MG Morning Breeze: Updates to Skim before Market

June 05, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt likely to present federal budget on June 12

The federal government is likely to present the federal budget for the year 2024-25 on June 12, well-informed sources told Mettis Global News. Read more

• Oil slumps to four-month low amid oversupply fears

Oil extended losses after closing at its lowest in almost four months on Monday after OPEC+’s plan to return barrels to the market earlier than expected. Read more

• PM Shehbaz Sharif arrives in Shenzhen, China

Prime Minister Muhammad Shehbaz Sharif has arrived in Shenzhen, China on an official visit to bolster economic cooperation in export-oriented innovation-led. Read more

• Six consortiums pre-qualified for PIA privatization process

The Privatization Commission Board after detailed deliberations has decided to pre-qualify six interested parties in the process of PIA privatization. Read more

• PSX amends defaulters’ segment rules

Pakistan Stock Exchange (PSX) has amended its regulations in relation to placement of listed companies in the defaulters’ segment. Read more

• PKR gains around 7 paisa against USD

The Pakistani rupee (PKR) appreciated by 6.79 paisa against the US dollar in Tuesday’s interbank session as the currency settled the trade at PKR 278.3. Read more

• PSX Closing Bell: The Devil

Heavy selling continued at the Pakistan Stock Exchange on Tuesday, with the benchmark KSE-100 index slumping 908.6 points or 1.2% to close at 74,666.66. Read more

• Pakistan gold market sees uptick, 24-Karat up Rs700 per tola

After remaining stable in the previous session, the price of gold in Pakistan increased on Tuesday, with 24-karat gold being sold at Rs241,000 per tola. Read more

• Habib Metro launches wholly-owned exchange subsidiary

HABIB METRO Exchange Services Limited, a wholly-owned subsidiary of Habib Metropolitan Bank Limited (PSX: HMB). Read more

• UBL launches fully owned currency exchange in Karachi

United Bank Limited (PSX: UBL) organized the official launch ceremony of UBL Currency Exchange, a wholly owned subsidiary of the bank. Read more

• Govt borrows Rs35.4bn debt in a week

The government of Pakistan has acquired an additional debt of Rs35.4 billion during the week ended May 24, 2024. Read more

• M2 rises by Rs24.2bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, rose by Rs24.19 billion WoW to Rs33.97 trillion as of May 24, 2024. Read more

• India’s stock market tumbles 8.5% amid tighter election

India’s markets slid on Tuesday as initial tallies signaled that Prime Minister Narendra Modi’s ruling party was struggling to win a majority of seats. Read more

• Oil sales rise 7% YoY to 1.39 MTs in May 2024

The sales of oil marketing companies (OMCs) increased by 7% YoY to a nine-month high of 1.39 million tonnes (MTs) in May 2024 compared to 1.30 MTs in May 2023. Read more

• OMO Result: SBP mops up Rs177bn from market

The State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it mopped up a total of Rs177 billion from the market. Read more

• ABL expands its money market offerings with two new PSX-listed funds

Pakistan Stock Exchange Limited (PSX) has approved the formal listing and quotation of the units of ABL Money Market Fund and ABL Islamic Money. Read more

• Ownership, board composition unaltered: KEL spokesperson

In response to recent claims made in a local news report, K-Electric Limited (PSX: KEL) has clarified that there has been no change in the structure. Read more

• SIFC boosts IT sector with 50% profit repatriation facility

Among the most important steps taken by the Special Investment Facilitation Council (SIFC), the facility allowing investors in the IT sector. Read more

Copyright Mettis Link News