MG Morning Breeze: Updates to Skim before Market

September 27, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• IMF’s EFF unlocks $1bn immediate disbursement

The Executive Board IMF concluded the 2024 Article IV consultation and approved a 37-month Extended Arrangement under EFF for Pakistan. Read more

• SBP to conduct T-bills buyback auctions

The State Bank of Pakistan (SBP) will conduct auctions for the buyback of Market Treasury Bills (MTBs) on behalf of the Government of Pakistan. Read more

• SBP reserves rise $24m to $9.53bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $24 million or 0.25% WoW to $9.53 billion during the week. Read more

• BF Biosciences IPO oversubscribed by 3.4 times

The book-building process of BF Biosciences’ Initial Public Offer (IPO) has concluded with an oversubscription of 3.40 times, the company said on Thursday. Read more

• KCCI requests 1-month extension for income tax returns deadline

Karachi Chamber of Commerce and Industry (KCCI) President Iftikhar Ahmed Sheikh has requested the Federal Board of Revenue (FBR) to extend the last. Read more

• NADRA schedules system upgrade, services to be unavailable for 1 hour

NADRA Technologies Limited (NTL) has announced that a necessary system upgrade for the NADRA system is scheduled for September 28, 2024, from 12:30 AM. Read more

• 24-karat gold price reaches Rs277,000 per tola

Domestic Bullion market sustained its rally on Thursday, with the price of 24-karat gold surging by Rs1,500 toRs277,000 per tola. Read more

• PSX Closing Bell: Riding High, Falling Hard

Pakistan’s stocks were on the rise in the early trading hours today due to macroeconomic stability; however, bears emerged later, dragging the index. Read more

• PKR jumps by 16 paisa against USD

The Pakistani rupee (PKR) appreciated by 15.92 paisa or 0.06% against the US dollar in Thursday’s interbank session to settle the trade at PKR 277.69 per USD. Read more

• TOWL declares Rs8 dividend despite 77% profit drop in FY24

Towellers Limited (PSX: TOWL) witnessed a major setback in FY24 as its earnings plummeted by 76.57% to Rs559.5 million [EPS: Rs32.91]. Read more

• Nishat Chunian swings to profit, earns Rs692m profit in FY24

ishat Chunian Limited (PSX: NCL) swung to a positive bottom line, earning Rs691.67 million [EPS: Rs2.88] in FY24, compared to a loss of Rs998.93m. Read more

• GHNI’s FY24 profit spikes 336% to Rs781m

Ghandhara Industries Limited (PSX: GHNI) experienced a rise of 335.5% YoY in its bottom line for FY24, earning Rs781.41 million [EPS: Rs10.71]. Read more

• LCI shareholders approve agreements up to Rs14.03bn with related parties

The shareholders of Lucky Core Industries Limited (PSX: LCI) have authorized the company to enter into arrangements up to the aggregate extent. Read more

• OGDC shares discussed for transfer to Sovereign Wealth fund by Cabinet

The Cabinet Committee on Wednesday discussed the transfer of Oil & Gas Development Company Ltd (OGDC) shares to the Sovereign Wealth Fund. Read more

• Pakistan to soon launch policy for promoting electric vehicles: Power Minister

Pakistan will soon launch a policy that encourages the adoption of electric vehicles, particularly two-wheelers and three-wheelers, to accelerate. Read more

• Overseas investors repatriate $135.6m in August

Foreign investors ‘ repatriation of profit and dividends rose 188.15% in August to $135.58 million compared to $47.05m worth of repatriation. Read more

• Pakistan’s business confidence drops in Sep

The overall Business Confidence Index decreased by 1 point to 50 in September 2024, the latest results of the 52nd wave of the Business Confidence Survey. Read more

• Power Cement losses expand four times

Power Cement Limited (PSX: POWER) losses widened by almost four times during the April-June quarter as sales plunged. Read more

• Gul Ahmed profit jumps 79% in fourth quarter

Gul Ahmed Textile Mills Limited (PSX: GATM) recorded an increase of 79.1% in its profitability during the quarter ending June 2024 as its other income surged. Read more

Copyright Mettis Link News