MG Morning Breeze: Updates to Skim before Market

October 31, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PIA gets just one bid from shortlist

Pakistan received just one bid for a stake in the national carrier as five other consortiums stayed away from one of the country’s major privatization. Read more

• T-bill yields cut by up to 140bps

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs819.87 billion. Read more

• Finance ministry forecasts Oct inflation at 6-7%

Inflation is expected to remain within the range of 6% to 7% in October 2024, according to the Finance Ministry’s monthly economic report. Read more

• Govt buys back Rs200bn T-bills

The State Bank of Pakistan (SBP) conducted an auction for the buyback of Market Treasury Bills (MTBs) in which it repurchased Rs200 billion. Read more

• SBP raises Rs529bn 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 Rs529.46 billion. Read more

• Saudi Riyal to PKR exchange rate

The buying rate for the Saudi Riyal stood at Rs73.52, while it sold at Rs74.16. The UAE Dirham followed suit, with a buying rate of Rs75.22. Read more

• M3 rises to Rs39.9tr as of Sep

The total money supply circulating within the economy till September 2024 has been recorded at Rs39.89 trillion. Read more

• RPL’s profit soars 17.9% in Q3 fueled by tax credit

Roshan Packages Limited (PSX: RPL) experienced a rise of 17.9% YoY in its profits, earning a profit after tax of Rs125.91 million [EPS: Rs2.24]. Read more

• SECP proposes dedicated law for Islamic financial services

The Securities and Exchange Commission of Pakistan (SECP) has published a comprehensive consultation paper proposing promulgation of a dedicated law. Read more

• Bank Makramah secures Rs5bn advance from Abdulla Nasser

Bank Makramah Limited (PSX: BML) and Abdulla Nasser Abdulla Hussain Lootah have entered into an agreement whereby Abdulla will deposit Rs5 billion. Read more

• PKR falls 5 paisa against USD

The Pakistani rupee (PKR) deteriorated by 5 paisa or 0.02% against the US dollar in Wednesday’s interbank session to settle the trade at PKR 277.79 per USD. Read more

• PSX Closing Bell: The Story Takes a Twist

Pakistan stocks fell after riding high for seven consecutive sessions and setting records, as selling pressure entered the market. Read more

• NetSol profits drop 27.5% to Rs196.8m

NetSol Technologies Limited (PSX: NETSOL) recorded a decrease of 27.5% YoY in its profits, with the company’s after-tax profits falling to Rs196.84 million. Read more

• Searle reports 11.8% drop in revenue, profit down 7.4% in Q3

The Searle Company Limited (PSX: SEARL) experienced a fall of 7.4% YoY in its quarterly earnings, with its profit after tax falling to Rs300.78 million. Read more

• Global ESG sukuk issuance set to rise through 2025

Global ESG sukuk issuance is expected to continue rising over 4Q24-2025, driven by investor demand, funding and diversification goals, and government. Read more

• MARI maintains profit despite 6% drop in topline

Mari Petroleum Company Limited (PSX: MARI)’s earnings in the first quarter of FY25 inched up 0.3%, with its profit after tax reaching Rs19.2 billion. Read more

• M2 falls by Rs81.5bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, dropped by Rs81.46 billion WoW to Rs35.82 trillion as of October 18, 2024. Read more

• Govt retires Rs117.6bn debt in a week

The government of Pakistan has retired a debt of Rs117.62 billion during the week ended October 18, 2024, which brings its total net retirement for ongoing. Read more

• NCML plans machinery disposal for debt repayment

The Board of Directors of Nazir Cotton Mills Limited (PSX: NCML) has decided to dispose of the company’s obsolete machinery. Read more

• NPL reports 13% profit increase despite 72% decline in topline

Nishat Power Limited (PSX: NPL) recorded an increase of 13.4% YoY in its quarterly earnings, clocking in its profit after tax at Rs1.65 billion [EPS: Rs4.67]. Read more

• Meezan Bank wins ‘Best Company in Financial Category’ award

Meezan Bank, Pakistan’s leading Islamic bank, has been honored with the prestigious ‘Best Company in the Financial Category’ award at the 39th Corporate. Read more

• Pakistan postal service faces crisis, urgent plan needed

Federal Minister for Communications, Privatization & Board of Investment Abdul Aleem Khan has expressed great concern regarding the present status. Read more

• ABL declares Rs4 DPS as earnings rise 9% in Q3 CY24

Allied Bank Limited (PSX: ABL) experienced a rise of around 9% in its earnings in Q3 CY24, clocking in its profit after tax at Rs12.42 billion [EPS: Rs10.84]. Read more

• Atlas Honda declares Rs32 dividend as profit surges 49%

Atlas Honda Limited (PSX: ATLH) experienced a rise of 49.4% YoY in its quarterly earnings, with its profit after tax rising to Rs4.97 billion [EPS: Rs25.33]. Read more

• Samba Bank Q3 profit drops 71% amid lower markup income

Samba Bank Limited (PSX: SBL) earned Rs103.66m [EPS: Rs0.1] during the quarter ended September 30, 2024 (Q3 CY24) compared to a profit of Rs354.23m. Read more

• Askari Bank’s Q3 profit hits Rs6bn, up 4.8%

Askari Bank Limited (PSX: AKBL) reported a profit of Rs6.02 billion [EPS: Rs4.15] in Q3 2024, 4.77% higher compared to Rs5.75bn [EPS: Rs3.97]. Read more

• Hub Power Q1 profit doubles

Hub Power Company Limited’s (PSX: HUBC) first-quarter profit almost doubled as its revenue and other income rose. Read more

• Bank of Khyber posts 36% profit surge in Q3

The Bank of Khyber (PSX: BOK) disclosed a profit of Rs1.07 billion [EPS: Rs0.92] for the quarter ended September 30, 2024, rising 36.03%. Read more

• CPI Preview 2: Inflation to quicken for first time in four months

Pakistan’s inflation is expected to quicken for the first time in four months as electricity costs surge. Read more

• National Bank of Pakistan profit plunges 75%

The National Bank of Pakistan (PSX: NBP) reported a significant decline in its financial performance for the third quarter, with net profit dropping by over. Read more

• THALL Q1 profit rises 30% despite lower revenue

Thal Limited (PSX: THALL) earned a 29.8% higher first-quarter profit despite lower revenue. The growth was led by higher other income. Read more

• Sapphire Textile Mills quarterly profit jumps 45%

Sapphire Textile Mills Limited (PSX: SAPT) recorded a net profit of Rs1.03 billion [EPS: Rs47.65] during the quarter ending September 2024, up 45.0%. Read more

• Citi Pharma profit more than doubles

Citi Pharma Ltd. (PSX: CPHL) recorded a 113.3% higher net profit in the first quarter of FY25 as its margins jumped. Read more

• Textile firms struggle with energy, borrowing costs

Pakistan’s smaller textile companies are curtailing production or selling assets to pay debt after high energy and borrowing costs hurt businesses. Read more

Copyright Mettis Link News