MG Morning Breeze: Updates to Skim before Market

September 21, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP sells T-bills worth Rs2.4tr, yields fall by around 200bps

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs2.369 trillion for 3,6 and 12 months against a target of Rs2.25tr. Read more

• PKR maintains momentum, gains 1 rupee against USD

The Pakistani rupee (PKR) appreciated by 1 rupee against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 293.88 per USD, compared to the previous session's closing of PKR 294.90 per USD. Read more

• UAE bans fresh meat import from Pakistan by sea

In a major setback, the United Arab Emirates (UAE) has banned the import of fresh meat from Pakistan through the sea route after authorities discovered fungus on one of the consignments. Read more

• Electricity generation increases by 14% YoY in August 2023

The total power generation in the country increased by 14% YoY to 15,959 GWh during August 2023 as compared to 14,053 GWh in the same period last year. Read more

• SBP awards in-principle approval to 5 proposed digital retail banks

The SBP has granted In-Principle Approval (IPA) for establishing five digital retail banks. Read more

• New SBP policy permits only one type of exchange company

The State Bank of Pakistan (SBP) has streamlined the operations of exchange companies by permitting only one type of exchange company to conduct business. Read more

• Finance Division expects responsible reporting on economic issues

News reporting on economic issues of national importance should be responsible and not based on limited information, the Finance Division on Wednesday said while rebutting the newsflow, saying that $4.5 billion external financing shortfall may rankle the International Monetary Fund (IMF). Read more

• PSX Closing Bell: Muted Performance

The benchmark KSE-100 index spent most of today's session hovering around the crucial 46,000 level. Read more

• PPL’s profit surges by 79% YoY to Rs97bn in FY23

Pakistan Petroleum Limited (PSX: PPL) has posted a profit after tax of Rs97.22bn [EPS: Rs35.72], depicting a surge of 78.87% YoY. Read more

• Pakistan’s GDP will likely rebound to 1.9% in FY24

Pakistan’s gross domestic product (GDP) growth for FY24 is forecasted to recover to 1.9% from 0.3% in FY23. Read more

• Delay in gas price hike mounts concerns as IMF review approaches

The gas price hike in Pakistan has become a significant point of discussion in recent days as the International Monetary Fund (IMF) review approaches. Read more

• Oil prices retreat ahead of US Fed rate decision

Oil prices fell ahead of the U.S. Federal Reserve's meeting on Wednesday as investors remained uncertain about when interest rates might peak, given the uncertain demand outlook. Read more

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