MG Morning Breeze: Updates to Skim before Market

July 31, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Pakistan’s fiscal deficit shrinks in FY24

Pakistan’s fiscal deficit narrowed to 6.8% of gross domestic product in the fiscal year 2023-2024, as compared to 7.7% of GDP last year. Read more

• Pakistan faces largest Dollar drain in 6 years: A mixed blessing ahead

Pakistan, the Dollar-scarce nation just witnessed a major outflow of the greenback as overseas investors repatriated the highest dividends and profits. Read more

• Atlas Honda’s profit more than doubles to Rs3.5bn

Atlas Honda Limited (PSX: ATLH) experienced a rise of 117.0% YoY in its profits during the second quarter of 2024, earning a profit after tax of Rs3.48bn. Read more

• FFC’s earnings surge almost three times to Rs15.5bn

Fauji Fertilizer Company Limited’s (PSX: FFC) earnings jumped 190.7% YoY in the second quarter of 2024, with its profit after tax surging to Rs15.55 billion. Read more

• Inflation likely to hover around 12-13% in July: FinMin Report

Inflation is projected to hover around 12-13% in July 2024, with expectations of a decrease to 11-12% by August 2024. Read more

• Pakistan aims for B- rating to reenter global markets

The government is aiming for Pakistan to re-enter international capital markets and achieve a minimum credit rating of B-. Read more

• PSX Closing Bell: A Hiccup

The benchmark KSE-100 Index concluded Tuesday’s trading session at 78,628.80, showing a decrease of 198.94 points or 0.25%. Read more

• Gold price in Pakistan loses Rs400 per tola

Gold price in Pakistan decreased on Tuesday, with 24-karat gold being sold at Rs252,300 per tola, down Rs400. Read more

• PKR depreciates by 16 paisa against USD

The Pakistani rupee (PKR) depreciated by 15.73 paisa against the US dollar in Tuesday’s interbank session as the currency settled the trade at PKR 278.66. Read more

• SEPL declares Rs10 DPS after 54% rise in FY24 profit

Security Paper Limited (PSX: SEPL) has announced Final Cash Dividend at the rate of Rs10 per share for the year ended June 30, 2024 as the profit rose. Read more

• Privatization Commission to surrender 320m OGDCL shares after 10 years

Privatization Commission has decided to surrender 320 million shares of Oil and Gas Development Company Limited. Read more

• PMRS to set up new jaggery plant

The board of directors of The Premier Sugar Mills (PSX: PMRS) has accorded approval for setting up a new Jaggery plant within the Mills premises at Mardan. Read more

• EPQL’s 68.89% stake to be acquired by textile consortium, CCP approves

The Competition Commission of Pakistan (CCP) has approved a merger involving a significant reshuffling of power generation assets, involving a consortium. Read more

• Govt to provide maximum relief to power consumers: Musadiq Malik

Federal Minister for Petroleum Senator Musadiq Malik on Monday said that incumbent government has decided to provide maximum relief to power consumers. Read more

• McDonald’s global sales fall for first time since 2020

McDonald’s reported a surprise drop in sales worldwide on Monday, its first decline in 13 quarters. Read more

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