MG Morning Breeze: Updates to Skim before Market

July 09, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PHDL declares Rs725 dividend per share for FY25 after Regent Plaza sale

The Board of Directors of Pakistan Hotels Developers Limited (PSX: PHDL) has declared a massive interim cash dividend of Rs725 per share for the year. Read more

• PSX Closing Bell: Set Fire to the Rain

Pakistan stocks extended their scorching run on Monday, with the benchmark KSE-100 Index gaining 353.41 points or 0.44% to close at 80,566.2. Read more

• Gold price in Pakistan loses Rs1,300 per tola

Gold price in Pakistan decreased on Monday, with 24-karat gold being sold at Rs245,100 per tola, down Rs1,300 per tola. Read more

• PKR falls by around 13 paisa against USD

The Pakistani rupee (PKR) depreciated by 12.74 paisa against the US dollar in Monday’s interbank session as the currency settled the trade at PKR 278.5. Read more

• SGABL achieves green bottom line in polyester yarn

For the first time after the SG Allied Businesses Limited (PSX: SGABL) activities of polyester filament yarn production were discontinued in 2006. Read more

• Fire at PSX causes limited damage

The fire at a broker’s office in the Pakistan Stock Exchange (PSX) compound today caused limited damage to the building housing the brokerage firms. Read more

• FM vows to resolve delayed payments issue for K-Electric

In response to K-Electric’s concerns about delayed payments of consumer bills collected through the post office, the Finance Minister. Read more

• Jazz appoints former PSX CEO as new CFO, CEO of MFH

After tendering his resignation as Chief Executive Officer (CEO) of the Pakistan Stock Exchange (PSX), Farrukh Khan has been appointed by Jazz. Read more

• Pakistani banks’ total returns surge in Q2 amid local stock rally

Pakistani banks dominated a ranking of Asia-Pacific lenders with the highest total returns in the second quarter. Read more

• OGDC successfully revitalize Kunnar-11 well

Oil and Gas Development Company Limited (PSX: OGDC) has successfully revitalized the Kunnar-11 well after re-assessing. Read more

• Infrastructure & Growth Capital LP ends indirect stake in K-Electric

K-Electric Limited (PSX: KEL) has informed today that Infrastructure & Growth Capital LP has distributed all the shares it held in K-Power Holding Limited. Read more

• MCB bank’s 39 branches set to convert to Islamic banking operations

The shareholders of MCB Bank Limited (PSX: MCB) have approved the Scheme of Compromises, Arrangements and Reconstruction involving the demerger. Read more

• Nepra approves Rs3.33 per unit hike in FCA for XWDISCOs

The National Electric Power Regulatory Authority (Nepra) has authorized another increase of Rs3.3321/kWh in fuel cost adjustment (FCA) charges for XWDISCOs. Read more

• K-Electric customers to receive Rs1.67/kWh reduction in July bills

The National Electric Power Regulatory Authority (NEPRA) has issued its decision regarding the Fuel Charges Adjustment (FCA) requested by K-Electric Limited. Read more

• SIFC to facilitate nationwide opening of business centers

The Special Investment Facilitation Council has been extending facilitation for the establishment of Business Facilitation Centers in the country. Read more

• Oil steadies after recording four weekly gains

Oil prices steadied on Monday after recording four weekly gains as traders tracked twin threats to production posed by a storm in the US. Read more

• SAZEW likely to hit Rs1,613 per share by end of FY25

Sazgar Engineering Works Limited (PSX: SAZEW), one of the best-performing stocks of the Pakistan Stock Exchange (PSX) in FY24. Read more

• Tax hike essential to break free from IMF bailout cycle: FM

Finance Minister Muhammad Aurangzeb has warned that the country may need further International Monetary Fund (IMF) bailouts in the future. Read more

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