MG Morning Breeze: Updates to Skim before Market

October 01, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• FBR extends tax return deadline to Oct 14

The Federal Board of Revenue (FBR) has finally extended the deadline from September 30 to October 14, 2024. Read more

• Petrol price reduced by over Rs2 per litre

For the fifth consecutive fortnight, the government has reduced the price of petrol by Rs2.07 to 247.03 a litre. Read more

• Govt buys back Rs351bn T-bills

The State Bank of Pakistan (SBP) conducted an auction for the buyback of Pakistan Market Treasury Bills (MTBs) in which it repurchased Rs351 billion. Read more

• Sept. inflation seen falling to 7.5%

The headline inflation for September is expected to slow down with a median estimate of 7.5% over the prior year compared to a 9.6%. Read more

• Pakistan GDP grew more than initially reported in FY24

Pakistan’s economy grew faster than initially thought in fiscal year 2023-24 amid strong growth in the fourth quarter. Read more

• CCP initiates Phase II merger review hearings for PTCL-Telenor acquisition

The Competition Commission of Pakistan (CCP) has held its first hearing for the Phase II Merger Review concerning PTCL’s. Read more

• LPG price hiked by Rs7.3 per kg

The Oil and Gas Regulatory Authority (OGRA) has raised the price of Liquefied Petroleum Gas (LPG) by Rs7.3 per kg for October 2024. Read more

• HUBC secures approval for Rs5.4bn investment in Sindh Engro Coal

The Hub Power Company Limited (PSX: HUBC) has received its shareholders’ approval for additional investments in Sindh Engro Coal Mining Company Limited. Read more

• PSX Closing Bell: Running on Fumes

Pakistan stocks kicked off the week on a bearish note, with index heavyweights Hub Power and Mari Petroleum dragging down market before paring some of losses. Read more

• Thal Industries to acquire freehold land worth over Rs2bn from CEO

The shareholders of Thal Industries Corporation Limited (PSX: TICL) have granted their approval to acquire freehold land from Muhammad Shamim Khan. Read more

• Karachi to establish second food testing lab

The Karachi Metropolitan Corporation (KMC) has agreed to provide a building in District East near Peoples Roundabout where the Food Authority. Read more

• Agha Steel sees Rs3.1bn loss in Apr-Jun

Agha Steel Industries Limited (PSX: AGHA) incurred a significant net loss of Rs3.05 billion [LPS: Rs5.05] in the quarter ending June 2024 as its sales plunged. Read more

• Pakistan Cables shareholders approve sale of 6.816 acres of land in Karachi

The shareholders of Pakistan Cables Limited (PSX: PCAL) have approved the disposal and sale of its bifurcated land, bearing plot no B-21. Read more

• Kohinoor Power Company, Saritow Spinning Mills withdraw amalgation decision

Kohinoor Power Company Limited and Saritow Spinning Mills Limited have decided to retract the approval for proposed amalgamation of KPCL into SSML. Read more

• PKR falls by over 7 paisa against USD

The Pakistani rupee (PKR) depreciated by 7.41 paisa or 0.03% against the US dollar in Monday’s interbank session to settle the trade at PKR 277.71 per USD. Read more

• Pakistan’s health, education spending insufficient to combat poverty: IMF

Pakistan’s spending on health and education has been insufficient to tackle persistent poverty, and inadequate infrastructure investment has limited economic. Read more

• Gold falls Rs500 per tola

Gold price in Pakistan decreased on Monday, with 24-karat gold being sold at Rs275,500 per tola, down Rs500. Read more

• Crescent Fibres reports Rs758m loss for FY24 amid sales drop, tax burden

Crescent Fibres Limited (PSX: CFL) suffered a loss of Rs758.43 million [LPS: Rs61.08] for its financial year ending June 30, 2024 (FY24). Read more

• At-Tahur profit plunges 72%

At-Tahur Limited (PSX: PREMA) recorded a decrease of 71.7% in its profits from last year, with the company’s after-tax profits plummeting to Rs353.23 million. Read more

• FM warns against overreliance on salaried class amid untaxed sectors

Pakistan’s government will need to continue tapping into its salaried class and manufacturing sector for tax revenue generation if untaxed or undertaxed. Read more

• Crescent Textile Mills suffers Rs975m loss in three months

Crescent Textile Mills Limited (PSX: CRTM) incurred a net loss of Rs974.56 million [LPS: Rs9.75] during the quarter ending June 2024 as its sales fell. Read more

• PSX reschedules GIS auction to October 14

The Pakistan Stock Exchange (PSX) announced today that the GIS auction originally scheduled for Thursday, October 3, 2024, has been rescheduled to Monday. Read more

• Historic T-bill buyback aims to reprofile Pakistan’s debt

SBP will repurchase MTBs today for the first time in history—a liability management tool widely used globally in government securities markets. Read more

• TOMCL profits plunge 31% in FY24

The Organic Meat Company Limited (PSX: TOMCL) recorded a decrease of 31.13% YoY in its earnings for the year ended June 30, 2024. Read more

• Mari Petroleum to recover tax by selling bonus shares of non-compliant shareholders

The shareholders of Mari Petroleum who fail to pay the required income tax on their bonus shares will see their shares. Read more

• Pak should launch Eurobonds – Pak Global Bond Yields- from 25% to 9%

Expectations evolve over time. The ouster of the PTI regime brought significant political and economic instability. Read more

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