MG Morning Breeze: Updates to Skim before Market

October 28, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Power generation drops 6.4% in Sep

The total power generation in the country decreased by 6.4% to 12,486 GWh during September 2024 as compared to 13,339 GWh in the same month of last year. Read more

• Pakistan requests $1bn in IMF climate cash

Pakistan is targeting around $1 billion in a formal request for funding from the IMF facility that helps low and middle income countries mitigate climate risk. Read more

• Pakistan explores US support for energy sector reforms

During a discussion with Geoffrey Pyatt, US Assistant Secretary of State for Energy Resources, Finance Minister Muhammad. Read more

• Weekly Outlook: Volatile markets eye gold as uncertainty looms

The financial market will be watching Iran’s reaction to the Israeli raid on Saturday, which Israel claims was finished. Read more

• Gold price in Pakistan rises Rs2,000 per tola

Gold price in Pakistan increased on Saturday, with 24-karat gold being sold at Rs284,300 per tola, up Rs2,000. Read more

• Weekly Corporate Buzz

This week, developments in Pakistan’s corporate landscape have inspired us with Hoechst Pakistan boldly. Read more

• Foreigner investors sell $125m Pakistan stocks

Pakistan stocks continued to face selling pressure from foreign investors who dumped stocks for the eighth week in a row, the longest streak since mid-2022. Read more

• KSE-100 scores best weekly gain since Dec

Pakistan stocks soared to new heights this week amid improving macroeconomic indicators and expectations of further reduction in the policy rate. Read more

• SBP Governor shares optimistic outlook with global investors

Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad shared Pakistan’s economic progress with global investors and international. Read more

• KAPCO submits lowest bid for 150MW K-Electric solar project

Kot Addu Power Company Limited (PSX: KAPCO)’s bid for the proposed K-Electric solar project to be set up at Deh Metha Ghar, Sindh for 150 MW is the lowest. Read more

• SBP to conduct another T-bills buyback auction with Rs200bn target

The State Bank of Pakistan (SBP) has invited bids for the Market Treasury Bills (MTBs) buyback auction scheduled for October 29-30, 2024. Read more

• HMB reports Q3 earnings of Rs7.7bn, declares dividend

Habib Metropolitan Bank Limited (PSX: HMB)’s earnings for the quarter ended September 30, 2024 (3QCY24) inched up to Rs7.71 billion [EPS: Rs7.14]. Read more

• KCCI urges govt to adopt six-day work week to uplift economy

President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani has appealed the government to immediately reinstate six working days. Read more

• JS Bank posts 44% decline in Q3 profits amid adjustment

JS Bank Limited (PSX: JSBL)’s earnings on a consolidated basis during the third quarter of 2024 dropped by 44.18%, booking a profit of Rs2.99bn [EPS: 1.07]. Read more

• Abbott Pakistan’s quarterly earnings leap with revenue growth

Abbot Laboratories (Pakistan) Limited (PSX: ABOT) reported its third-quarter earnings, wherein the profit after tax clocked in at Rs1.81 billion [EPS: Rs18.48]. Read more

• Clover Pakistan rebounds in Q1

Clover Pakistan Limited (PSX: CLOV) rebounded in the first quarter of FY25, posting a net profit of Rs87.69 million [EPS: Rs2.82] as its sales rose. Read more

• Thatta Cement Q1 profit surges almost five times

Thatta Cement Company Limited (PSX: THCCL) recorded an increase of 392.0% in its profits during the first quarter of FY25 as its gross margins jumped. Read more

• MTL struggles in Q3 with declining sales, rising finance costs

Millat Tractors Limited (PSX: MTL) unveiled its profit and loss statement, wherein the profit after tax clocked in at Rs569.21 million [EPS: Rs2.97]. Read more

• PKR strengthens by 20 paisa against USD

The Pakistani rupee (PKR) appreciated by 20.00 paisa or 0.07% against the US dollar in Friday’s interbank session to settle the trade at PKR 277.64 per USD. Read more

• PSO profit plummets 82% in third quarter

Pakistan State Oil Company Limited (PSX: PSO) recorded a decrease of 81.9% YoY in its profitability, clocking in its profit after tax. Read more

• OGDC Q1 profit falls 16% to Rs41bn

Oil & Gas Development Company Limited (PSX: OGDC) recorded a decline of 16% in its first-quarter profit, significantly hurt by lower sales. Read more

• MUREB declares Rs5 dividend as profit spikes 55% in Q3

Murree Brewery Company Limited (PSX: MUREB) recorded an increase of 54.7% YoY in its quarterly earnings, with the company’s after-tax profits. Read more

• Weekly inflation falls 0.22%

Pakistan’s short-term inflation decreased by 0.22% WoW during the week ended October 24, 2024, while the annual increase was 15.15%. Read more

• Fauji Cement profit rises 24%, shares surge

Fauji Cement Company Limited (PSX: FCCL) posted a net profit of Rs3.25 billion [EPS: Rs1.32] during the quarter ending September 2024, up 24.2%. Read more

• Lotte Chemical profit plummets 75% in Q3

Lotte Chemical Pakistan Limited’s (PSX: LOTCHEM)profit after tax plunged 75.1% to Rs494.94 million [EPS: Rs0.33] during the thrid quarter of 2024. Read more

• Fatima Fertilizer joins NACAG to cut N2O emissions

Fatima Fertilizers’ Multan plant has become eligible for financial support from the NACAG Secretariat to install catalysts, following the signing. Read more

• BYD launches Seal, Atto 3 in Pakistan

Chinese electric vehicle giant BYD has launched the BYD Seal and BYD Atto 3 in Pakistan, PakWheels, Pakistan’s automobile website said. Read more

• Rafhan Maize harvests 37.7% profit surge in Q32024

Rafhan Maize Products Limited (PSX: RMPL) earned a profit after tax of Rs1.85 billion [EPS: Rs200.78], witnessing a surge of 37.74% YoY. Read more

• Mashreq Bank expands footprint in Pakistan

Mashreq Bank is expanding its operations in Pakistan and will soon launch a new office. Read more

• Gharibwal Cement quarterly earnings jump 31%

Gharibwal Cement Limited (PSX: GWLC) on Friday reported a profit after tax of Rs535.08 million [EPS: Rs1.34] for the quarter ending September 2024. Read more

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