MG Morning Breeze: Updates to Skim before Market

August 19, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• CPI Preview: Inflation to fall in single digits after 3 years

Pakistan’s inflation is expected to fall below 10% for the first time in nearly three years as food cost gains ease amid smooth supplies. Read more

• SAZEW: A Tech-Savvy Titan

Sazgar Engineering Works Limited (SAZEW), the Blue-chip pick of the Pakistan Stock Exchange (PSX) has been in the limelight for quite a prolonged period. Read more

• Gold tops Rs260,000 for first time on Fed rate cut outlook

Gold price in Pakistan topped Rs260,000 per tola for the first time on growing expectations for an interest rate cut. Read more

• Weekly Corporate Buzz

From a cement giant cashing in on a major deal to a tech company shining bright on a global stage, the outgoing week. Read more

• LSMI output growth rebounds to 0.92% in FY24

Pakistan’s Large-scale Scale Manufacturing Industries output growth rebounded in fiscal year 2023-24. Read more

• Weekly Market Roundup

he benchmark KSE-100 Index closed this week at 78,045 showing a decrease of 524 points or 0.7% in both PKR and USD terms. Read more

• Foreign investors dump Rs22.8bn worth of securities

The net sale of securities for the week ended August 09, 2024 clocked in at Rs22.76bn, as compared to a net sale worth Rs1.07bn recorded last week. Read more

• Asif Ali Shaikh extends public offer deadline for Calcorp by 90 days

Asif All Shaikh, the acquirer who made a Public Announcement of Offer (PAO) to acquire 83.96% of the total issued and paid-up capital of Calcorp Limited. Read more

• Foreign currency deposits increase $54m in July

Foreign currency deposits rose $54m or 0.81% MoM to $6.68 billion as of July 2024. Read more

• PCAL declares 10% bonus shares, profit plummets 71% in FY24

Pakistan Cables Limited (PSX: PCAL) reported a profit after tax of Rs208.86 million [EPS: Rs4.22] for the year ended June 30, 2024, plummeting by 71.14% YoY. Read more

• PIA’s outstanding debt rises to Rs190bn in FY24

The outstanding domestic debt of Pakistan International Airlines Corporation (PIA) as a Public Sector Enterprise (PSE) increased by Rs5 billion or 2.7%. Read more

• PKR jumps 16 paisa against USD

The Pakistani rupee (PKR) appreciated by 15.77 paisa or 0.06% against the US dollar in Friday’s interbank session to settle the trade at PKR 278.54 per USD. Read more

• Pakistan’s textile exports drop 3.1% to $1.27bn in July

Pakistan’s textile exports in July 2024 fell by 3.09% to $1.27 billion compared to $1.31 billion in the same period last year. Read more

• Agritech suffers Rs1.06bn loss in three months

Agritech Limited (PSX: AGL) recorded an increase of 11.6% YoY in its losses during the second quarter of 2024 amid a decline in its gross margins. Read more

• Unilever declares Rs623 dividend as profit grows in Q2CY24

Unilever Pakistan Foods Limited (PSX: UPFL) profit rose 8.23% to Rs1.98 billion [EPS: Rs311.46] in Q2 CY24 compared to a profit of Rs1.83bn [EPS: Rs287.78]. Read more

• Attock Cement receives $5.85m from sale of subsidiary shares

Attock Cement Pakistan Limited (PSX: ACPL) has received a sum of $5.85 million as consideration against the sale of further 4.5m shares held in its subsidiary. Read more

• Banks’ deposits fall over Rs500bn in July

The total deposits held by scheduled banks have decreased by Rs518 billion or 1.7% to Rs30.6 trillion in July 2024 compared to last month. Read more

• Punjab cement makers secure court stay on 6% royalty imposition

In a major development today, Punjab-based manufacturers have obtained a stay order from the court against the imposition of 6% of ex-factory cement/clinker. Read more

• Weekly SPI falls 0.16%

Pakistan’s short-term inflation decreased by 0.16% during the week ended August 15, 2024, while the annual increase was 16.86%. Read more

• Urea, DAP sales rise 4% in July 2024

Fertilizer sales, including urea and DAP, rose  4% YoY to 775,000 tonnes during July 2024. Read more

• PSX approves listing of NBP Mustahkum Fund-II units

The Pakistan Stock Exchange Limited has approved the formal listing and quotation of units for the NBP Mustahkum Fund – II, according to a notice. Read more

• ECC approves continuation of PM’s relief package for FY25

The Economic Coordination Committee (ECC) approved yesterday the Industries & Production Division’s proposal to continue the Prime Minister’s Relief Package. Read more

• FCEPL profit jumps to Rs588m

Frieslandcampina Engro Foods Limited (PSX: FCEPL) recorded an increase of 75% YoY in its profitability. Read more

• Engro Polymer incurs Rs480m loss in three months

Engro Polymer and Chemicals Limited (PSX: EPCL) incurred a loss after tax clocked of Rs480.49 million. Read more

Copyright Mettis Link News