MG Morning Breeze: Updates to Skim before Market

July 26, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP reserves fall $396.5m to $9.03bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $396.5 million or 4.21% WoW to $9.03 billion. Read more

• Banks’ deposits plummet Rs1.3tr in two weeks

Total deposits held with banks were recorded at Rs25.97 trillion as of July 12, 2024, depicting a sharp decline of Rs1.27tr compared to end-June 2024. Read more

• Pakistan salaried class pay 9 times higher tax than in India: PBC

The salaried class in Pakistan is paying up to 9.4 times more tax than in India, according to Pakistan Business Council (PBC). Read more

• M2 falls by Rs446bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, dropped by Rs446.05 billion WoW to Rs35.39 trillion as of July 12, 2024. Read more

• Govt retires Rs228.4bn debt in a week

The government of Pakistan has paid off a debt of Rs228.41 billion during the week ended July 12, 2024. Read more

• Govt picks Rs69bn through Sukuk auction via PSX

The Pakistan Stock Exchange (PSX) conducted an auction today for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds, raising Rs68.96 billion. Read more

• MACPAC Films moves to ‘Paper, Board & Packaging’ sector

The Pakistan Stock Exchange (PSX) has approved the request of MACPAC Films Limited (MACFL) to change its sector to ‘Paper, Board & Packaging’. Read more

• PSX Closing Bell: Hold Your Horses

Bears returned to the Pakistan stock market on Thursday after some respite yesterday. Read more

• Weekly SCRA records net purchase of Rs7.9bn

The net purchase of securities for the week ended July 19, 2024 clocked in at Rs7.9bn, as compared to a net purchase worth Rs24.38bn recorded last week. Read more

• UBL Funds appoints Asif Ali Qureshi as CEO, Yasir Qadri resigns

In an emergency board meeting today, the Board of Directors (BoD) of UBL Funds has appointed Asif Ali Qureshi as the new Chief Executive Officer (CEO). Read more

• SECP hosts session for Pakistan’s diplomatic missions in EU

The Securities and Exchange Commission of Pakistan (SECP) as part of its objective to facilitate foreign investments in Pakistan, conducted. Read more

• PKR settles with a gain of over 9 paisa against USD

The Pakistani rupee (PKR) appreciated by 9.39 paisa against the US dollar in Thursday’s interbank session as the currency settled the trade at PKR 278.41. Read more

• Gold price in Pakistan falls Rs2,300 per tola

Gold price in Pakistan decreased on Thursday, with 24-karat gold being sold at Rs250,500 per tola, down Rs2,300. Read more

• Wafi Energy offers to buy 24m Shell shares at Rs155.11 each

Wafi Energy Holding Limited has offered to purchase additional voting shares of up to 24.16 million of Shell Pakistan Limited at an offer price of Rs155.11. Read more

• Nestle declares Rs111 dividend per share despite profit drop

Nestle Pakistan Limited (PSX: NESTLE) recorded a 6% year-on-year decrease in its earnings for the quarter ended June 30, 2024, with a profit after tax. Read more

• Govt directs fertilizer companies to open district sales shops for farmers

To ensure the availability of fertilizers at fair prices, Federal Minister for Industries and Production Rana Tanveer Hussain on Thursday. Read more

• FFBL’s profit jumps to Rs6.3bn in second quarter

FFBL’s profit after tax surged to Rs6.25bn during Q2 2024 driven by steady foreign exchange rate, higher international DAP margins, and improved gas. Read more

• Re-negotiations with IPPs vital to reduce capacity payment burden: SDPI Director

Re-negotiating agreements with IPPs based on principles of transparency and accountability is crucial to reduce the increasing burden of capacity payments. Read more

• Privatization Minister invites Chinese companies to Invest in Pakistan

Minister for Privatization Abdul Aleem Khan has invited Chinese companies to invest in Pakistan by taking advantage of its business-friendly policies. Read more

• Fatima Fertilizer retains AA+ rating from PACRA

Pakistan Credit Rating Agency Limited (PACRA) has maintained entity ratings of Fatima Fertilizer Company Limited (PSX: FATIMA) at “AA+” for the long term. Read more

• HASCOL, SLL to shift from defaulters’ to winding-up segment

Hascol Petroleum Limited (HASCOL) and SME Leasing Limited (SLL), currently listed in the Defaulters’ Segment, will soon be moved to the Non-Compliant. Read more

• Govt imposes 25% tax on imported mobile phones

The government will charge a 25% sales tax on the import of mobile phones in completely built up (CBU) condition having a value above $500. Read more

• US markets suffer worst day since 2022

Investors soured on the promise of artificial intelligence Wednesday, sparking a $1 trillion rout in the Nasdaq 100 Index. Read more

• TAPI pipeline progresses with collaborative efforts

TAPI pipeline project, aimed at fostering economic integration and energy security, has witnessed progress through collaborative efforts. Read more

• MLCF submits PAI to acquire AGL

Next Capital Limited being a manager to offer on behalf of Maple Leaf Cement Factory Limited (PSX: MLCF). Read more

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