MG Morning Breeze: Updates to Skim before Market

June 10, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP expected to cut rates by 100bps

The State Bank of Pakistan (SBP) is widely expected to cut its policy rate by 100 basis points (bps) on June 10, according to market analysts. Read more

• Govt accelerates mining in Chagai after Barrick Gold settlement

To enhance mining activity and spread its economic benefits across the country, the Pakistani government has accelerated mining operations in the Chagai. Read more

• Virtual talks continue between IMF, Pakistan on new program

IMF said discussions are continuing virtually with Pakistani authorities. Read more

• Workers’ remittances rise 54.2% YoY to $3.24bn in May

Workers’ remittances have increased by 54.2% YoY in May to $3.24 billion, compared to $2.1bn in the same month of last year. Read more

• Central govt debt surges by 12.77% YoY to Rs66.1tr in April

The total debt of the central government went up by 12.77% YoY to Rs66.08 trillion in April 2024, compared to Rs58.6tr in April 2023. Read more

• Weekly inflation increases by 0.45%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.45% WoW during the week ended June 06, 2024, while the SPI rose 21.69% YoY. Read more

• Foreign investors buy significant Rs32.9bn via SCRA

The net purchase of securities for the week ended May 31, 2024 clocked in at Rs32.89bn, as compared to a net purchase worth Rs20.84bn recorded last week. Read more

• Fast Cables set to make PSX debut on June 10

Pakistan Stock Exchange Limited (PSX) has announced the listing of Fast Cables Limited (FCL) with effect from i.e. Monday, June 10, 2024, on the Exchange. Read more

• CCP signs historic first international MoU with China’s market regulator

The Competition Commission of Pakistan (CCP) signed a Memorandum of Understanding (MoU) with China’s State Administration for Market Regulation (SAMR). Read more

• Weekly Market Roundup

Bears dominated the Pakistan Stock market this week amid rumors of high tax imposition on capital markets in the upcoming budget. Read more

• China’s CZK Huarui Group to invest in Pakistan’s AI, tech & agriculture

Pakistan entered into negotiations with China’s 60-year-old CZK Huarui Group on Saturday, in which high-ups of China business group. Read more

• Gold price in Pakistan loses Rs3,600 per tola

Gold price in Pakistan decreased on Saturday, with 24-karat gold being sold at Rs239,400 per tola, down Rs3,600 per tola. Read more

• Karachi’s high-loss feeders face up to 10 hours of load-shedding: Power Minister

Load-shedding of six to ten hours is being carried out only on high-loss feeders of the K-Electric in Karachi. Read more

• PSX issues bulletin: Investors entitled to profit on unutilized funds with brokers

The Pakistan Stock Exchange Limited (PSX) is issuing this Investor Bulletin to enlighten the investors about their right to receive profit. Read more

• Sukkur-Hyderabad motorway: Govt pledges progress in next 6 months

The Senate was informed that the government is undertaking efforts to construct the Sukkur-Hyderabad motorway, according to the Information Ministry. Read more

• Savings Mobilized by NSS records net outflow of Rs10.9bn in April

The net payments of Savings Mobilized by National Savings Schemes (NSS) stood at Rs10.9 billion in April. Read more

• PKR gains 19 paisa against USD

The Pakistani rupee (PKR) appreciated by 19.03 paisa against the US dollar in Friday’s interbank session as the currency settled the trade at PKR 278.2. Read more

• Banks’ deposits increase 20.3% YoY to Rs29.35tr in May

The total deposits held by scheduled banks have moved up by 20.34% YoY to Rs29.35 trillion in May 2024 compared to Rs24.39tr in May 2023. Read more

• Mattias Martinsson voices concerns on Pakistan’s CGT plans

Taking a cue from other countries worldwide, Mattias Martinsson, Founder and Chief Investment Officer at Tundra Fonder has expressed his concerns. Read more

• Pakistan, China sign MoUs to boost cooperation in key sectors

Prime Minister Muhammad Shehbaz Sharif yesterday witnessed the signing ceremony of the Memorandum of Understanding (MoUs). Read more

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