MG Morning Breeze: Updates to Skim before Market

June 14, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• ECC directs OGDC to clear govt liabilities

The Economic Coordination Committee (ECC) has directed the Oil and Gas Development Company Limited (OGDCL) to settle its liabilities towards the government. Read more

• ECC sanctions Rs9bn payout for OMCs, including PSO to clear dues

The Economic Coordination Committee (ECC) approved a proposal of the Petroleum Division on Thursday to release Rs9 billion to Oil Marketing Companies (OMCs). Read more

• Petrol prices likely to drop by another Rs9 per litre

The government is likely to reduce the price of petrol by another Rs9 per litre for the second half of June 2024. Read more

• Budget FY25: What You Need to Know

The Government of Pakistan announced the budget for 2024-25 on Wednesday. Here is an overview of key changes that you need to know. Read more

• KSE-100 index surges to all-time high

Pakistan’s benchmark stock index surged by most in a year on Thursday following the announcement of budget 2024-25 yesterday. Read more

• Muhammad Aurangzeb addresses budget concerns

Muhammad Aurangzeb in a post-budget press conference on Thursday clarified that the PDL would be gradual during the next fiscal year. Read more

• ECC approves export of 150,000 MT of sugar, conditions apply

The Economic Coordination Committee (ECC) has granted conditional approval to the Ministry of Industries & Production for the export of 0.15 million. Read more

• SBP reserves fall $6m to $9.1bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $6.2 million or 0.07% WoW to $9.1 billion. Read more

• Pakistan plans 91.8% coverage of federal deficit via domestic sources in FY2025

Pakistan’s government plans to cover 91.8% of its federal deficit during the upcoming fiscal year (July-June FY2025) through domestic markets. Read more

• Gold price in Pakistan loses Rs1,200 per tola

Gold price in Pakistan decreased on Thursday, with 24-karat gold being sold at Rs240,700 per tola, down Rs1,200 per tola. Read more

• PKR rebounds, inches higher against USD

The Pakistani rupee (PKR) appreciated by 1.64 paisa against the US dollar in Thursday’s interbank session as the currency settled the trade at PKR 278.59. Read more

• Pakistan to raise $1bn via international bonds in FY25

Pakistan plans to raise up to $1 billion through international bonds in the 2025/26 fiscal year, Finance Minister Muhammad Aurangzeb told Reuters. Read more

• Kohinoor Textile reclassifies Rs16.78bn to capital reserve

The Board of Directors of Kohinoor Textile Mills Limited (KTML) has decided to re-classify a sum of Rs16.775 Billion from the revenue reserve to separate. Read more

• RDA attracts $224m in May

Total inflows into Roshan Digital Accounts (RDA) during May 2024 stood at $224 million, bringing the total cumulative inflows into RDA to $8.06 billion. Read more

• Budget FY25: Enhanced FED measures on multiple sectors

The government has introduced stringent measures for Federal Excise Duty (FED), with the current rate of Rs2 per kilogram of cement set to increase. Read more

• Oil prices dip after three-day surge

Oil edged lower on Thursday after a three-day jump as investors weighed an unexpected build in American crude stockpiles. Read more

• Govt targets Rs1.28tr from Petroleum Levy in FY25

The federal government has set a target to collect Rs1.28 trillion through the petroleum levy in the fiscal year 2024-25, a significant jump of 33.4% YoY. Read more

• Federal Budget proposes shift to value-based tax for motor vehicles

The advance tax on the registration of motor vehicles, which is currently based on engine capacity, is proposed to be shifted to a value-based system. Read more

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