MG Morning Breeze: Updates to Skim before Market

September 18, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Pakistan’s $7bn EFF on IMF agenda for Sep 25

The International Monetary Fund (IMF) has officially notified that the Executive Board would consider Pakistan’s EFF on Sep 25. Read more

• Traders see 50bps Fed cut likelier than 25bps

Traders see a 50 basis point rate cut from the Federal Reserve’s Wednesday meeting a more likey outcome than the previously expected 25bps reduction. Read more

• LSMI output rises 2.38% in July

Pakistan’s Large-scale Scale Manufacturing Industries (LSMI) production increased by 2.38% in July 2024 to stand at 106.21 compared to 103.74 in July 2023. Read more

• Govt picks Rs207.6bn through Sukuk auction via PSX

The Pakistan Stock Exchange (PSX) conducted an auction today for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds, raising Rs207.56bn against. Read more

• Breakup of trade data in August: PBS

Pakistan’s revised trade deficit for August clocked in at $1.772 billion compared to a deficit of $1.971bn from the previous month, reflecting an improvement. Read more

• M2 falls by Rs46.6bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, dropped by Rs46.6 billion WoW to Rs35.64 trillion as of September 06, 2024. Read more

• Govt borrows Rs107bn debt in a week

The government of Pakistan has acquired an additional debt of Rs106.78 billion during the week ended September 06, 2024. Read more

• FNEL shifts to trading only broker category

The board of directors of First National Equities Limited (PSX: FNEL) has decided to convert its Self Clearing Broker License category to Trading Only Broker. Read more

• Pakistan’s currency in circulation hits near decade low

The Currency in Circulation (CIC) in Pakistan has dropped to a near 10-year low level as a percentage of Gross domestic product (GDP) at current prices. Read more

• Mari Petroleum shares jump 10% after massive bonus issue

Mari Petroleum (PSX: MARI) saw its shares surge 10% following a substantial 1,340% dividend and 800% bonus shares issuance. Read more

• Pakistan likely to face up to $150m outflows after FTSE Russell’s downgrade

Pakistan may experience potential passive foreign outflows of approximately $50 million to $150m, following FTSE Russell’s downgrade of the country. Read more

• Burj Clean Energy Modaraba to launch Initial offering on Sep 25, 26

Arif Habib Limited (PSX: AHL) announced today that the subscription dates for the initial offering of Modaraba certificates on the GEM Board of Burj Clean. Read more

• D.G. Khan Cement earnings miss estimates

D.G. Khan Cement Company Limited (PSX: DGKC) reported financial results that missed analyst expectations as its margins slumped. Read more

• CNERGY turns to profit in FY24, earns over Rs1bn

Cnergyico PK Limited (PSX: CNERGY) reported a massive turnaround, earning Rs1.01 billion [EPS: Rs0.18] in FY24 compared to a massive loss of Rs12.66bn. Read more

• India removes floor price for basmati rice exports to claw back global share

India removed a floor price for basmati rice exports on Friday, according to a government order. Read more

• PSX Closing Bell: Lucky Break

Pakistan’s stock market kicked off the week on a positive note, with the benchmark KSE-100 Index revisiting the key 80,000 mark. Read more

• PKR edges higher against USD

The Pakistani rupee (PKR) appreciated by 3.7 paisa or 0.01% against the US dollar in Monday’s interbank session to settle the trade at PKR 278.13 per USD. Read more

• Gold gains Rs1,700 per tola

Gold kicked off the week on a positive note, with 24-karat gold being sold at Rs268,000 per tola after a gain of Rs1,700. Read more

• Kohinoor Mills incurs Rs190m loss as margins plummet

Kohinoor Mills Limited (PSX: KML) incurred a net loss of Rs189.72 million [LPS: Rs3.73] in the April-June quarter as its margins more than halved. Read more

• Weekly SCRA records net purchase of Rs7.1bn

The net purchase of securities for the week ended September 06, 2024 clocked in at Rs7.07bn, as compared to a net purchase worth Rs6.75bn recorded last week. Read more

• Bolan Castings resumes production

The management of Bolan Castings Limited (PSX: BCL) has decided to resume its production activities, effective Wednesday, September 18, 2024. Read more

• Yen strengthens beyond 140 per dollar for first time since 2023

Yen advanced past the key psychological level of 140 against the dollar as the Japanese currency extended its rally from the weakest point in nearly 38 years. Read more

• Jazz expands IT services to boost dollarized revenue

Jazz is expanding its software, analytics, and data center capabilities, positioning itself as a key player in Pakistan’s digital landscape. Read more

• Urea, DAP sales plunge 29% in Aug as monsoon hits

Fertilizer sales, including urea and DAP, plunged 29% compared to last year amid weak agronomic conditions coupled with higher monsoon rains during August. Read more

• Bank of Khyber partners with ABL Funds for mutual fund distribution

The Bank of Khyber (BoK) has announced a partnership with ABL Funds to distribute ABL Asset Management mutual fund units through BoK’s branch network. Read more

• Oil companies urged to set up new fuel stations in every district

Each oil company should have at least two to three fuel stations in each district of the province to boost business activities and create employment. Read more

• FM urges ADB to further engage private sector in Pakistan

Muhammad Aurangzeb has requested the Asian Development Bank (ADB) to further engage the private sector in Pakistan. Read more

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