MG Morning Breeze: Updates to Skim before Market

October 03, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt slashes yields on treasury bills by over 300bps

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs244.45 billion. Read more

• Pakistan’s trade deficit jumps 20.4% in Sep

Pakistan’s trade deficit in September 2024 has increased by 20.4% to $1.78bn as compared to a deficit of $1.48bn recorded in the same month last year. Read more

• High court orders lien on MARI’s bonus shares to ensure tax recovery

Due to fluctuations in market price since the book closure date of September 19, 2024, there is a risk that Mari Petroleum Company Limited (PSX: MARI) may. Read more

• MARI’s shareholders must settle withheld tax by Oct 15

Mari Petroleum Company Limited (PSX: MARI) has requested all shareholders to deposit their respective tax amount on bonus shares, by October 15, 2024. Read more

• Pakistan, Russia sign first-ever barter trade deal

A significant milestone was achieved at the Pakistan-Russia Trade and Investment Forum held in Moscow, Russia, on October 1, with the signing. Read more

• K-Electric launches KE star rewards to honor timely bill payments

K-Electric (KE) has launched another pioneering initiative in the form of KE Star Rewards, in recognition of its customers who make on-time bill payments. Read more

• SBP mandates 100% advance payment for sugar exports to Afghanistan

The State Bank of Pakistan (SBP) has directed banks to ensure that 100% of sugar export proceeds to Afghanistan are received in advance through banking channels Read more

• Non-tax filers to face restriction on purchasing property, car: FM

Federal Minister for Finance, and Revenue Muhammad Aurangzeb on Tuesday said that non-tax filer will have to face restriction on purchasing property, vehicles. Read more

• Oil sales jump 20% in Sep

The sales of oil marketing companies (OMCs) increased by 20.2% to 1.27 million Metric Tons (MTs) in September 2024 compared to 1.06m MTs in September 2023. Read more

• SBP raises Rs304bn through floating rate PIBs

The State Bank of Pakistan (SBP) conducted an auction for floating rate Pakistan Investment Bonds on Wednesday in which it sold Rs304.27 billion. Read more

• CCP hearing on PTCL-Telenor merger continues

CCP is actively progressing with the Phase II Merger Review of PTCL’s proposed acquisition of 100% shareholding in Telenor Pakistan (Private) Limited (TP). Read more

• Digitalization to drive financial services, economic development: Governor SBP

Jameel Ahmad has stated that rapid technological change has enabled banks to offer innovative financial services to customers. Read more

• SAR, AED exchange rate in Pakistan

The exchange rates for Saudi Riyal (SAR) and UAE Dirham (AED) remained largely stable in today’s open. Read more

• PKR gains around 5 paisa against greenback

The Pakistani rupee (PKR) appreciated by 4.95 paisa or 0.02% against the US dollar in Wednesday’s interbank session to settle the trade at PKR 277.64 per USD. Read more

• PSX Closing Bell: Little by little

The benchmark KSE-100 Index concluded Wednesday’s trading session at 81,967.00, showing an increase of 162.41 points or 0.20%. Read more

• SBP extends deadline for encashment of prize bonds

SBP has extended the last date for encashment/replacement/conversion of Rs40,000, Rs25,000, Rs15,000 and Rs7,500 denomination National Prize Bonds. Read more

• Govt targets to raise Rs875bn through GIS auction from Oct-Dec

The government is targeting to raise Rs875 billion during the next three months (October-December) of 2024, through the auction of GOP Ijara Sukuk (GIS) . Read more

• Gold rises Rs600 per tola in Pakistan

Gold price in Pakistan increased on Wednesday, with 24-karat gold being sold at Rs275,500 per tola, up Rs600. Read more

• Hascol incurs Rs3bn loss in a quarter

Hascol Petroleum Limited (PSX: HASCOL) incurred a loss after tax of Rs3.05 billion [LPS: Rs3.05] during the quarter ending June 2024. Read more

• NA body urges IT Ministry to accelerate 5G spectrum auction

The National Assembly’s Standing Committee on Information Technology & Telecommunication has expressed serious concerns over the slow progress of the 5G. Read more

• NA orders PTCL to improve customer support

National Assembly’s Standing Committee has directed PTCL to enhance its complaint management system, ensuring a swift response time of 6 to 12 hours. Read more

• Pakistan emerges as second-largest market for Chinese solar products amid energy shift

Pakistan has emerged as a significant new market for Chinese photovoltaic (PV) companies, aligning with its path toward energy transformation. Read more

• Crescent Cotton accepts Rs550m offer for spinning unit

Following shareholder approval on June 3, Crescent Cotton Mills Limited (PSX: CCM) has successfully negotiated the sale of its spinning unit to a potential. Read more

• BISP, SBP to develop new banking model for payment disbursement to beneficiaries

BISP and SBP are jointly working on the development of a new banking model for the disbursement of payments to over 9.3 million BISP beneficiaries. Read more

• Dewan Cement quarterly profit slumps 47%

Dewan Cement Limited (PSX: DCL) posted a 46.8% lower profit after tax of Rs91.46 million [EPS: Rs0.19] during the quarter ending June 2024. Read more

• Citi Pharma earns Rs833m in FY24

Citi Pharma Ltd. (PSX: CPHL) earned a net profit of Rs833.46 million in the financial year 2024, translating into earnings per share (EPS) of Rs3.65. Read more

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