MG Morning Breeze: Updates to Skim before Market

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

• SBP widely expected to cut rates

Pakistan’s central bank is expected to cut its key interest rate further during its policy meeting on Thursday, analysts said. Read more

• Pakistani banks continue to flourish with strong quarterly profits

Extending their streak of financial success, Pakistan’s commercial banks have closed another quarter scoring higher earnings driven by increased interest. Read more

• Foreigners inject $27m in T-bills in a week

Foreign investors poured a net $27.06 million into Pakistani T-Bills in the week ending August 23, 2024, ahead of the SBP’s monetary policy review. Read more

• FBR earns Rs1bn by charging one rupee on each POS fee

The Federal Board of Revenue (FBR) has collected around Rs1 billion by deducting Rs1 against each invoice in lieu off point of sale (POS) services fee. Read more

• Maple Leaf earnings top forecast

Maple Leaf Cement Factory Limited (PSX: MLCF) posted better-than-expected quarterly earnings on Wednesday, while unveiling plans to invest up to Rs2 billion. Read more

• Gold price in Pakistan hits all-time high

Gold price in Pakistan reached a new all-time high on Wednesday, with 24-karat gold being sold at Rs264,000 per tola. Read more

• PSX Closing Bell: In the Dark

Pakistani stocks fell on Wednesday, erasing the previous day’s gains ahead of the monetary policy meeting. Read more

• Saudi ambassador reiterates economic support for Pakistan

Nawaf Bin Said Al-Malki, ambassador of Kingdom of Saudi Arabia reiterated his kingdom’s unwavering commitment to contributing to Pakistan’s economic growth. Read more

• Govt fixes family pension at 10 years after death

The government has fixed the period of family pension at 10 years after the death of the retired employee, while in the case of a special child. Read more

• NCCPL issues reminder for securities brokers’ LC statements

The National Clearing Company of Pakistan Limited (NCCPL) has issued a reminder about the deadline for Securities Brokers and Professional Clearing Members. Read more

• Habib Rice launches wholly owned subsidiary in Sharjah free zone

Habib Rice Products Ltd (HRPL) has incorporated a 100% wholly owned subsidiary company, named Habib Rice Products (FZE) in the Sharjah Airport International. Read more

• Sunridge Foods invests Rs500m in Unity Technologies, secures subsidiary status

Sunridge Foods (Private) Limited (Sunridge), has made an investment of Rs500 million in Unity Technologies (Private) Limited (Unity Technologies). Read more

• Bank Makramah joins hands with NCR Corporation, Wavetec

Bank Makramah Limited (BML) has signed a MoU with NCR Corporation and Wavetec (NCR Channel Partner) to transform. Read more

• Avanceon’s subsidiary secures muti-million-dollar project

Avanceon FZE, a wholly owned subsidiary of the Avanceon Limited (PSX: AVN), has secured a muti-million-dollar project. Read more

• Arif Habib issues Wafi Energy’s offer, acceptance letters to Shell shareholders

Arif Habib Limited (PSX: AHL) has dispatched the offer letters, along with relevant instructions and letters of acceptance from Wafi Energy Holding Ltd. Read more

• FFC plans to acquire Agritech beyond threshold

Agritech Limited (PSX: AGL) has received a notice of Public Announcement of Intention from Fauji Fertilizer Company Limited (PSX: FFC) regarding its plan. Read more

• CCP recovers Rs27m from Reliance Paints, PSM

The Competition Commission of Pakistan (CCP) has successfully recovered PKR 27 million in penalties from Reliance Paints and Pakistan Steel Mills (PSM). Read more

• China shows interest to invest in Pakistan’s diverse sectors

A high-level Chinese business delegation has evinced keen interest for investment in major sectors of Pakistan’s economy and relocating Chinese industries. Read more

• THALL’s profit falls 31% in second quarter

Thal Limited (PSX: THALL) posted a profit after tax of Rs757.51 million [EPS: Rs9.35] during the quarter ending June 2024, down 31.3%. Read more

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