MG Morning Breeze: Updates to Skim before Market

July 05, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP reserves rise $494m to $9.39bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $493.7 million or 5.55% WoW to $9.39 billion. Read more

• KSE-100 Index likely to reach 109,250 by June 2025: Report

Pakistan stock market’s benchmark KSE-100 Index is expected to provide a return of 36% to reach 109,250 by June 2025, Arif Habib Limited said in its report. Read more

• PSO’s $1.5-2bn investment in PRL’s refinery project still in early stages

Pakistan State Oil Company (PSO)’s investment worth $ 1.5 – 2 billion through debt in Pakistan Refinery Limited (PRL)’s Refinery Expansion & Upgrade. Read more

• Milk in Karachi now costs more than Paris

Milk prices in Pakistan surged by more than a fifth after a new tax was applied, making the dairy staple more expensive than in France, Australia. Read more

• FTSE Russell demotes Pakistan equities to frontier market

Pakistan has been downgraded to frontier market status from secondary emerging market status by FTSE Russell, a move that. Read more

• T-bills attract foreign $204m hot capital in June

Foreign investors maintained strong interest in Pakistani T-Bills, injecting an additional $204.1 million in the first three weeks of June. Read more

• PKR depreciates by over 9 paisa against USD

The Pakistani rupee (PKR) depreciated by 9.47 paisa against the US dollar in Thursday’s interbank session as the currency settled the trade at PKR 278.5. Read more

• PSX Closing Bell: At a Snail’s Pace

The benchmark KSE-100 Index concluded Thursday’s trading session at 80,282.80, showing an increase of 49.13 points or 0.06%. Read more

• Gold price in Pakistan gains Rs1,000 per tola

Gold price in Pakistan increased on Thursday, with 24-karat gold being sold at Rs243,300 per tola, up Rs1,000 per tola. Read more

• BAPL takes decisive steps in Q2 2024 to exit defaulter status

Bawany Air Products Limited (BAPL) has issued its progress report for the quarter ended June 30, 2024, highlighting various decisions made. Read more

• Media report on network system upgrades not price-sensitive: SSGC

In response to the PSX letter regarding price-sensitive information, Sui Southern Gas Company Limited (SSGC) has clarified that the media report. Read more

• DM Textile Mills once again urges PSX to remove defaulter status

D.M. Textile Mills Limited (PSX: DMTX) has once again requested the Pakistan Stock Exchange (PSX) to remove its name from the defaulter segment. Read more

• CPEC central to Pakistan-China bilateral ties: IT Minister

CPEC remains a central pillar of Pakistan-China bilateral cooperation, Minister of State for IT Shaza Fatima said. Read more

• Bank of Punjab’s board approves Bahrain, UAE expansion

The Board of Directors of the Bank of Punjab (BOP) has approved the business plan to establish a Wholesale Banking Unit in the Kingdom of Bahrain. Read more

• Govt plans long-term concessions for HESCO, PESCO, SEPCO

The Privatization Minister Abdul Aleem Khan informed journalists on Wednesday that the government has made up its mind on the privatization of DISCOs. Read more

• LNG supply chain SPA between Diamond Gas, Bison Energy approved by CCP

The Competition Commission of Pakistan (CCP) has granted approval until December 2025 on the LNG supply chain component of the Share Purchase Agreement (SPA). Read more

• Standard Chartered CEO proposes tailored financial instruments to FM

Group Chief Executive of Standard Chartered Bank PLC, Bill Winters, during a meeting with Finance Minister Muhammad Aurangzeb yesterday. Read more

• APTMA calls for renegotiation of power agreements to rescue industry

All Pakistan Textile Mills Association (APTMA) has urged the federal government to renegotiate existing agreements with Independent Power Producers (IPPs). Read more

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