MG Morning Breeze: Updates to Skim before Market

June 21, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Pakistan grapples with untaxed Eid activity worth Rs500bn

Eid-ul-Azha generated economic activity of over Rs500 billion in Pakistan, but its contribution to the country’s treasure or revenue remains. Read more

• PSX Closing Bell: The Stars Align

Pakistan stocks extended its record-breaking rally on Thursday amid strengthened prospects for an International Monetary Fund deal. Read more

• SBP reserves rise $31.4m to $9.13bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $31.4 million or 0.34% WoW to $9.13 billion. Read more

• PKR loses 9 paisa against USD

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 278.6. Read more

• Engro Fertilizers completes maintenance, resumes EnVen plant operations

Engro Fertilizers Limited (PSX: EFERT) has announced the successful completion of scheduled maintenance activities on its EnVen Plant (Plant-II). Read more

• Power generation rises 2.7% YoY in May 2024

The total power generation in the country increased by 2.7% YoY to 12,618 GWh during May 2024 as compared to 12,284 GWh in the same month of last year. Read more

• Federal Interior Minister, KP CM discuss solutions to load shedding crisis

In a significant development, Federal Interior Minister Mohsin Naqvi and Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur held a telephonic discussion. Read more

• China, Kyrgyzstan, Uzbekistan sign deal for new railway

China, Kyrgyzstan, and Uzbekistan will construct a new railway starting in China Kashgar and traversing Torugart, Kosh-Dobo, and Kazarman. Read more

• Siddiqsons Tin Plate to cut workforce amid economic downturn

The Board of Directors of Siddiqsons Tin Plate Limited (PSX: STPL) has decided to retrench the excess workforce from. Read more

• Gold price in Pakistan remain unchanged

Gold price in Pakistan remained unchanged on Thursday, with 24-karat gold being sold at Rs241,300 per tola. Read more

• Chinese Minister to visit Pakistan for key diplomatic talks

Minister of the International Department of Communist Party of China and member of the Communist Party’s Central Committee Liu Jianchao will arrive. Read more

• Jagran-2 hydropower plant set to be completed by 2025

Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar reviewed the progress of the Jagran-2 Hydropower Plant under construction. Read more

• Oil prices steady ahead of US inventory report

Oil prices remained largely stable ahead of weekly inventory data release from the US that may show another rise in nationwide crude inventories. Read more

• UAE attracts most millionaires for third year

The United Arab Emirates is set to be the world’s leading wealth magnet for the third year in a row. Read more

• Bank of England maintains policy rate at 5.25%

The Bank of England on Thursday decided to keep interest rates unchanged at 5.25%. Read more

• Norway’s central bank leave interest rates unchanged at 4.5%

Norges Bank’s Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.5%. Read more

• Swiss National Bank cuts policy rate by 25bps

The Swiss National Bank has lowered the SNB policy rate by 25 basis points to 1.25%. Read more

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