MG Morning Breeze: Updates to Skim before Market

June 03, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• CPI Preview: Inflation to fall below 14% YoY in May

Headline inflation is expected to decelerate significantly to around 13.9% YoY in May 2024, pushing real interest rates above 8%. Read more

• PM Shehbaz Sharif to embark on five-day visit to China

At the invitation of Chinese leadership, Prime Minister Shehbaz Sharif is undertaking a five-day visit to China from the 4th of next month (June 04, 2024). Read more

• Pakistani Rupee holds its breath against USD for another month

Pakistan’s currency, though not registering any gains, has successfully managed to maintain stability against the mighty Dollar for another month. Read more

• MPS Preview: SBP seen lowering rates for first time in four years

The State Bank of Pakistan (SBP) is expected to cut its policy rate by 100 basis points (bps) on June 10 as price gains ease. Read more

• International Packaging Films to debut on PSX on June 3, 2024

Pakistan Stock Exchange Limited (PSX) has announced the listing of of International Packaging Films Limited (IPAK) with effect from Monday, June 03, 2024. Read more

• Pakistan’s bullion market rebounds after tough week

After experiencing a rough patch last week, Pakistan’s bullion market saw a slight revival this week as the price of its key benchmark. Read more

• Askari Bank president resigns

Atif R. Bokhari has tendered his resignation as President and Chief Executive Officer (CEO) of Askari Bank Limited (PSX: AKBL). Read more

• Minister Abdul Aleem Khan orders simplification of business registration

Federal Minister for Board of Investment, Privatization, and Communications Abdul Aleem Khan, while presiding over a special meeting. Read more

• Pakistan’s IT Minister assures IMF of digital economy goals

The Minister of State for IT and Telecommunication Shaza Fatima Khawaja on Friday assured the Resident Representative of the International Monetary Fund. Read more

• Pakistan sets 3.6% GDP growth target for FY25

Pakistan has set a GDP growth target of 3.6% for fiscal year 2024-25, according to data released by the Annual Plan Coordination Committee (APCC). Read more

• OGRA cuts petrol price by Rs4.74 to Rs268.36 per litre

The Oil and Gas Regulatory Authority (OGRA) has decided to reduce the price of petrol by Rs4.74 to Rs268.36 per litre. Read more

• OGRA cuts LPG price by Rs3.87 per Kg for June

The Oil and Gas Regulatory Authority (OGRA) has slashed the price of Liquefied Petroleum Gas (LPG) by Rs3.87. Read more

• FBR surpasses May revenue target with Rs760bn collection

The Federal Board of Revenue (FBR) has successfully surpassed its revenue target for May in the fiscal year 2023-24 by collecting Rs760 billion. Read more

• PSX records marginal decline this week

The benchmark KSE-100 index closed this week at 75,878 showing a decrease of 105 points or 0.1%. Read more

• Saudi Aramco acquires 40% stake in Gas & Oil Pakistan

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, has made further progress in its global retail expansion by completing. Read more

• Money supply reaches to Rs37.24tr in April

The total money supply circulating within the economy till April 2024 has been recorded at Rs37.24 trillion. Read more

• SBP sets rate of Special Cash Reserve Account at 4.33% for June

The State Bank of Pakistan (SBP) has decided to set the rate of remuneration for June 2024 on the Special Cash Reserve Account (US$) at 4.33%. Read more

• 21,870 retailers register under FBR’s Tajir Dost Scheme

The Federal Board of Revenue (FBR) on Friday informed that a total of 21,870 retailers have been registered under the Tajir Dost Scheme by 30 May. Read more

• Weekly inflation rises 0.11%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.11% WoW during the week ended May 30, 2024, while the SPI rose 21.4% YoY. Read more

• Pakistan, Kuwait forge closer ties with industrial, engineering MOUs

Pakistan and Kuwait have further strengthened their bilateral ties by signing agreements/MOUs in the fields of Industrial Cooperation and Engineering. Read more

• Turkish fintech acquires SadaPay

Turkey-based fintech Papara has acquired SadaPay, marking a significant strategic expansion into the Middle East and South Asia markets. Read more

• Ithmaar to transfer controlling stake in Faysal Bank to GFH Financial Group

The shareholders of Ithmaar, which directly and indirectly through other Group Entities owns 66.7% shares of Faysal Bank Limited (PSX: FBL). Read more

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