MG Morning Breeze: Updates to Skim before Market

July 24, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• FFBL shareholders may get FFC shares at 0.32 ratio

The shareholders of FFBL may get 0.32 shares of FFC for every 1 share held in FFBL, according to Mettis Global calculations of the swap ratio. Read more

• PIA delays final bidding by two months

Pakistan has delayed the final auction for state-owned Pakistan International Airlines by two months until the end of September. Read more

• IMF’s fiscal discipline for Pakistan questioned amid neglect of debt restructuring

The International Monetary Fund (IMF)’s approach for Pakistan of strict fiscal consolidation, that is, cutting spending and increasing revenue. Read more

• SBP issues advance calendar of MPC meetings for H2 2024

The State Bank of Pakistan (SBP) has issued the  advance calender of monetary policy committee meetings for the second half of 2024. Read more

• PSX Closing Bell: Back On Track

Pakistan stocks rebounded after slumping almost 2% yesterday, with the benchmark KSE-100 Index gaining 447.91 points or 0.57%. Read more

• PBC highlights issues with govt’s $65bn export target

The Pakistan Business Council (PBC) has raised concerns regarding the government’s ambitious export target of $65 billion set for the next three years. Read more

• PSX resumes trading of FRR, VRR GIS with new profit rates

The Pakistan Stock Exchange (PSX) has announced today that trading in the 3- and 5-year Fixed Rental Rate (FRR) and Variable Rental Rate (VRR) instruments. Read more

• PKR drops by around 11 paisa against USD

The Pakistani rupee (PKR) depreciated by 10.72 paisa against the US dollar in Tuesday’s interbank session as the currency settled the trade at PKR 278.41. Read more

• DFML begins electric vehicle production

In a significant development, Dewan Farooque Motors Limited (PSX: DFML) has installed the jigs required for the manufacturing of electric vehicles. Read more

• FFL’s profit soars 10x to Rs234m

Fauji Foods Limited (PSX: FFL) recorded a profit after tax of Rs234 million in the second quarter of 2024, up a significant 950% compared to Rs22m in SPLY. Read more

• PM unveils $197m solarization plan for Balochistan tube wells

In a revolutionary move, Prime Minister Shehbaz Sharif has announced a plan to solarize 27,000 agricultural tube wells in Balochistan at a cost of over $197. Read more

• Gold price in Pakistan loses Rs500 per tola

Gold price in Pakistan decreased on Tuesday, with 24-karat gold being sold at Rs250,500 per tola, down Rs500. Read more

• PMEX trading activity falls 13.6% to Rs18.8bn

The trading activity at Pakistan Mercantile Exchange (PMEX) decreased by 13.62% DoD on Monday to clock in at Rs18.81 billion. Read more

• MetaTech Trading merges into Big Bird Foods

Following the Honorable Lahore High Court’s sanction order for the merger dated June 26, 2024, MetaTech Trading Limited (PSX: META) has been merged into Big. Read more

• Govt scrutinizes previous power deals amid rising tariff concerns

While addressing issues related to the high tariff rate in the country, Minister for Power Awais Ahmad Khan Leghari highlighted that the agreements. Read more

• CCoSOEs declares NICL, SLICL, PRCL as non-essential SOEs

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Monday decided that National Insurance Company Limited (NICL), State Life Insurance Company. Read more

• MARI concludes successful appraisal of Ghazij discovery

Mari Petroleum Company Limited (PSX: MARI) has successfully concluded the appraisal program of Ghazij gas discovery. Read more

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