MG Morning Breeze: Updates to Skim before Market

May 31, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP reserves fall $63.3m to $9.09bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $63.3 million or 0.69% WoW to $9.09 billion. Read more

• Kibor drops sharply after T-bills auction

The Karachi Interbank Offered Rate (Kibor) dropped sharply on Thursday following the T-bills auction held yesterday. Read more

• GFH Group to acquire 75% stake in Faysal Bank JV

Ithmaar Holding held its meeting yesterday to get approval for the transfer of 66.7% of the issued and paid-up capital in Faysal Bank Limited (PSX: FABL). Read more

• Lucky TG approves share buy-back, Lucky Core retains 51% stake

The Board of Directors of Lucky TG, a joint venture between Lucky Core and Tariq Glass Industries Limited, has granted approval. Read more

• Oil edges lower as traders look to OPEC+ meeting, US inventories

Oil edged lower on Thursday with traders eyeing US stockpile data and an OPEC+ meeting on the weekend for more clarity on the supply and demand outlook. Read more

• LSE Financial Services to make debut on PSX tomorrow

Pakistan Stock Exchange Limited (PSX) has announced the listing of LSE Financial Services Limited (LSEFSL) with effect from tomorrow i.e. Friday, May 31. Read more

• PSX Closing Bell: Creeping Climb

The benchmark KSE-100 index ended Thursday’s trading session at 74,878.12 showing an increase of 41.82 points or 0.06%. Read more

• PKR drops another 10 paisa against USD

The Pakistani rupee (PKR) depreciated by 9.94 paisa against the US dollar in Thursday’s interbank session as the currency settled the trade at PKR 278.5. Read more

• Gold loses Rs1,500, now at Rs241,200 per tola

Gold price in Pakistan retreated on Thursday, with the price of 24-karat gold losing Rs1,500 to Rs241,200 per tola. Read more

• Dewan Farooque Motors, EGML partner to make electric cars in Pakistan

Dewan Farooque Motors Limited (PSX: DFML) has entered into a toll manufacturing agreement with ECO-Green Motors Limited (`EGML) for manufacturing. Read more

• Pakistan Cables flips the switch on new 2.0 MW solar plant

Pakistan Cables Limited (PSX: PCAL)) has completed the successful commissioning of a 2.0 MW captive solar plant located at its new manufacturing facility. Read more

• Loan demand drops sharply in Q3 FY24: SBP

Demand for loans decreased in the third quarter of fiscal year 2023-24 compared to the previous quarter,  while it increased over SQLY. Read more

• Trading activity at PMEX soars by around 43% DoD

The trading activity at the Pakistan Mercantile Exchange (PMEX) surged by 42.7% DoD on Wednesday. Read more

• Pakistan produces 70% of the world’s soccer balls: US Ambassador

Highlighting the importance of sports goods to connect people and promote human well-being, Pakistan’s Ambassador to the US Masood Khan revealed that. Read more

• T-bills attract $35.6m foreign investment in 10 days

Pakistan has attracted $35.6 million net flow from foreign investors into T-Bills. Read more

• High-level bilateral talks between Azerbaijan, Pakistan begin in Islamabad

Foreign Minister of Azerbaijan Jeyhun Bayramov has arrived at the foreign office in Islamabad for talks with Deputy Prime Minister and. Read more

• OGDC to lift output in existing fields

Pakistan’s Oil and Gas Development Co. (PSX: OGDC), the nation’s largest energy explorer, intends to raise production in coming years. Read more

• Re-composition: SNBL, BIPL, ISL & MEBL added to PSXDIV20 index

The Pakistan Stock Exchange Limited has conducted the Re-composition exercise of the PSXDIV20 Index as of April 30, 2024, a notice issued. Read more

• Pakistan’s sugar output hits 6.8m tons

Pakistan’s total sugar production this year stood at 6.8 million tons, with an additional 0.7m tons of carryover stock from the previous year. Read more

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