MG Morning Breeze: Updates to Skim before Market

September 13, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP unexpectedly cuts policy rate by 200bps

The State Bank of Pakistan (SBP) lowered its key policy rate again by 200 basis points to 17.5% on Thursday, compared to a median estimate for a 150bps cut. Read more

• IMF board to review Pakistan’s $7bn loan on Sep 25

The IMF Executive Board is set to meet on September 25 to review and potentially approve the $7 billion Extended Fund Facility (EFF) for Pakistan. Read more

• Rate Cuts vs. Reforms: Who Will Bear the Cost?

Many statements are being made by the business community regarding a substantial decline in policy. Read more

• SBP expects IMF to review $7bn loan this month

Pakistan expects the International Monetary Fund’s executive board to review its new $7 billion loan program this month after a delay raised investor concerns. Read more

• SBP reserves rise $30m to $9.47bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $29.8 million or 0.32% WoW to $9.47 billion. Read more

• Reconstituted boards for power entities greenlit by CCoSOEs

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Thursday approved the nominations of Independent Directors, Ex-Officio Directors, and Chairmen. Read more

• ECB cuts interest rates by 25bps to 3.5%

The European Central Bank lowered interest rates for the second time this year with inflation receding toward 2%. Read more

• PKR gains 10 paisa against USD

The Pakistani rupee (PKR) appreciated by 10 paisa or 0.04% against the US dollar in Thursday’s interbank session to settle the trade at PKR 278.44 per USD. Read more

• PSX Closing Bell: A Glimmer of Hope

Pakistan stocks rebounded on Thursday ahead of the monetary policy meeting, where the investors were eyeing a large interest cut by the central bank. Read more

• Pakistan consumer confidence falls to eleven-month low

The consumer confidence indicator in Pakistan dropped by 2.6% to 31.01 points in September compared to last month. Read more

• SBP introduces new Shariah standards to enhance compliance in Islamic banking

With a view to further strengthen Shariah compliance framework and harmonize the Shariah practices in Islamic banking industry, the State Bank of Pakistan. Read more

• Fast Cables secures BASEC certification, pioneering industry standards

Fast Cables has become the first and only cable manufacturer in Pakistan to receive the British Approvals Service for Cables (BASEC) certification. Read more

• NETSOL earns Rs1.38bn in FY24, declares Rs3 DPS

NetSol Technologies Limited (PSX: NETSOL) reported a modest increase in earnings for FY24, with a rise of 7.7%, reaching Rs1.38 billion (EPS: Rs15.76). Read more

• SECP reports record-breaking number of company incorporations in August

The Securities and Exchange Commission of Pakistan (SECP) registered 2,933 new companies during August 2024, marking a 3% increase compared. Read more

• PTA receives application for Telenor, Orion Towers acquisition

Pakistan Telecommunication Authority (PTA) has received the application for the grant of approval of the proposed acquisition of Telenor Pakistan (Private). Read more

• Art contest winners not final banknote designs: SBP

The State Bank of Pakistan (SBP) has clarified that the banknote designs that have. Read more

• Gold falls Rs1,000 per tola

Gold price in Pakistan decreased on Thursday, with 24-karat gold being sold at Rs263,000 per tola, down Rs1,000. Read more

• ECC elevates industrial gas use, lowers captive power priority

The Economic Coordination Committee (ECC) approved an amendment to the existing gas allocation priorities in its meeting yesterday, as per which, gas. Read more

• PSX investors to pay CGT for July on Sep 23

The aggregate amount of CGT arising on the disposal of shares at the Pakistan Stock Exchange (PSX) for the period from July 01, 2024, to July 31, 2024. Read more

• Kohinoor Textile Mills profit soars 68% on higher other income

Kohinoor Textile Mills Limited (PSX: KTML) earned a profit after tax of Rs15.48 billion [EPS: Rs41.72] in the fiscal year 2023-24, up 68.4%. Read more

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