MG Morning Breeze: Updates to Skim before Market

July 10, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt borrows Rs8.3tr from banks

The government of Pakistan acquired a significantly larger debt domestically in the fiscal year 2023-24 as compared to previous years. Read more

• Workers’ remittances rise 10.7% to $30.25bn in FY24

Workers’ remittances have increased by 10.68% to $30.25 billion in fiscal year 2023-24 as compared to $27.33bn worth of inflows received in FY23. Read more

• M2 surges by Rs1.27tr in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, surged by Rs1.27 trillion WoW to Rs36.4 trillion as of June 28, 2024. Read more

• PM announces Rs50bn electricity relief package for consumers using up to 200 units

Prime Minister Shehbaz Sharif has announced a massive relief package of Rs50 billion for domestic electricity consumers using up to 200 units. Read more

• SBP raises Rs81bn through PIB auction

The State Bank of Pakistan (SBP) conducted an auction on Tuesday in which it sold Pakistan Investment Bonds (PIBs) worth Rs81.07 billion. Read more

• PKR gains 10 paisa against USD

The Pakistani rupee (PKR) appreciated by 10.24 paisa against the US dollar in Tuesday’s interbank session as the currency settled the trade at PKR 278.4. Read more

• PSX Closing Bell: Rain Check

The benchmark KSE-100 Index concluded Tuesday’s trading session at 80,672.06, showing an increase of 105.86 points or 0.13%. Read more

• Govt announces Rs5bn fund for small and medium enterprises

The government has decided to establish a Small and Medium Enterprises Fund with an amount of Rs5 billion, as decided in a meeting. Read more

• Gold price per tola edges lower in Pakistan

Gold price in Pakistan edged lower on Tuesday, with 24-karat gold being sold at Rs245,000 per tola, down Rs100 per tola. Read more

• Millat Tractors refutes media report of FIR, legal action

Millat Tractors Limited (PSX: MTL) has denied a media report concerning a case in the court of the Special Judge Customs & Excise Taxation, Karachi. Read more

• UDL International set for debut on PSX on July 10

Pakistan Stock Exchange Limited (PSX) has announced the listing of UDL International Limited (UDLI) with effect from Wednesday, July 10, 2024, on the Exchange. Read more

• Govt approves Rs4bn project to upgrade Polyclinic Hospital

The Ministry of Health has approved a PC-1 project worth Rs4 billion for the upgradation of Polyclinic Hospital. Read more

• China plans to restrict excessive solar expansion

China’s government on Tuesday released a draft regulation aimed at curbing expansions within its world-leading solar industry. Read more

• Pakistan’s tax-to-GDP ratio in FY24 stands at 9%: FBR

Pakistan’s Tax-to-GDP ratio stood at 9% during the fiscal year 2023-24. Read more

• Privatization of PIA nears completion

National Assembly’s standing committee on Aviation on Monday was informed that the privatization process of Pakistan International Airlines Corporation. Read more

• IESCO introduces pro-rata billing system

The Islamabad Electric Supply Company (IESCO) has introduced ‘Pro-rata’ billing system aimed at charging customers with 100% accurate meter readings. Read more

Copyright Mettis Link News