trade at. Read more

• M2 rises by Rs25.3bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, rose by Rs25.28 billion WoW to Rs33.95 trillion as of May 17, 2024. Read more

• Govt borrows Rs114.3bn debt in a week

The government of Pakistan has acquired an additional debt of Rs114.25 billion during the week ended May 17, 2024. Read more

• Gold price jumps to Rs242,700 per tola in Pakistan

Gold price in Pakistan jumped on Wednesday, with the price of 24-karat gold gaining Rs2,400 to Rs242,700 per tola today. Read more

• DLL shareholders approve Rs300m loan renewal to subsidiary TGL

The shareholders of Dawood Lawrencepur Limited (PSX: DLL) in their Annual General Meeting held today, have approved the renewal of the Subordinated. Read more

• OICCI raises alarm over BAT’s investment withdrawal threat amid tax hike

The Overseas Investors Chamber of Commerce and Industry (OICCI) is deeply concerned about the news of British American Tobacco (BAT) company’s warning. Read more

• FPCCI calls for growth-oriented budget 2024-25 for trade, industry

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday called for a growth-oriented budget 2024-25 for the trade and industry. Read more

• UDL International on diversified trading ventures, fast-food feasibility

The Board of Directors of UDL International Limited on Wednesday approved the company’s entry into trading in all types of products legally. Read more

• Pakistan Tobacco unveils ‘Made in Pakistan 3.0’ initiative, targets $100m annual exports

In a significant milestone in the company’s journey of innovation and economic contribution, Pakistan Tobacco Company Limited (PSX: PAKT) announced. Read more

• Pakistan’s inclusion in Amazon sellers list drives $48.5m e-commerce exports

Pakistan’s inclusion in Amazon’s sellers list has resulted in $48.5 million in eCommerce exports, as highlighted in the 9th National eCommerce Council. Read more

• CCP approves merger of Intermarket Securities, EFG Hermes Pakistan

The Competition Commission of Pakistan (CCP) has approved a Scheme of Arrangement for the merger of Intermarket Securities Limited (IMS) with EFG Hermes. Read more

• SBP stresses secure payment systems for e-commerce at NeCC meeting

During the 9th National eCommerce Council (NeCC) meeting on Tuesday, the State Bank of Pakistan presented the current state of digital payment systems. Read more

• Five major initiatives announced for Islamabad by Interior Minister

Federal Interior Minister Mohsin Naqvi has announced five major initiatives to facilitate the citizens of Islamabad, including the establishment. Read more

• Commerce Minister proposes 5-year e-commerce roadmap ahead of budget

Emphasizing the need for a new cross-sectoral policy, Federal Minister for Commerce Jam Kamal Khan proposed the formulation of a five-year roadmap. Read more

• DFML resumes production of KIA Shehzore

Dewan Farooque Motors Limited (PSX: DFML) has resumed the commercial production of “Special Purpose KIA Commercial Vehicle” with its product name KIA ‘SHEHZORE’ Read more

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