MG Morning Breeze: Updates to Skim before Market

August 08, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• FFBL calls emergency board meeting to discuss strategic matter

The Board of Directors of Fauji Fertilizer Bin Qasim Limited (PSX: FFBL) has called for an emergency board meeting to consider matters other than financial. Read more

• Govt raises Rs355bn through T-bills, yields fall around 50bps

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs355 billion. Read more

• SBP raises Rs328bn through PIB-PFL

SBP conducted an auction on Wednesday in which it sold Pakistan Investment Bond – Floating Rate (PIB-PFL) semiannual worth Rs327.7 billion. Read more

• Rashid Mahmood appointed as new FBR chairman

The government has appointed Secretary Power Division Rashid Mahmood as the new chairman of the Federal Board of Revenue (FBR). Read more

• T-bills attract $175m foreign investment in July

Foreign investors maintained strong interest in Pakistani T-Bills, injecting a $174.75 million in the first 26 days of July 2024. Read more

• PKR depreciates marginally against USD

The Pakistani rupee (PKR) depreciated by 4.89 paisa or 0.02% against the US dollar in Wednesday’s interbank session to settle the trade at PKR 278.73 per USD. Read more

• AMBL board approves Rs2.5bn capital increase, new shares issuance

The Board of Directors of Apna Microfinance Bank Limited (PSX: AMBL) has approved to enhance the Authorized Capital of the bank from 5 billion to Rs.7.5. Read more

• PSX Closing Bell: Call It A Day

The benchmark KSE-100 Index concluded Wednesday’s trading session at 77,114.49, showing a marginal decrease of 76.85 points or 0.10%. Read more

• KAPCO confirms no capacity charges received since PPA expiration

In response to media reports claiming that Kot Addu Power Company Limited (KAPCO) is receiving payments without generating electricity, the company clarified. Read more

• Bank Al Habib reports 50% profit surge, announces Rs3.5 dividend

Bank AL Habib Limited (PSX: BAHL) earned Rs11.38 billion [EPS: Rs10.24] in 2Q CY24, reflecting a massive growth of 50.1% YoY, compared to the Rs7.58bn. Read more

• MCB’s PAT rises 14.6%, declares Rs9 dividend in Q2 CY24

MCB Bank Limited (PSX: MCB) disclosed its financial results for the quarter ended June 30, 2024, as per which the bank’s profit posted a growth of 14.6% YoY. Read more

• CSAP’s profit doubles in second quarter, declares Rs3.5 per share dividend

Crescent Steel & Allied Products Limited (PSX: CSAP) recorded an increase of 120.7% YoY in its profitability during the second quarter of 2024. Read more

• PAKT declares Rs30 per share dividend, profit jumps 36%

Pakistan Tobacco Company Limited (PSX: PAKT) recorded a profit after tax of Rs5.86 billion [EPS: Rs20.11] during the second quarter of 2024, up 36.3%. Read more

• BF Biosciences seeks main board listing on PSX

Pakistan Stock Exchange Limited (PSX) has informed all concerned market participants that BF Biosciences Limited has applied for listing on the Main Board. Read more

• Pakistan’s Dollar bonds rally 30% ahead of IMF loan approval

The rally in Pakistani dollar bonds needs authorities to stay on the path of economic reforms proposed by the International Monetary Fund to extend gains. Read more

• CDA to hire consultant for Islamabad Safari Park

The Capital Development Authority (CDA) board on Tuesday approved to hire a consultant for the establishment of a Safari Park in Islamabad. Read more

• Tarbela 5th Extension Project expected to generate power by 2025-26

The Tarbela 5th Extension Hydropower Project is anticipated to commence electricity generation in 2025-26. Read more

• BOJ governor says won’t raise rates in unstable market

The Bank of Japan’s influential deputy governor said on Wednesday the central bank won’t hike interest rates when markets are unstable. Read more

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