MG Morning Breeze: Updates to Skim before Market

September 19, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP rejects all bids in T-bill auction

The State Bank of Pakistan (SBP) conducted an auction for Market Treasury Bills (MTBs) on Wednesday but chose not to sell any. Read more

• Current account posts $75m surplus in Aug

Pakistan has recorded a current account surplus of $75 million. Read more

• US Fed cuts interest rates by 50bps, first in 4 years

The US Federal Reserve lowered its federal funds rate by 50 basis points to 4.75%-5.00%, the first reduction in four years. Read more

• FDI jumps 51% to $214m in Aug

Pakistan recorded a Foreign Direct Investment (FDI) of $214 million in August, up 50.7% compared to an FDI worth $142m in the Same Period Last Year (SPLY). Read more

• China leads FDI in Pakistan with net inflow of $130m in Aug

China emerged as the largest investor in Pakistan during August 2024, with a net direct investment of $129.62m. Read more

• Auto financing in Pakistan drops for 26th consecutive month

Automobile financing in Pakistan has dropped for the 26th consecutive month to Rs227.3bn in August 2024. Read more

• PKR’s REER index decreases to 100.16 in August

Pak Rupee’s Real Effective Exchange Rate Index (REER) decreased by 1.32% in August 2024 to a provisional value of 100.16 from the revised value of 101.5. Read more

• RDA attracts $165m in August

Total inflows through Roshan Digital Accounts (RDA) during August 2024 stood at $165 million, bringing the total cumulative inflows to $8.58 billion. Read more

• Pakistan’s IT exports surge 26.8% to $298m in August

Pakistan’s Telecommunications, Computer, and Information Services exports surged by 26.81% to $298m in August compared to exports of $235m in the same month. Read more

• SBP rejects all bids for floating rate PIBs

The State Bank of Pakistan (SBP) conducted an auction for floating rate Pakistan Investment Bonds on Wednesday but chose not to sell any. Read more

• Textile exports edge lower to $1.41bn in August 2024

The country’s total textile exports dropped by a meager 0.57% to $1.41 billion in August 2024 compared to $1.42bn in August 2023, data released by the State. Read more

• Petroleum import bill rises 8% to $1.41bn in August

The import bill of the petroleum group increased to $1.41 billion in August 2024, marking an increase of 8% compared to the import bill of $1.3bn recorded. Read more

• Mid-Year Performance Review: Strong asset growth fuels banking expansion

Banking sector managed to grow at a decent pace of 11.5% in H1CY24. The expansion in the asset base was mainly driven by investments. Read more

• PSX Closing Bell: Count Your Blessings

Pakistani stocks surged on Wednesday as key economic data reports showed improvements on the economic front. Read more

• Faisal Saleem’s exclusion from TDAP board sparks senate inquiry

In a Senate standing committee on Commerce at the Parliament House, chaired by Senator Anusha Rahman, the issue of Senator Faisal Saleem Rehman’s status. Read more

• USA leads as top export destination for Pakistan in Aug

The U. S. A. remained the top export destination for Pakistan during August 2024, with $473.84 million worth of shipments. However, this figure was down 4.2%. Read more

• PKR gains over 8 paisa against USD

The Pakistani rupee (PKR) appreciated by 8.47 paisa or 0.03% against the US dollar in Wednesday’s interbank session to settle the trade at PKR 278.04 peR. Read more

• Service sector trade deficit clocks in at $280m in August

The service sector of Pakistan posed a trade deficit of $280 million in August, reflecting an increase of 46.6%, as compared to a deficit of $191m. Read more

• Loads limited board approves Rs1.32bn loan write-off for subsidiary

The Board of Directors of Loads Limited (PSX: LOADS) has approved the write-off of a loan amounting to Rs1.32 billion extended to its subsidiary, Hi-Tech. Read more

• Pioneer Cement’s profit beats estimate buoyed by strong margins

Pioneer Cement Limited (PSX: PIOC) posted a profit after tax of Rs1.35 billion [EPS: Rs5.94] in the quarter ending June 2024. Read more

• RLNG prices slashed by 1.07% for SNGPL, 1.15% for SSGC

Re-gasified Liquefied Natural Gas (RLNG) prices for September 2024 have been reduced by up to 1.07% for Sui Northern Gas Pipelines Limited (SNGPL) and 1.15%. Read more

• Foreign currency deposits decrease $50m in August

Foreign currency deposits fell $50 million or 0.75% to $6.63 billion as of August 2024 compared to a month earlier. Read more

• ADB pledges $2bn annual assistance over 3 years to aid Pakistan

The Asian Development Bank (ADB) would provide $2 billion in annual assistance to Pakistan over the next three years. Read more

• Maersk teams up with SLGL for major onshore logistics push

Maersk West and Central Asia Limited (Maersk), a global leader in shipping, transport, and logistics. Read more

• TOMCL boosts production with 300 MT frozen beef expansion

The Organic Meat Company Limited (PSX: TOMCL) has completed the Expansion Phase 2 of its operations. Read more

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