MG Morning Breeze: Updates to Skim before Market

July 11, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt raises Rs442bn through T-bills, yields fall by up to 18bps

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs441.76 billion. Read more

• Pakistan’s startup funding falls 92% in H1 2024

Pakistan’s startups attracted just $3 million in the first half of 2024, a 92% plunge compared to same period of last year. Read more

• Sazgar’s auto rickshaw sales triple in June 2024

Sazgar Engineering Works Limited (PSX: SAZEW) witnessed a substantial rise of 207.09% YoY in the sale of its auto rickshaws in June 2024, with 1,818 units. Read more

• Car sales fall 18% in FY24

Car sales in Pakistan decreased by 18.2% to clock in at 103,826 units in fiscal year 2023-24. Read more

• ECNEC approves first phase of ML-1

The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved the upgradation of Pakistan Railways existing main Line-1 (ML-1). Read more

• SBP raises Rs64bn through PIB-PFL

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Pakistan Investment Bond – Floating Rate (PIB-PFL) semiannual worth Rs64bn. Read more

• SBP, PSX to remain closed on July 16, 17 on account of Ashura

The State Bank of Pakistan will remain closed on July 16 and 17, 2024 (Tuesday and Wednesday) being public holidays on the occasion of Ashura. Read more

• PSX Closing Bell: Like Icarus and the sun

Pakistan’s stock benchmark took a breather on Wednesday after hitting a record high in the previous session. Read more

• PKR loses 11 paisa against USD

The Pakistani rupee (PKR) depreciated by 11.05 paisa against the US dollar in Wednesday’s interbank session as the currency settled the trade at PKR 278.51. Read more

• Gold price in Pakistan gains Rs600 per tola

Gold price in Pakistan increased on Wednesday, with 24-karat gold being sold at Rs245,600 per tola, up Rs600 per tola. Read more

• SBP appoints 10 banks as primary dealers for FY25

The State Bank of Pakistan (SBP) has appointed 10 banks as primary dealers (PDs) of government securities and two companies as special purpose primary dealers. Read more

• NTDC completes transmission line construction

NTDC has achieved a major milestone by completing the construction of 75 kilometer long, 500 kV Double-Circuit Suki Kinari Transmission Line. Read more

• Nestlé Pakistan proposes dedicated body for evidence-based policy development

Nestlé Pakistan has proposed to Finance Minister Muhammad Aurangzeb the establishment of a dedicated body tasked with formulating evidence-based policies. Read more

• IMF-driven tax reforms to target large agricultural landowners: President

The government was planning to tax agricultural income as per the International Monetary Fund’s conditions, however, the provincial governments. Read more

• Companies can challenge winding-up orders, rules Supreme Court

The Supreme Court of Pakistan has ruled in favor of companies facing winding-up orders, affirming their right to challenge such orders issued against them. Read more

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