MG Morning Breeze: Updates to Skim before Market

September 30, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP to conduct MTBs buyback auction today

The State Bank of Pakistan (SBP) has invited bids for the Government of Pakistan Market Treasury Bills (MTBs) buyback auction scheduled for September 30, 2024. Read more

• FBR redirects taxpayers to IRIS portal for tax verification

The Federal Board of Revenue (FBR) has requested all taxpayers to refrain from visiting the Maloomat portal for verifying their tax deductions. Read more

• Investors rush into Pakistan IPOs for quick gains

A rally in Pakistan stocks has fueled demand for companies pursuing initial public offerings (IPOs). The IPO market is seeing a surge of big listings in 2024. Read more

• Gold sustains record-breaking rally, rates discrepancy arises

The record-breaking rally of Pakistan’s bullion market was further spurred this week fueled by the continuous boost in international gold prices. Read more

• IMF sees Pakistan inflation dropping to 9.5% in FY25

The International Monetary Fund (IMF) has revised down the inflation forecasts for Pakistan, projecting CPI to average 9.5% in FY25 from earlier 12.7%. Read more

• IMF downgrades Pakistan’s GDP growth forecast to 3.2% for FY25

The International Monetary Fund (IMF) has downgraded Pakistan’s GDP growth rate projection to 3.2% for the fiscal year 2025 from the July’s projection of 3.5%. Read more

• No room for policy slippages, IMF says

The Executive Directors of the International Monetary Fund (IMF) said that given the ambitious growth projections, there is no room for policy slippages. Read more

• IMF urges Pakistan to move away from state-led growth model

The Executive Directors of the International Monetary Fund (IMF) said Pakistan needs to move away from its state-led growth model. Read more

• IMF stresses need for broadening tax base

The Executive Directors of the International Monetary Fund (IMF) welcomed government’s steps taken toward a fairer tax system. Read more

• IMF expects Pakistan’s FX reserve buildup to continue

The International Monetary Fund (IMF) expects the buildup in Pakistan’s FX reserves to continue, supported by inflows under the Extended Arrangement. Read more

• Economic stability returns to Pakistan, challenges persist: IMF Chief

The past year has seen the welcome return of economic stability to Pakistan. Growth has resumed, inflation has declined dramatically, the exchange rate. Read more

• Weekly Outlook: Market eyes Middle East tension

This week, I will start with the geopolitical risk that could fuel the world market. We simply cannot close our eyes and ignore the realities since. Read more

• Pakistan’s transshipment policy under revision to boost regional trade

Pakistan’s transshipment policy is being revised to spur cross-border trade and foster business opportunities for the local community. Read more

• Weekly Corporate Buzz

The outgoing week was packed with exciting developments from top players in the corporate world. Read more

• PSX investors to pay CGT for August on Oct 08: NCCPL

The aggregate amount of CGT arising on the disposal of shares at the Pakistan Stock Exchange (PSX) from August 01, 2024 to August 31, 2024. Read more

• SBP receives first tranche of $1bn from IMF

The State Bank of Pakistan (SBP) has received the first tranche of SDR 760 million (equivalent to $1.0269bn) from the IMF today. Read more

• Foreign selling continues

Foreign investors remained net sellers for the fourth week in a row, dumping $12.44m worth of Pakistani equities. Read more

• PSX: Sell the News

The rally in Pakistan stocks that drove them to their all-time highs hit a wall this week as market experienced the widely known ‘buy the rumor, sell the news’ Read more

• Engro Fertilizers showcases mobile lab at Depalpur meeting for farmers

Engro Fertilizers Limited, one of Pakistan’s leading fertilizer manufacturers, hosted a meeting in Depalpur for dealers and farmers to address key. Read more

• Telenor, KTrade partnership: Easypaisa users to gain stock trading access

In line with its commitment to promote a financially inclusive and digital Pakistan, Telenor Microfinance Bank Limited has announced a strategic partnership. Read more

• PKR gains around 5 paisa against USD

The Pakistani rupee (PKR) appreciated by 4.79 paisa or 0.02% against the US dollar in Friday’s interbank session to settle the trade at PKR 277.64 per USD. Read more

• North American corporates to face rising debt costs despite monetary easing

North American investment-grade (IG) corporates could see the cost of debt rise in the next few years despite monetary policy easing, says Fitch Ratings. Read more

• Ecopack’s board approves CAPEX for new PET bottle-blowing line

The Board of Directors (BoD) of Ecopack Limited (PSX: ECOP) has approved the capital expenditure (CAPEX) for the acquisition of a PET bottle-blowing line. Read more

• Din Textile to establish new stitching facility, board approves

The Board of Directors of Din Textile Mills Limited (PSX: DINT) has approved the establishment of a new bedsheet stitching unit as part of its expansion. Read more

• Treet Battery reports Rs286m loss in FY24 despite 328% revenue surge

Treet Battery Limited (PSX: TBL) saw a turnaround in FY24, as it suffered a loss of Rs285.99 million [LPS: Rs0.32] compared to the positive bottom line. Read more

• Weekly inflation rises slightly by 0.05%

Pakistan’s short-term inflation increased by 0.05% compared to last week as of September 26, 2024, while it rose 12.8% over the prior year. Read more

• TREET suffers Rs189m loss despite higher revenue in FY24

Treet Corporation Limited (PSX: TREET) bared a loss of Rs189.15 million [LPS: Rs0.87] in FY24 compared to a profit of Rs133.45m [EPS: Rs0.61] reported. Read more

• Inflation likely to hover around 8%-9% in Sep, Oct: FinMin Report

Inflation is expected to remain within the range of 8.0% to 9.0% in September and October 2024. Read more

• Arctic Textile board approves lease acquisition of spinning units for expansion

The board of directors of Arctic Textile Mills Limited (ARCTM) has approved the acquisition of spinning unit(s) on lease at market-competitive rates. Read more

• Collapsing bond yields upping the optimism

Economic sentiments have turned around in a jiffy. Once it was confirmed that Pakistan had successfully arranged the external. Read more

• Pakistan secures major financing assurances from China, Saudi Arabia, UAE

Pakistan has received “significant financing assurances” from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund. Read more

• Nishat Mills earns Rs1bn profit in three months

Nishat Mills Limited (PSX: NML) earned a profit after tax of Rs1.02 billion [EPS: Rs2.9] in the quarter ending June 2024. Read more

• Din Textile approves Rs1bn interest-free loan for directors

The Board of Directors of Din Textile Mills Limited (PSX: DINT) has approved an interest-free long-term loan for directors amounting to Rs1 billion. Read more

• Silver surges to highest in more than a decade

Silver hit the highest level since 2012, while gold surged to yet another fresh record as expectations for additional Federal rate cuts boosted appeal. Read more

• ADB, IFFEd partner to unlock $500m for lower middle-income countries

The Asian Development Bank (ADB) has signed an agreement with the International Finance Facility for Education (IFFEd) that will enable at least $500 million. Read more

• PTCL signs loan deal with IFC to acquire Telenor

Pakistan Telecommunica­tion Com­pany Ltd (PTCL) has entered into a deal with International Finance Corporation (IFC) led consortium for $400 million financing. Read more

• Attock Petroleum plans to transition to on-grid solar system at retail outlets

Attock Petroleum Limited (PSX: APL) plans to fully or partially transition to an On-Grid Solar System at its COCO retail outlets and other bulk oil storage. Read more

• Govt revamps buyback program to align with international practices

The government has notified changes in the existing buyback programme and enhanced its scope from existing “buyback programme” to “buyback & exchange programme” Read more

• Sitara Chemical suffers Rs70m quarterly loss as taxes surge

Sitara Chemical Industries Limited (PSX: SITC) reported a quarterly loss on Friday as its margins eroded and taxes surged. Read more

• BF Biosciences IPO closes at Rs77 strike price

BF Biosciences Limited’s initial public offering resulted in a strike price of Rs77 per share, which is the upper limit of the 40% price band. Read more

• TPL Trakker kicks off ownership transfer to Gargash

Following the signing of definitive agreements, the ownership transfer process between Trakker Middle East. Read more

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