MG Morning Breeze: Updates to Skim before Market

July 15, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• IMF, Pakistan seal deal for 37-month Extended Fund Facility worth $7bn

Pakistani authorities and the IMF team have reached a staff-level agreement that could be supported by a 37-month. Read more

• Residential electricity rates hiked by up to 51%

The National Electric Power Regulatory Authority (Nepra) has approved a hike of up to 51% in electricity base rates for residential consumers. Read more

• Govt imposes ban on flour export

The federal government on Friday withdrew its earlier decision and banned the export of flour made from imported wheat. Read more

• Remittance rush can’t hide export woes

Pakistan’s diaspora, dispersed across the globe, rallied in support of their cash-strapped homeland. Read more

• Engro Corp’s business restructuring gains CCP approval

The Competition Commission of Pakistan (CCP) has approved a merger for capital allocation and resilience portfolio involving the group restructuring. Read more

• Nepra approves 11% hike in electricity tariff

The National Electric Power Regulatory Authority (Nepra) has approved an average increase of Rs3.29 per unit in the base electricity tariff. Read more

• Weekly Market Roundup

The benchmark KSE-100 index closed this week at 79,944 showing a decrease of 269 points or 0.3%. Read more

• PKR records largest gain against USD in almost 4 months

The Pakistani rupee (PKR) jumped 20.91 paisa or 0.08% against the US dollar in Friday’s interbank session to PKR 278.4 per USD. Read more

• Weekly inflation jumps 0.11%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.11% WoW during the week ended July 11, 2024, while the SPI rose 23.33% YoY. Read more

• Pakistan’s fiscal strain widens as govt breaks borrowing record

Pakistan’s government has borrowed a massive sum of Rs8.564 trillion from commercial banks in the fiscal year 2023-2024 (FY24), the highest debt ever. Read more

• Indus Motor halts production amid parts shortage

Indus Motor Company Limited (PSX: INDU) has decided to close its production plant from July 15, 2024, to July 22, 2024 (both days inclusive). Read more

• Stakeholders back CCP’s call for detailed cement bag labeling

The Competition Commission of Pakistan (CCP) organized a stakeholder engagement session where the majority of stakeholders agreed that the date of packaging. Read more

• US inflation cools to lowest since 2021

US inflation cooled broadly in June to the slowest pace since 2021 on the back of a long-awaited slowdown in housing costs. Read more

• Pakistan, Azerbaijan to invest $2bn in joint ventures

Pakistan and Azerbaijan have discussed to enhance investments worth $2 billion in areas of mutually beneficial projects, the Information Ministry reported. Read more

• Privatization Minister orders 6-lane upgrade for Sialkot-Rawalpindi motorway

Federal Minister for Communications, Privatization & Board of Investment Abdul Aleem Khan has directed to review the construction project of the Sialkot. Read more

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