MG Morning Breeze: Updates to Skim before Market

September 26, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• IMF board approves $7bn Extended Fund Facility for Pakistan

Pakistan has secured final approval to start a $7 billion loan programme from the International Monetary Fund. Read more

• National Savings reduces profit rates by up to 375bps

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

• Economic reforms supported by IMF to increase growth in Pakistan: ADB

The Asian Development Bank (ADB) on Wednesday said that the comprehensive economic reform program supported by the International Monetary Fund (IMF). Read more

• Pakistan secures just $270m in external loans during Aug

The government received just $270.53 million in external financing in August, 39.1% lower than last month and 14.4% lower than the same month last year. Read more

• OGDC strikes major gas discovery in Sindh

Sawan South Joint Venture has discovered a promising gas reserve in the Akhiro-1 well, located in District Khairpur, Sindh Province. Read more

• Pakistan consumer confidence remains stable in Sep

The consumer confidence indicator in Pakistan dropped marginally by 0.1% to 30.98 points in September compared to last month. Read more

• PSX Closing Bell: Two Steps Forward

The benchmark KSE-100 Index concluded Wednesday’s trading session at 82,247.91, showing an increase of 764.27 points or 0.94%. Read more

• Sitara Peroxide loss more than doubles

Sitara Peroxide Limited (PSX: SPL) suffered steeper losses in fiscal year 2023-24 as its sales plummeted during the year. Read more

• PKR falls 4 paisa against USD

The Pakistani rupee (PKR) depreciated by 4.32 paisa or 0.02% against the US dollar in Wednesday’s interbank session to settle the trade at PKR 277.85 per USD, c Read more

• Indus Motor temporarily shuts production

Indus Motor Company Limited (PSX: INDU) has decided to temporarily suspend operations at its production plant from September 26, 2024, to September 30, 2024. Read more

• Kohinoor Energy earns Rs1.6bn in FY24

Kohinoor Energy Limited (PSX: KOHE) earned Rs1.6 billion [EPS: Rs9.44] in FY24, edging up by 1.72% compared to the bottom line of Rs1.57bn [EPS: Rs9.29]. Read more

• Gold, silver prices jump in Pakistan

The prices of precious metals, gold and silver, jumped further on Wednesday as weak US data strengthened the case for deeper interest rate cuts. Read more

• Pakistan’s power sector circular debt reaches Rs2.66tr as of May

Pakistan’s power sector circular debt has increased by Rs345 billion from July to May 2024 (11MFY24) to reach Rs2.66 trillion, compared to the debt worth. Read more

• Siemens to invest Rs556m in transformation of smart infrastructure operations

Siemens (Pakistan) Engineering (PSX: SIEM) has announced its strategic decision to transform one of its operational segments within Smart Infrastructure. Read more

• Mari Petroleum launches data centers in Karachi of new tech subsidiary

Mari Petroleum Company Limited (PSX: MARI) has initiated the formation of a proposed wholly owned tech subsidiary, with the launch ceremony for its data. Read more

• MARI shareholders approve capitalization of funds exceeding Rs10.67bn

The shareholders of Mari Petroleum Company Limited (PSX: MARI) have approved the capitalization of a total of Rs10.59 billion from its Capital Redemption. Read more

• Pak-China agree to complete four mega projects

Pakistan and China will work together for the completion of ML-1, M-6 and M-9 projects. Read more

• Turkish Airlines refutes rumors of PIA acquisition talks

Turkish Airlines has refuted reports claiming it is in negotiations to acquire Pakistan International Airlines (PIA). Read more

• TPL Properties posts Rs1.9bn loss in three months

TPL Properties Limited (PSX: TPLP) posted a loss after tax of Rs1.9 billion [LPS: Rs3.39] during the quarter ending June 2024, up significantly by 480.5%. Read more

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