MG Morning Breeze: Updates to Skim before Market

July 18, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• IMF deal improves Pakistan’s funding prospects: Moody’s

Pakistan’s staff-level agreement with the International Monetary Fund (IMF) improves funding prospects for the country, global rating agency Moody’s said. Read more

• Fitch predicts PMLN to hold power for next 18 months

PMLN-led government will remain in power over the coming 18 months and succeed in pushing through with IMF-mandated fiscal reforms, the international credit rating agency BMI Fitch Solutions said. Read more

• Govt hikes petrol price by Rs9.99 per litre

The government has raised the price of petrol by Rs9.99 per litre to Rs275.60. Read more

• PKR surges most in six months after IMF loan deal

Pakistani rupee surged by most in over six months after the nation secured a $7 billion loan deal from the International Monetary Fund over the weekend. Read more

• PSX Closing Bell: Lend a Hand

Pakistan stocks kicked off the holiday-shortened week on a bullish note after the nation secured a $7 billion loan deal from the International Monetary Fund. Read more

• Gold hits record high as traders ramp up bets on Fed rate pivot

Gold hit a record high as hopes for Federal Reserve rate cuts grow and some traders ramped up bets on a second Donald Trump presidency. Read more

• Flour mills nationwide strike postponed to July 22 in respect of Muharram

In light of this assurance from government officials to resolve the issue of withholding tax and in respect. Read more

• Official reserve assets rise to $15.36bn as of June

The official reserve assets rose to $15.36 billion as of June 2024 compared to $15.13bn recorded in the previous month. Read more

• POL discovers major hydrocarbon reserves in Attock

Pakistan Oilfields Limited (PSX: POL) has discovered a significant quantity of hydrocarbons at the Jhandial-03 well in Attock District. Read more

• Pak-China sign agreement for promotion of leather industry

Pakistani and Chinese business firms have signed an agreement for the promotion of cooperation in the leather industry. Read more

• Govt tightens control on development fund disbursement

The government has decided to maintain strict control over federal funding for development and recurrent expenditures by releasing funds gradually. Read more

• PMEX trading activity falls 13% to Rs33.3bn

The trading activity at Pakistan Mercantile Exchange (PMEX) decreased by 13.13% DoD on Friday to clock in at Rs33.27 billion. Read more

• Chinese firm eyes KP’s mineral wealth for investments

A Chinese company has evinced keen interest to invest in the mineral and industrial sectors of Khyber Pakhtunkhwa. Read more

• China, Pakistan sign MoU to enhance development cooperation

China and Pakistan have signed an MoU to strengthen development cooperation and promote the Global Development Initiative, focusing on poverty reduction. Read more

• Sapphire Fibres expands power portfolio with key acquisitions in UAE, Netherlands

Sapphire Fibres Limited has entered into significant agreements to expand its power. Read more

• PM directs to form committee to reactivate Neelum-Jhelum hydropower project

Prime Minister Muhammad Shehbaz Sharif on Sunday directed to form a committee on an urgent basis with respect to reactivating the Neelum-Jhelum Hydropower. Read more

• China-Pakistan partnership to introduce eco-friendly solar e-bikes

A China-based company has partnered with a leading electric scooter brand in Pakistan to introduce eco-friendly solar e-bikes to the country. Read more

Copyright Mettis Link News