MG Morning Breeze: Updates to Skim before Market

July 29, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• MPS Preview: SBP to ease policy rate further

The State Bank of Pakistan (SBP) will likely cut its policy rate for the second straight meeting on Monday in a bid to spur growth. Read more

• PKR likely to weaken in near term due to dividend backlogs: JPMorgan

Despite Pakistan’s Balance of Payment (BoP) account being in a healthy position, there is anticipation of a weaker PKR in the near term due to the final Read more

• Pakistan secures just $9.8bn in external loans during FY24

The country secured external financing worth $9.81 billion in fiscal year 2023-24 against budget estimates of $17.62bn from multiple financing sources. Read more

• China, Saudi Arabia likely to roll over $9bn debt for Pakistan in FY25

Pakistan’s debt of $9 billion owed to China and Saudi Arabia will be rolled over in the ongoing fiscal year 2025 (FY25), Kazim Niaz. Read more

• SBP has room to reduce policy rate by 600bps in FY25: JP Morgan

Stronger external stability that comes with IMF’s EFF removes a key obstacle for the central bank to resume policy easing. Read more

• ENGRO divests 50.1% stake in Engro Powergen Thar, CCP approves

The Competition Commission of Pakistan (CCP) has approved a merger application within the thermal energy assets portfolio. Read more

• Punjab govt launches Rs174bn agri package

Punjab government has introduced an agricultural package of over Rs174 billion to protect agri land from degradation. Read more

• Weekly Market Roundup

Bears dominated the Pakistan stock market throughout the week, with the benchmark KSE-100 Index slumping 2,088 points or 2.6% to close at 78,030. Read more

• ADB approves $400m loan for Sindh’s flood-damaged infrastructure

The Asian Development Bank (ADB) on Friday approved a $400 million concessional loan to support the reconstruction of houses and community infrastructure. Read more

• SNGP declares Rs4.5 dividend per share for FY23

Sui Northern Gas Pipelines Limited (PSX: SNGP) reported a profit after tax of Rs 10.56 billion (EPS: Rs 16.66) for the fiscal year ended June 30, 2023 (FY23). Read more

• SNGP Q3 2023 profit jumps 44% to Rs3.7bn

Sui Northern Gas Pipelines Limited (PSX: SNGP) experienced a rise of 43.8% YoY in its profitability during the third quarter of 2023. Read more

• PKR gains around 7 paisa against USD

The Pakistani rupee (PKR) appreciated by 6.79 paisa against the US dollar in Friday’s interbank session as the currency settled the trade at PKR 278.34. Read more

• Weekly inflation rises 0.17%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.17% WoW during the week ended July 25, 2024, while the SPI rose 20.09% YoY. Read more

• IT Minister urges Saudi Arabia to ease visa process for Pakistani tech companies

Highlighting Saudi Arabia as an attractive market for Pakistani tech companies, IT Minister Shaza Fatima Khawaja called for the facilitation of Pakistani IT. Read more

• Chakwal Spinning changes security symbol to ‘CLOUD’

The security symbol of Chakwal Spinning Mills Limited has been changed from ‘CWSM’ to ‘CLOUD’ as assigned by the National Clearing Company of Pakistan. Read more

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