MG Morning Breeze: Updates to Skim before Market

September 05, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• T-bill yields remain largely stable

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs835.23 billion. Read more

• SBP raises Rs218bn through floating rate PIBs

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold floating rate Pakistan Investment Bonds worth Rs218.4 billion. Read more

• Pakistan not on IMF’s agenda until Sep 13

Pakistan’s eagerly awaited $7 billion bailout package is not on the International Monetary Fund (IMF) executive board’s agenda until September 13. Read more

• Fertilizer sales plunge 30% in Aug as monsoon hits

Fertilizer sales plunged 29.9% compared to last year amid weak agronomic conditions coupled with higher monsoon rains during August 2024. Read more

• VIS downgrades Archroma Pakistan outlook to negative

VIS Credit Rating Company Limited (VIS) has revised the future outlook of Archroma Pakistan Limited (‘PSX: APL)  from ‘stable’ to ‘negative’. Read more

• US warns Pakistan of ramifications from Pakistan-Iran pipeline

The United States has warned Pakistan of the potential ramifications of considering business deals with Iran. Read more

• KCCI calls for substantial 500bps cut in policy rate

KCCI Iftikhar Ahmed Sheikh have advised SBP to announce a substantial reduction in interest rate by at least 500 basis points in the next monetary policy. Read more

• Bank of Canada reduces policy rate by 25bps to 4.25%

The Bank of Canada today reduced its target for the overnight rate by 25 basis points to 4.25%, it said in a statement issued. Read more

• Govt working on right sizing of institutions to streamline system: Qaiser

Federal minister for maritime affairs Qaiser Ahmed said that the government is working on right sizing of the institutions to streamline the system. Read more

• ECNEC approves six mega projects worth Rs178bn

The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved six major development projects worth Rs178.1 billion. Read more

• PSX Closing Bell: Still in the Works

Pakistan stocks gained momentum on Wednesday after the prime minister provided some clarity regarding the International Monetary Fund (IMF) loan approval. Read more

• Local gas production stands at 3,200 MMCFD: NA told

The local gas production in the country stood at around 3,200 million cubic feet per day (MMCFD), with about 200 MMCFD consumed during its extraction. Read more

• PKR continues to suffer, down by 7 paisa per USD

The Pakistani rupee (PKR) depreciated by 6.68 paisa or 0.02% against the US dollar in Wednesday’s interbank session to settle the trade at PKR 278.77 per USD. Read more

• Pakistan explores investment opportunities with J.P. Morgan

To explore fixed income investment opportunities within Pakistan’s economy, Aurangzeb met with a delegation of international investors, led by CEO J.P. Morgan. Read more

• Ghandhara Tyre rebounds with Rs229m profit

Ghandhara Tyre & Rubber Company Limited (PSX: GTYR) bounced back in fiscal year 2024 with a net profit of Rs229.06 million [EPS: Rs1.88] as sales jumped. Read more

• Gold price in Pakistan falls Rs1,400 per tola

Gold price in Pakistan decreased on Wednesday, with 24-karat gold being sold at Rs260,100 per tola, down Rs1,400. Read more

• Oil falls further after Tuesday’s slump

Oil fell further after plunging almost 5% on Tuesday as the possible easing of political unrest in Libya shifted focus back to OPEC+’s plan to boost production. Read more

• VIS maintains entity ratings of Fatima Fertilizer

VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Fatima Fertilizer Company Limited (PSX: FATIMA) at ‘AA+’ for long-term. Read more

• Chakwal Spinning refutes insider trading allegations

Chakwal Spinning Mills Ltd (PSX: CLOUD) has vehemently denied recent reports suggesting that its management. Read more

• FM discusses investment opportunities with FLSmidth’s global CEO

To strengthen the economic ties between Pakistan and Denmark, particularly in the mining and cement industries. Read more

• BF Biosciences inks deal with Lucky Core

BF Biosciences Limited (BFBL)has entered into a contract manufacturing and supply agreement. Read more

• Govt introduces contributory pension scheme

The government has introduced a contributory pension fund scheme for the new entrants who are appointed on regular basis on or after July 01, 2024. Read more

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