MG Morning Breeze: Updates to Skim before Market

September 20, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PIB yields plunge by up to 335bps

The State Bank of Pakistan (SBP) conducted an auction on Thursday in which it sold Pakistan Investment Bonds (PIBs) worth Rs83.26 billion against the Rs200bn. Read more

• SBP reserves rise $43m to $9.51bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $43 million or 0.45% WoW to $9.51 billion during the week ended. Read more

• KSE-100 Index hits all-time high

Pakistan’s benchmark stock index breached 82,000 level for the first time in history after key economic reports. Read more

• Banks’ deposits increase 17.9% to Rs30.78tr in Aug

The total deposits held by scheduled banks have moved up by 17.9% from a year ago to Rs30.78 trillion in August 2024 compared to Rs26.11tr in August 2023. Read more

• PKR jumps by 13 paisa against USD

The Pakistani rupee (PKR) appreciated by 12.91 paisa or 0.05% against the US dollar in Thursday’s interbank session to settle the trade at PKR 277.91 per USD. Read more

• Power generation drops 17% in Aug

The total power generation in the country decreased by 17.4% to 13,180 GWh during August 2024 as compared to 15,959 GWh in the same month of last year. Read more

• Cotton production plunges 64%

Cotton arrivals in Pakistan plunged 64% to 1.434 million bales as of Septemebr 15, 2024, as compared to 3.934m bales in the same period of last year. Read more

• Bank of England keeps rates at 5%

The Bank of England held interest rates at 5.0% on Thursday and voted to reduce the stock of UK government bond purchases by £100 billion. Read more

• UBL, JazzCash partner to revolutionize digital retail payments

United Bank Limited (UBL) and JazzCash have teamed up to transform digital retailer payments with advanced digital solutions. Read more

• SBP grants exchange company license to BOP Exchange (Pvt) Limited

The State Bank of Pakistan (SBP) has issued an exchange company license to “BOP Exchange (Private) Limited,” a wholly owned subsidiary of The Bank of Punjab. Read more

• Gold rises to Rs268,500 per tola

Gold price in Pakistan rose to a fresh record on Thursday, with 24-karat gold being sold at Rs268,500 per tola, up Rs800. Read more

• EMEA electricity networks face complex grid capex challenges

The energy transition extending across multiple price control periods implies the need for substantial and complex grid-development capex by EMEA electricity. Read more

• Pakistan’s Power sector attracts highest net FDI of $148m in Aug

Pakistan’s Power Sector witnessed the highest net Foreign Direct Investment (FDI) worth $148.02 million in August 2024, as per the latest data released. Read more

• Pakistan eyes BRICS membership: Ishaq Dar

Pakistan is eyeing to join BRICS, and looks forward to a positive role from Russia in helping it join the organization. Read more

• Pakistan imports from China clocks in at $1.15bn

Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during August 2024, clocking in at $1.15 billion. Read more

• Govt considers proposal to establish new steel mill in Karachi with Russian cooperation

The government is considering a proposal to establish a new steel mill in Karachi with Russian cooperation. Read more

• Reko Diq to drive Barrick’s 30% production growth

Pakistan’s Reko Diq copper-gold project is poised to deliver 400,000 tonnes of copper and 500,000 ounces. Read more

Copyright Mettis Link News