MG Morning Breeze: Updates to Skim before Market

July 23, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Electricity generation drops for second consecutive year

The total power generation in the country decreased by 1.3% to 127,843 GWh during fiscal year 2023-24. Read more

• SBP to announce monetary policy decision on July 29

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) will meet on Monday, July 29 to decide about the monetary policy. Read more

• SBP plans to launch digital currency

The State Bank of Pakistan is working to introduce digital currency, currently at the evaluation stage. Read more

• PSX transitions to one-share lot system

PSX has successfully transitioned to a one-share lot system for investor transactions on the regular market, aligning with international best practices. Read more

• PSX Closing Bell: The Heat Got To Them

Pakistan stocks started the week on a bearish note, with index-heavy sectors finishing in the red. Read more

• Gold price in Pakistan gains Rs1,000 per tola

Gold price in Pakistan increased on Monday, with 24-karat gold being sold at Rs251,000 per tola, up Rs1,000. Read more

• PKR slips 17 paisa against USD

The Pakistani rupee (PKR) depreciated by 17.33 paisa against the US dollar in Monday’s interbank session as the currency settled the trade at PKR 278.3. Read more

• Cotton arrivals slump 48.5% as of July 15

Cotton arrivals in Pakistan fell 48.5% YoY to 442,041 bales as of July 15, 2024. Read more

• Fauji Foods approves Rs350m loan to subsidiary for capital needs

The Board of Directors of Fauji Foods Limited (PSX: FFL) have approved the grant of a loan of  Rs350 million. Read more

• Diwan International brings BYD battery box to Pakistan

Following a partnership earlier this year with the global battery manufacturing leader BYD, Diwan International Pvt Ltd has introduced the BYD Battery Box. Read more

• HBL wins best bank in Pakistan 2024 award by Euromoney

Habib Bank Limited (PSX: HBL) has been awarded the accolades of Pakistan’s Best Bank. Read more

• IMF deal, falling inflation may lead to rate cuts, but caution advised

Pakistan’s economic landscape is showing signs of stabilization, with the country negotiating a new IMF EFF program. Read more

• Jazz secures credit facility to enhance 4G network nationwide

Jazz, Pakistan’s leading digital operator, has successfully secured the largest private sector syndicated credit facility, totaling up to Rs75 billion. Read more

• Pakistan pushes Chinese plants to use domestic coal

Pakistan this month will ask Chinese power plants operating in the country to shift to using coal from Pakistan’s Thar region rather than imported coal. Read more

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