MG Morning Breeze: Updates to Skim before Market

August 12, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Once Bright, Now Dull

Blaring horns, fluttering buntings, proudly waving flags, merch stalls overflowing with independence tees. Read more

• Workers’ remittances rise 48% in July

Workers’ remittances have increased by 47.6% YoY in July to $3 billion, compared to $2.03bn in the same month of last year. Read more

• Gold stands firm despite global drop, underpricing emerges

Despite a rough start, Pakistan’s gold market managed to close the week relatively stable, regardless of the downturn in international gold rates. Read more

• Senior officials overlooked in appointment of new FBR chairman

The appointment of Rashid Mahmood as the new chairman of the Federal Board of Revenue (FBR) has sparked controversy, as dozens of senior FBR officers. Read more

• National Savings profit rates slashed by up to 150bps

The Central Directorate of National Savings (CDNS) has slashed the profit rates on majority of its National Savings Schemes. Read more

• FBR unveils five-year tax expansion targets to IMF

To expand the country’s tax net, the Federal Board of Revenue (FBR) has shared its five-year future targets with the International Monetary Fund (IMF). Read more

• SECP explores shariah alternatives for short-term sukuks

The Securities and Exchange Commission of Pakistan (SECP) is exploring alternate shariah compliant structures for issuance of tradeable sovereign sukuks. Read more

• Unilever fined Rs60m

The Competition Commission of Pakistan (CCP) has passed an order imposing fine of Rs60 million on Unilever Pakistan for airing deceptive claims. Read more

• Weekly Market Roundup

Strong corporate results helped Pakistan stocks brush off earlier losses and end the week in the green. Read more

• Pak Suzuki shuts Karachi plant amid CKD Kit approval delays

Pak Suzuki Motor Co. Limited has halted its manufactured plant in Karachi due to a major delay in its approval of Completely Knocked Down (CKD) kits. Read more

• KIBOR falls 52bps over three sessions on growing easing expectations

The benchmark 6-month Karachi Interbank Offered Rate (KIBOR) dropped sharply by 52bps over the past three trading sessions on strengthened expectations. Read more

• NETSOL secures major contract with IGNITE to launch NIC in Lahore

NETSOL Technologies Limited (PSX: NETSOL) has signed a contract with IGNITE-National Technology Fund to establish and manage the operations of the National. Read more

• PKR gains around 14 paisa against USD

The Pakistani rupee (PKR) appreciated by 13.54 paisa or 0.05% against the US dollar in Friday’s interbank session to settle the trade at PKR 278.55 per USD. Read more

• FFBL proposes land sale to Fauji Foundation

The Board of Fauji Fertilizer Bin Qasim Limited (PSX: FFBL) has resolved to recommend, for the approval of shareholders, the sale of the land owned. Read more

• Weekly SPI inches up by 0.3%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.3% WoW during the week ended August 08, 2024, while the SPI rose 17.96% YoY. Read more

• Balochistan could become energy exporter, World Bank says

Balochistan has enormous potential of variable renewable energy (VRE) which can electrify the province and transform it into a net exporter of energy. Read more

• Pakistan sees solar boom as Chinese imports surge: Report

Pakistan’s market for solar power is booming, propelled by a surge in imports from China, according to a report by BloombergNEF analyst Jenny Chase. Read more

• Nepra hikes power tariff by Rs2.56 per unit for June

The National Electric Power Regulatory Authority (Nepra) has authorized an increase of Rs2.5627/kWh in fuel cost adjustment (FCA) charges for ex-Wapda. Read more

• Lucky Cement profit jumps almost four times to Rs9.5bn

Lucky Cement Limited (PSX: LUCK) reported its profit and loss statement for the second quarter of 2024, posting a profit after tax of Rs9.46 billion. Read more

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