MG Morning Breeze: Updates to Skim before Market

September 19, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP raises just Rs3.66bn through PIB auction

The State Bank of Pakistan (SBP) raised only Rs3.66 billion against a target of Rs160bn through the sale of fixed-rate Pakistan Investment Bonds (PIBs). Read more

• PKR appreciates by 90 paisa in interbank

The Pakistani rupee (PKR) extended its upward momentum on Monday, appreciating by 90 paisa against the US dollar in the interbank to settle at PKR 295.9485 per USD. Read more

• SIFC not the solution for Pakistan’s economy: Atif Mian

The newly constituted Special Investment Facilitation Council (SIFC) aimed at boosting the economy is not sustainable. Read more

• LSMI production decreases by 1.09% YoY in July

Pakistan’s Large Scale Manufacturing Industries (LSMI) production has registered a decrease of 1.09% YoY in July 2023 to stand at 108.01 compared to 109.2 in July 2022. Read more

• Auto financing drops by 21.13% YoY

Automobile financing in Pakistan has dropped to Rs278.05 billion in August 2023, witnessing a decrease of 21.13% YoY. Read more

• MCB Bank to set up an exchange company

The Board of Directors of MCB Bank Limited (PSX: MCB) has approved the establishment of an Exchange Company with an initial paid-up capital of up to Rs1 billion. Read more

• SYS shareholders approve asset transfer to Systems Ventures

The shareholders of Systems Limited (PSX: SYS) have resolved those specific undertakings as envisaged in the Transferred Assets scheme, will be separated from SYS and combined with Systems Ventures (Private) Limited through a process known as amalgamation. Read more

• LUCK powers up with 28.8MW wind project

The Board of Directors (BoD) of Lucky Cement Limited (PSX: LUCK) has approved undertaking a 28.8 MW captive wind power project at its Karachi plant. Read more

• REER decreases by 1.61% MoM in August

Pak Rupee’s Real Effective Exchange Rate Index (REER) decreased by 1.61% MoM in August 2023 to a provisional value of 90.1151 from the revised value of 91.5865 in July 2023. Read more

• Cotton arrivals reach 3.93m bales

Cotton arrivals in Pakistan have reached 3.933 million bales as of September 15, 2023. Read more

• PSX Closing Bell: Tug of War

The benchmark KSE-100 index remained range-bound throughout today's session in a tug-of-war between bulls and bears. Read more

• Ibex initiates $30m stock repurchase program

On Monday, the board of directors of IBEX Limited authorized a share repurchase plan (Share Repurchase Program) under which the company may repurchase up to $30 million of its shares over the next six months. Read more

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