MG Morning Breeze: Updates to Skim before Market

July 19, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Auto financing in Pakistan drops for 24th consecutive month

Automobile financing in Pakistan has dropped by another 1.0% month-on-month to Rs230.5 billion in June 2024, compared to Rs232.79bn a month earlier. Read more

• LSMI output rises 1% in 11MFY24

Pakistan’s Large-scale Scale Manufacturing Industries (LSMI) output increased by 0.99% YoY in the first eleven months of fiscal year 2023-24. Read more

• SBP reserves rise $18.6m to $9.42bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $18.6 million or 0.20% WoW to $9.42 billion. Read more

• Barrick Gold starts hiring for Reko Diq project

In a latest development for Barrick Gold Corporation’s Reko Diq project in Pakistan, the company has launched a recruitment drive. Read more

• Religious tourism, animal sacrifice drive $7.8bn economic boost in Pakistan

Pakistan’s religious tourism and animal sacrifice sectors, along with related exports, contribute a substantial $7.8 billion to the economy annually. Read more

• M2 surges by Rs5tr in FY24

Broad money (M2), the most widely used measure of money supply in Pakistan, surged by Rs5.03 trillion to Rs36.56 trillion as of June 30, 2024. Read more

• Pakistan’s public debt expected to drop in FY25: ADB

Pakistan’s public debt is forecasted to decline by 7 percentage points to 70% of GDP in fiscal year 2024–2025. Read more

• Fertilizer sales fall 21% in June 2024

Fertilizer sales, including Urea and DAP, fell 21% YoY to 606,000 tonnes during June 2024. Read more

• Pakistan Railways raises train fares

Pakistan Railways has hiked fares for all trains, with effect from Friday, July 19, 2024. Read more

• NCCPL excludes seven companies from MTS

The National Clearing Company of Pakistan Limited (NCCPL) has removed seven securities from the Margin Trading System (MTS) effective August 15, 2024. Read more

• FATIMA eyes Agritech instruments

Fatima Fertilizer Company Limited (PSX: FATIMA) has decided to attempt procurement of various instruments of Agritech Limited. Read more

• Chinoy Engineering seeks Rs48.45m investment from Pakistan Cables

Chinoy Engineering & Construction (Pvt) Limited (CECL), an associated company of Pakistan Cables Limited (PSX: PCAL) has invited equity investment from PCAL. Read more

• PPL begins production at Adhi South-8

Pakistan Petroleum Limited (PSX: PPL) has commenced production from Adhi South-8, a new development well drilled in the Adhi Mining Lease. Read more

• Foreign currency deposits rise $102m in June

Foreign currency deposits as of June 2024 stood at $6.63 billion, depicting an increase of 1.56% MoM. Read more

• PSX Closing Bell: Back of the Net

Pakistan stocks extended their rally on Thursday, with the benchmark KSE-100 Index jumping 684.26 points or 0.84% to a record high of 81,839.86. Read more

• PKR loses 6 paisa against USD

The Pakistani rupee (PKR) depreciated by 6.41 paisa against the US dollar in Thursday’s interbank session as the currency settled the trade at PKR 278.17. Read more

• PSX to host IFRS sustainability workshop

The Pakistan Stock Exchange Limited (PSX) has scheduled to host a training workshop for listed companies on International Financial Reporting Standards. Read more

• SBP targets to raise Rs3.91tr: Auction Calendar Jul-Sep

The government is targeting to raise Rs3.91 trillion during the three months from July to September 2024. Read more

• Gold prices in Pakistan hit record high of Rs254,000

Gold price in Pakistan surged to an all-time on Thursday, with 24-karat gold jumping Rs4,600 per tola to Rs254,000. Read more

• Govt forms subcommittees for tariff rationalization

The government has established three subcommittees to expedite the process of tariff rationalization aimed at achieving an export target of $60 billion. Read more

• PMEX trading activity falls 17.5% DoD

The trading activity at Pakistan Mercantile Exchange (PMEX) decreased by 17.52% DoD on Wednesday to clock in at Rs27.44 billion. Read more

• World Bank to issue first ‘drought’ bond

The World Bank is looking to issue its first drought bond in the next 12-18-months and broaden its offering of catastrophe bonds. Read more

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