MG Morning Breeze: Updates to Skim before Market

August 09, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Mari Petroleum profit surges

Mari Petroleum Company Limited (PSX: MARI) recorded a profit after tax of Rs25.66 billion [EPS: Rs192.35] in the second quarter of 2024. Read more

• BAHL board approves Rs2bn capital boost for exchange company

The Board of Directors of Bank AL Habib Limited (PSX: BAHL) approved an increase in the authorized and paid-up capital of its wholly-owned subsidiary. Read more

• MEBL earns Rs26.9bn in Q2 CY24, declares Rs7 dividend

Meezan Bank Limited (PSX: MEBL)’s earnings surged 54.65% YoY to Rs26.89 billion [EPS: Rs14.9] during the quarter ended June 30, 2024. Read more

• Meezan Bank commends govt’s economic reforms

Pakistan is moving in the right economic direction due to the government’s actions involving the repayment of dividends to foreign investors. Read more

• SBP reserves rise $51m to $9.15bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $51.1 million or 0.56% WoW to $9.15 billion. Read more

• Weekly SCRA records net sale of Rs1.07bn

The net sale of securities for the week ended August 02, 2024 clocked in at Rs1.07bn. Read more

• PSX Closing Bell: Oil Up

Pakistan stocks jumped on Thursday during the late hours of the trading session after better-than-expected result from index heavyweight Mari Petroleum. Read more

• PKR gains around 5 paisa against USD

The Pakistani rupee (PKR) appreciated by 4.87 paisa or 0.02% against the US dollar in Thursday’s interbank session to settle the trade at PKR 278.69 per USD. Read more

• New task force established to revamp Pakistan’s power sector

To enhance the efficiency of Pakistan’s power sector, the government has constituted a task force to review all the aspects for the improvement of the sector. Read more

• Bank of Japan hints at more rate hikes

Bank of Japan policymakers, in deciding a landmark increase in interest rates last month, discussed further rate hikes, a summary of the discussion showed. Read more

• Pakistan ranks fourth in passenger traffic at Dubai airport

Pakistan ranked fourth in passenger traffic at Dubai International Airport, with 2.3 million visitors during the first half of 2024. Read more

• SBP, PSX to remain closed on August 14

The State Bank of Pakistan will remain closed on Wednesday, August 14, 2024 being public holiday on the occasion of ‘Independence Day’. Read more

• JPMorgan boosts US recession odds to 35%

JPMorgan Chase & Co. now sees a 35% chance that the US economy tips into a recession by the end of this year, up from 25% as of the start of last month. Read more

• SBP governor assures debt obligations not a major hurdle for FY25

SBP governor assured on Wednesday that more than $16 billion of outstanding debt for the fiscal year 2025 would be rolled over by friendly countries. Read more

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