MG Morning Breeze: Updates to Skim before Market

June 07, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP reserves rise $15.8m to $9.11bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $15.8 million or 0.17% WoW to $9.11 billion during the week. Read more

• Nepra approves another Rs3.33 per unit hike in electricity prices

The National Electric Power Regulatory Authority (Nepra) has authorized another increase of Rs3.3321/kWh in the applicable tariff for XWDISCOs. Read more

• FFBL, FFC drop DAP prices by Rs1,805/bag

Amidst the notable drop in international prices, Fauji Fertilizer Limited (PSX: FFC) and Fauji Fertilizer Bin Qasim Limited (PSX: FFBL). Read more

• PSX proposes 20% tax credit to boost IPO listings in FY25 budget

To encourage companies to engage in an IPO and list on the Exchange, the Pakistan Stock Exchange has proposed to the Ministry of Finance (MoF). Read more

• History shows CGT hikes don’t scare investors: Report

Pakistan stock market has plummeted 2.3%, or 1,764 points, over the past seven sessions amidst fears of an increase in Capital Gains Tax (CGT) or dividend tax. Read more

• Foreign Investors pour $75.5m into T-bills in May

Pakistan continued to attract significant hot capital into T-Bills, recording a $75.5 million net flow from foreign investors in May. Read more

• Pakistan, China sign 32 MoUs

Pakistan and China have signed 32 memorandum of understandings (MoUs) during the current visit of the Prime Minister of Pakistan to China. Read more

• Islamabad court upholds SECP penalties on Marwat Group

Islamabad High Court has upheld the decision of the Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) against Shaukat Marwat Group. Read more

• PSX Closing Bell: Crank Up

Pakistan stocks extended their decline on Thursday, with the benchmark KSE-100 index losing 356.51 points or 0.48% to close at 73,862.93. Read more

• PKR depreciates by 9 paisa against greenback

The Pakistani rupee (PKR) depreciated by 9.03 paisa against the US dollar in Thursday’s interbank session as the currency settled the trade at PKR 278.39. Read more

• European Central Bank lowers key interest rates by 25bps

The European Central Bank (ECB) has decided to lower the three key ECB interest rates by 25 basis points with effect from June 12, 2024. Read more

• Bank of Canada cuts key rate to 4.75%

The Bank of Canada has reduced its key interest rate by 25 basis points to 4.75% on Wednesday, the first rate cut since 2020. Read more

• Re-composition: HUMNL, FCCL, MUGHAL, INIL, SYS, ISL, MEBL added to JSMFI

The Pakistan Stock Exchange Limited has conducted the Re-composition exercise of the JS Momentum Factor Index (JSMFI) as of May 31, 2024. Read more

• PM Shehbaz Sharif discusses trade financing with EXIM Bank’s Chairman

Prime Minister Muhammad Shehbaz Sharif met with Dr. Wu Fulin, Chairman of the China Export-Import Bank (EXIM), in Beijing today. Read more

• Elevate raises $5m to offer FDIC-insured USD accounts in countries like Pakistan

Elevate, a fintech, based in London and Dubai, has secured financing of $5 million to expand further into South Asia. Read more

• Telecard Limited to invest Rs400m in Hallmark’s rights issue

The Board of Directors (BoD) of Telecard Limited (PSX: TELE) have resolved to invest up to an aggregate amount of Rs400 million in the potential. Read more

• Gold price in Pakistan gains Rs2,400 per tola

Gold price in Pakistan increased on Thursday, with 24-karat gold being sold at Rs243,000 per tola, up by Rs2,400 per tola. Read more

• Govt establishes cabinet committee for SIFC

The government has constituted the Cabinet Committee on Special Investment Facilitation Council (SIFC) to ensure the implementation of recommendations. Read more

• UBL announces record-breaking Rs20bn financing to Engro Fertilizers

United Bank Limited (UBL) has announced the conclusion of the largest private-sector lending to Engro Fertilizers Limited (PSX: EFERT). Read more

• Treet Corporation board greenlights Dubai subsidiary launch

The Board of Directors (BoD) of Treet Corporation Limited (PSX: TREET) has approved the establishment of a wholly owned subsidiary, Treet Trading LLC. Read more

• Pakistan seeks Chinese investment in ML-1 upgrade: PM Shahbaz Sharif

Pakistan desires Chinese investment in the ML-1 upgrade project, Prime Minister Shahbaz Sharif said while talking to Chairman of China International. Read more

• BlueEx Limited signs MOU with China’s SZCBEA for e-commerce collaboration

BlueEx Limited (PSX: GEMBLUEX), Pakistan’s only e-commerce logistics listed company on the PSX has signed an MOU for a strategic partnership agreement. Read more

• Oil extends recovery after recent selloff

Oil extended its recovery following a sharp selloff, gaining for a second session despite Saudi Arabia signaling concerns over the demand outlook. Read more

• Power Division refutes rumors of ending net metering policy

The Power Division has once again refuted the media reports circulating about the end of the net metering policy, clarifying that the news is baseless. Read more

Copyright Mettis Link News