MG Morning Breeze: Updates to Skim before Market

October 17, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt raises Rs716bn through T-bills

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs716.27 billion. Read more

• PM calls for expansion of China’s Belt and Road initiative

Pakistan’s Prime Minister Shehbaz Sharif called on Wednesday for the expansion of China’s Belt and Road Initiative (BRI) to enhance regional cooperation. Read more

• Govt pays off Rs1.54tr debt

The government of Pakistan has acquired a debt of Rs1.54 trillion on net basis in the ongoing fiscal year 2025. Read more

• M2 falls to Rs35.9tr

Broad money (M2), the most widely used measure of money supply in Pakistan, dropped to Rs35.88 trillion as of October 04, 2024. Read more

• Foreign currency deposits increase $55m in Sep

Foreign currency deposits rose $55m or 0.83% to $6.69 billion as of September 2024 comapred to last month. Read more

• HBL earnings fall short of expectations

Habib Bank Limited’s (HBL) earnings for the quarter ended September 2024 fell short of market expectations, reporting a profit after tax worth Rs14.2. Read more

• SBP raises Rs409bn 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 Rs408.9 billion. Read more

• SAR, AED exchange rate in Pakistan

Saudi Riyal (SAR), UAE Dirham (AED), and Qatari Riyal (QAR) against PKR remained firm in today’s session. Read more

• PSX Closing Bell: The Big four-oh

Pakistan’s benchmark KSE-100 Index closed above 86,000 for the first time in history to notch its 40th record this year. Read more

• Geopolitical risk premium expands in crude oil markets

The geopolitical risk premium priced into crude oil markets, which has been relatively subdued for the most part this year, has expanded to yield a $5-10/bb. Read more

• ECC allows further export of 0.5m MT of sugar

The Economic Coordination Committee (ECC) of the Cabinet has approved the export of an additional 500,000 MT of sugar. Read more

• PKR falls 10 paisa against USD

The Pakistani rupee (PKR) depreciated by 10.00 paisa or 0.04% against the US dollar in Wednesday’s interbank session to settle the trade at PKR 277.84 per USD. Read more

• Kohat Cement to extend Rs600m short-term finance to Ultra Kraft

The shareholders of Kohat Cement Company Limited (PSX: KOHC) have approved the renewal of an investment by way of short-term running finance of up to Rs600. Read more

• SCO summit to pave way for regional growth, stability: Musadik Malik

The 23rdCHG of SCO summit has a potential to elevate Pakistan’s economic development and stability, Minister for Petroleum Musadik Malik expressed on Wednesday. Read more

• Ghani Glass shuts down furnace for repairs

Ghani Glass Limited (PSX: GHGL) has shut down one of the furnaces of Pharma Glass at its Karachi plant for repair and maintenance. Read more

• Soneri Bank’s Q3 profit drops 6.5% to Rs1.5bn

Soneri Bank Limited (PSX: SNBL) has revealed its financial statement today for quarter ended September 30, 2024, as per which the bank posted a profit. Read more

• eTurbo unveils Pakistan’s fastest, most affordable electric motorcycles

eTurbo Motors has set a new benchmark in Pakistan’s electric vehicle (EV) industry with the launch of the country’s fastest. Read more

• Fauji Fertilizer acquires Agritech shares at Rs37.42 per share

Fauji Fertilizer Company Limited (PSX: FFC) has acquired 106,014,632 shares of Agritech Limited (PSX: AGL) at Rs37.42 per share. Read more

• Fatima Fertilizers, ZTBL sign landmark MoU for agri revolution

Zarai Taraqiati Bank Limited (ZTBL) and Fatima Fertilizers have entered into a strategic partnership by signing a memorandum of understanding (MoU). Read more

• Gold jumps to new record in Pakistan

Gold price in Pakistan jumped to a fresh record on Wednesday, with 24-karat gold being sold at Rs277,200 per tola, up Rs2,200. Read more

• Climate change threatens food security, warns PM’s coordinator

Coordinator to the Prime Minister on Climate Change, Romina Khurshid Alam emphasized the necessity of sustainable agricultural practices to combat climate. Read more

• Jazz partners with Quintica to lead tech revolution

Jazz, Pakistan’s leading digital operator and part of the VEON Group headquartered in the Netherlands, is partnering with Quintica to harness the power. Read more

• LCCI slams FBR raids, calls for immediate halt

The Lahore Chamber of Commerce & Industry has strongly protested against continues raids at business premises by the staff of the Federal Board of Revenue. Read more

• SCO summit: Time to leverage Pakistan’s vital link in Eurasian connectivity

SCO summit in Islamabad provides a unique opportunity to its members states to take advantage of Pakistan’s vital geographical link in Eurasian connectivity. Read more

• Calcorp’s 84% stake acquired by new consortium

Calcorp Limited (PSX: CASH) has disclosed a major shift in its ownership structure, as a consortium of three. Read more

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