MG Morning Breeze: Updates to Skim before Market

June 28, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP reserves fall $239m to $8.9bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $238.9 million or 2.62% WoW to $8.9 billion. Read more

• Overseas investors repatriate $1.8bn profit in 11MFY24

Foreign investors ‘ repatriation of profit and dividends rose 476.55% YoY in 11MFY24 to $1.81 billion compared to $313.09m worth of repatriation. Read more

• OGDC agrees to waive Rs72bn in circular debt settlement

As part of the circular debt settlement plan, the Oil and Gas Development Company Limited (OGDC) has agreed to waive off Rs72bn on account of liquidated. Read more

• PSX Closing Bell: Take Five

The benchmark KSE-100 index concluded Thursday’s trading session at 78,528.25, showing a an increase of 252.61 points or 0.32%. Read more

• PKR edges higher against USD

The Pakistani rupee (PKR) appreciated by 2.5 paisa against the US dollar in Thursday’s interbank session as the currency settled the trade at PKR 278.38. Read more

• PSX adjusts technical services charges amid inflation

Due to high inflation and increasing costs of hardware, software, and other operating expenses, Pakistan Stock Exchange Limited (PSX). Read more

• GFH Group looks to sell Faysal Bank stake at 76% premium: report

Ithmaar Holding is looking to sell 66.7% of the issued and paid-up capital in Faysal Bank Limited at a premium of 76.6% from the current market prices. Read more

• IT Minister pledges full support for IT sector investments

Minister of State for Information Technology & Telecommunication Shaza Fatima Khawaja has assured to extend full facilitation to the companies. Read more

• China lauds establishment of SPU in Islamabad for foreigners’ protection

China has appreciated the establishment of Special Protection Unit (SPU) in Islamabad for the protection of foreigners. Read more

• Gold price in Pakistan gains Rs400 per tola

Gold price in Pakistan increased on Thursday, with 24-karat gold being sold at Rs241,000 per tola, up Rs400 per tola. Read more

• Microfinance Bank receives CCP approval for non-compete clause based on timeline

The Competition Commission of Pakistan (CCP) has granted exemption over specific clauses of Sale Share Agreement (SSA) signed. Read more

• Pakistan, EU discuss mutual concerns

To discuss relations between Pakistan and European Union and issues of mutual interest, Ambassador of the EU to Pakistan met with Federal Minister for Law. Read more

• Orient Rental Mod amends business operations

Orient Rental Mod (PSX: ORM) has amended its business operations, and will initially engage in providing equipment rental solutions. Read more

• CCP approves Hilton Pharma’s purchase of 2 Japanese pharmaceutical products

The Competition Commission of Pakistan (CCP) has approved the acquisition of two pharmaceutical products of Eisai Co. ltd, a Tokyo-based firm. Read more

• Oil remain rangebound ahead of key US economic figures

Oil prices remained rangebound as the market awaited US economic data, seeking a catalyst to break out of the tightest trading range in over three years. Read more

• Planning Minister urges export emergency measures in country

Planning Minister Ahsan Iqbal has expressed the government’s commitment to adopt an export-led growth model to pull the country out of the quagmire. Read more

• NCCPL sets withholding tax of up to 25% on Ijarah Sukuk

The National Clearing Company of Pakistan Limited (NCCPL) has announced the applicable rates for withholding tax. Read more

• FPCCI unveils simplified form to boost filer registrations

The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) on Wednesday presented several proposals aimed at enhancing filer registrations. Read more

• Pakistani envoy urges use of legal channels for remittances from UAE

Ambassador Faisal Niaz Tirmizi, Pakistan’s Envoy to United Arab Emirates (UAE) highlighted the scope of digitising financial transactions. Read more

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