MG Morning Breeze: Updates to Skim before Market

September 16, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt lowers petrol price by Rs10 per litre

For the fourth consecutive fortnight, the government has reduced the price of petrol by Rs10 to 249.1 a litre. Read more

• Gold likely to rally further after Fed pivot

Gold’s already explosive rally may get another leg up as the US Federal Reserve shifts its gears to monetary easing next week. Read more

• Pakistan close to securing $7bn IMF deal: FM

Pakistan is close to securing its $7 billion loan program from the International Monetary Fund (IMF). Read more

• Petrol price likely to drop by Rs12.5 per litre

Petrol prices are expected to drop significantly by about Rs12.5 per litre following a slump in international rates. Read more

• Gold Special: Global Asset Allocation Transition

An issue that should be noted is the disparity between the prices of gold and oil. Read more

• Foreigners dump most stocks in four months last week

Foreign investors dumped $7.54 million of Pakistani equities last week, their biggest selling on a net basis in almost four months. Read more

• PSX recomposes KSE-100 Index

The Pakistan Stock Exchange Limited has conducted the Re-composition exercise of the KSE-100 Index from March 2024 to August 2024. Read more

• National Savings reduces profit rates by up to 254bps

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

• SBP boosts transparency measures, eyes $13bn reserves by FY25

In a move to improve transparency and curb speculation, the State Bank of Pakistan (SBP) will release three additional. Read more

• SBP’s aggressive rate cut, IMF deal: A Dual Success

Yesterday’s Monetary Policy Committee (MPC) Meeting gave Pakistan more than just an unexpected rate cut as it assured the implementation of the delayed. Read more

• SBP to remain closed on Sep 17

The State Bank of Pakistan will remain closed on Tuesday, September 17, 2024 on the occasion of Eid Milad-un-Nabi. Read more

• ADB approves $320m loan for Pakistan

The Asian Development Bank (ADB) has approved a $320 million loan to support the rehabilitation of roads in the province of Khyber Pakhtunkhwa in Pakistan. Read more

• Gold price in Pakistan reaches new peak

Gold price in Pakistan increased on Friday, with 24-karat gold reaching a new all-time high of Rs265,900 per tola, up Rs2,900. Read more

• AWT Investments wins best Islamic Income Fund Manager, Emerging Asset Management at CFA 21st Annual Excellence Awards

AWT Investments has achieved remarkable recognition at the CFA Society. Read more

• CCP approves two acquisitions in packaging and renewable energy sectors

The Competition Commission of Pakistan (CCP) has approved two acquisitions. Read more

• Govt’s trust in FM Aurangzeb reflects his professionalism, expertise: Sajjad Anwar

Senator Muhammad Aurangzeb was praised for his exceptional professionalism and expertise at the 21st Excellence. Read more

• Multan to get new CFA exam center by Feb 2025: Muhammad Shoib

A fourth CFA exam testing center will be established in Multan by February 2025. Read more

• Weekly Market Roundup

Pakistan’s equities closed the week in green on optimism around a larger-than-anticipated interest rate cut and the upcoming meeting between Pakistan and IMF. Read more

• Dolmen City REIT declares Rs0.5 dividend per share

The board of directors of Dolmen City REIT has declared and approved an interim cash dividend of Rs0.50 per unit i.e., 5%. Read more

• Karachi’s office hub shifts from I.I. Chundrigar to Clifton, Shahrah-e-Faisal

Karachi’s office market is undergoing a transitional phase, with the city’s original office hub shifting from I.I. Chundrigar Road to Clifton. Read more

• Pakistan International Bulk Terminal earns Rs1.7bn

Pakistan International Bulk Terminal Limited (PSX: PIBTL) earned a profit after tax of Rs1.65 billion [EPS: Rs0.92] in the fiscal year ending June 2024. Read more

• PKR strengthens by 28 paisa against USD

The Pakistani rupee (PKR) appreciated by 27.83 paisa or 0.10% against the US dollar in Friday’s interbank session to settle the trade at PKR 278.16 per USD. Read more

• Weekly inflation remains largely stable

Pakistan’s short-term inflation edged up by 0.01% WoW during the week ended September 12, 2024, while the annual increase was 14.36%. Read more

• Pakistan real estate offers promising opportunities: Report

Pakistan’s real estate sector — despite navigating a complex landscape — has opportunities, which if leveraged can catalyze the sector. Read more

• Senate committee evaluates status of land acquisition for 1,200 MW solar plant

The Senate Committee in its meeting held yesterday reviewed the current status of land acquisition for 5,000 acres intended for a 1,200 MW solar plant. Read more

• Fatima Fertilizer acquires 10.1% stake in Agritech

Fatima Fertilizer Company Limited (PSX: FFC) has acquired a 10.10% stake in Agritech Limited (PSX: AGL). Read more

• VIS upgrades Thatta Cement rating

VIS Credit Rating Company Limited (VIS) has upgraded the entity ratings of Thatta Cement Company Limited (‘PSX: THCCL) to ‘A/A-2’ from ‘A-/A-2’. Read more

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