MG Morning Breeze: Updates to Skim before Market

October 21, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP has room to cut policy rate by 400bps

The State Bank of Pakistan (SBP) is expected to cut its policy rate by a further 400 basis points (bps) this year. Read more

• Weekly Outlook: Gold to keep rising on geopolitical strife

The most dramatic shift of the year has been the gold price, which has easily soared past $ 2700 and shows no signs of slowing down. Read more

• Stocks post paltry losses

Pakistan stocks ended the week slightly in red after hitting a fresh record mid-week. Read more

• Sale of Siemens’ Energy Segment: A Disservice to Minority Shareholders?

Minority shareholders of Siemens (Pakistan) Engineering (SIEM) are facing a troubling development as the company. Read more

• SCO Summit concludes with focus on collaboration, economic integration

The 23rd meeting of the Council of Heads of Government (CHG) of the Shanghai Cooperation Organization (SCO). Read more

• PRL refutes news on Chinese partnership

Pakistan Refinery Limited (PSX: PRL) has denied reports of entering into a partnership with a Chinese company. Read more

• Weekly SCRA records Rs9.4bn sale

The net sale of securities for the week ended October 11, 2024 clocked in at Rs9.41bn, as compared to a net purchase worth Rs21.42bn recorded last week. Read more

• Govt picks Rs251bn through Sukuk auction via PSX

The Pakistan Stock Exchange (PSX) conducted an auction today for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds, raising Rs251.02bn against. Read more

• Car financing in Pakistan sees first increase in 27 months

Automobile financing in Pakistan has increased to Rs227.54bn in September 2024, witnessing a rise of 0.11% MoM compared to Rs227.3bn recorded in August 2024. Read more

• PSX Closing Bell: Fading Glory

Pakistan stocks dropped for the second consecutive session after hitting their 40th record, with the benchmark KSE-100 Index shedding 335.34 points or 0.39%. Read more

• SBP sets conditions for 40,000 MT sugar export to Tajikistan

Given the federal government’s approval to export 40,000 MT of sugar to Tajikistan, the State Bank of Pakistan (SBP) has issued certain conditions. Read more

• ACPL profit shrinks 96%, hits Rs61.9m in Q3 CY24

Attock Cement (Pakistan) Limited (PSX: ACPL) saw its quarterly earnings shrank 96% to Rs61.91 million [EPS: Rs0.45] compared to a profit of Rs1.54bn. Read more

• PIA owes Rs40bn to employees’ trust fund, law firm warns buyers

Pakistan International Airlines (PIA) is currently indebted to the PIA Employees’ Pension Trust Fund for approximately Rs40 billion. Read more

• PKR jumps 18 paisa against USD

The Pakistani rupee (PKR) gained by 17.94 paisa or 0.06% against the US dollar in Friday’s interbank session to settle the trade at PKR 277.61 per USD. Read more

• Attock Refinery profit plunges 71%

Attock Refinery Limited’s (PSX: ATRL) profit slumped 71% in the third quarter of 2024 as its margins eroded. Read more

• POL earnings hit by rising exploration costs, drop 74% in Q3

Pakistan Oilfields Limited (PSX: POL)’s earnings for the third quarter plummeted by 73.54% with the profit after tax clocking in at Rs2.57 billion. Read more

• Interloop joins Denim Deal

Interloop Limited (PSX: ILP) a global leader in sustainable textile manufacturing, has joined the Denim Deal. Read more

• BF Biosciences set for debut on PSX on Oct 21

Pakistan Stock Exchange Limited (PSX) has announced the listing of BF Biosciences Limited (BFBIO) with effect from Monday, October 21, 2024, on the Exchange. Read more

• Attock Petroleum profit plunges 55%

Attock Petroleum (APL) net profit fell 54.7% to Rs2.38 billion [EPS: Rs19.17] in quarter ending September 2024 from last year as its margins slumped. Read more

• PRL suffers severe loss amid dropping revenue, rising expenses

Pakistan Refinery Limited (PSX: PRL) suffered a substantial loss of Rs2.35 billion [LPS: Rs3.73] for the quarter ended September 2024. Read more

• Economic recovery gains momentum after two tough years: GAR

The fiscal year 2024 witnessed improvements across key macroeconomic indicators after two challenging. Read more

• National Refinery posts Rs7.2bn loss

National Refinery incurred a net loss of Rs7.24 billion [LPS: Rs90.5] in the quarter ending September 2024 as its revenue fell while costs jumped. Read more

• Weekly inflation increases by 0.28%

Pakistan’s short-term inflation increased by 0.28% compared to last week as of October 17, 2024, while it rose 15.02% over the prior year. Read more

• FBR pauses Affidavit rule for Sep tax returns

At the request of trade bodies and to ensure stakeholder confidence, the Federal Board of Revenue (FBR) has decided that the filing of an affidavit. Read more

• Raast transactions hit Rs20tr mark

The State Bank of Pakistan (SBP) has announced that Raast has processed 892 million transactions amounting Rs20 trillion. Read more

• Breakup of trade data in Sep: PBS

Pakistan’s revised trade deficit for September was $1.83 billion, compared to $1.772bn the previous month, reflecting a 3.39% rise. Read more

• Pakistani firms secure multi-million Dollar deals at Pak-Oman expo

The first ever Pakistan – Oman Expo and Business Conference concluded in Muscat with millions of dollars of immediate export orders for Pakistani businessmen. Read more

• FCEPL Q3 profit surges, shares jump

Frieslandcampina Engro Foods Limited (PSX: FCEPL) posted a profit after tax of Rs765.83 million [EPS: Rs1] in quarter ending September 2024. Read more

Copyright Mettis Link News