MG Morning Breeze: Updates to Skim before Market

September 20, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Haji Haroon Chand issues stern warning to covert bullion operators

Warning all the speculative elements and covert mafia who continue to operate the market despite the official closure of bullion, Haji Haroon Rasheed Chand, the President of the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), on Tuesday said that he will reveal all those faces who are involved in such illicit activities. Read more

• PKR appreciates by 1.05 rupees in interbank

The Pakistani rupee (PKR) sustained its upward trajectory on Tuesday, appreciating by 1.0448 rupees against the US dollar in the interbank to settle at PKR 294.9037 per USD. Read more

• ECC considers LIBOR to SOFR transition

The summary of the Ministry of Energy was considered regarding the “Transition of London Inter-Bank Offer Rate (LIBOR) to Secured over Night Financing Rate (SOFR)” in the Economic Coordination Committee (ECC) of the Cabinet's meeting held on Tuesday. Read more

• ECC approves payment of salaries for PSM employees

On Tuesday, the Economic Coordination Committee (ECC) of the Cabinet authorized the Finance Division to approve the payment of the projected net salary of Pakistan Steel Mill (PSM) employees. Read more

• PSX Closing Bell: Walk on Sunshine

The benchmark KSE-100 index continued its upward trend on Tuesday, closing at 45,910.47 with a rise of 107.28 points or 0.23%. Read more

• Gas discovered in Rahim Yar Khan: OGDCL

Oil and Gas Development Company Limited (OGDCL), being the operator of Mari East Block (100%), has discovered gas at the Chak 214-1 exploratory well situated in the District Rahim Yar Khan, Punjab Province. Read more

• DLL to invest Rs15m in Reon Alpha right issue

The Board of Directors (BoD) of Dawood Lawrencepur Limited (PSX: DLL) has approved an investment of Rs15 million in the Right Issue announced by Reon Alpha (Private) Limited. Read more

• PSMC shuts down motorcycle plant again

Pak Suzuki Motor Company Limited (PSX: PSMC) has decided to shut down its motorcycle plant from September 20 to September 22, 2023. Read more

• Circular debt stock reaches Rs2.31tr as of June

 The circular debt stock has increased to Rs2.31 trillion as of June 2023, depicting an increase of Rs57bn or around 2.5% YoY as compared to June 2022. Read more

• SBP raises Rs94.78bn through Sukuk Auction

The State Bank of Pakistan (SBP) has raised Rs94.78 billion against the target of Rs180bn through the sale of 1-year, 3-year, and 5-year GOP Ijara Sukuk (GIS) Variable Rental Rate (VRR) and GIS Fixed Rental Rate (FRR) in an auction held on Monday. Read more

• IMF reviews state of banking supervision across countries

Ensuring the safety and stability of banks is a multifaceted task that relies not only on effective risk management and governance within banks but also on robust regulations and vigilant markets. Read more

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