MG Morning Breeze: Updates to Skim before Market

November 01, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Pakistan records first fiscal surplus in 21 years

Pakistan recorded the first budget surplus in over two decades during the first quarter of fiscal year 2024-25 thanks to increased revenue. Read more

• Blue World City submits Rs10bn bid for stake in PIA

Blue World City submitted a bid of Rs10 billion for a stake in Pakistan International Airlines (PIA). Read more

• Govt raises petrol price amid margin hike

The government increased the price of petrol despite lower ex-refinery prices amid a decline in international rates. Read more

• SBP to announce policy rate on Nov 4

MPC of SBP will meet on Monday, November 04, 2024, to decide about the Monetary Policy. Read more

• SBP widely expected to slash rates by another 200bps

The State Bank of Pakistan (SBP) is widely expected to cut its policy rate further by 200bps. Read more

• UBL goes extra mile, hitting 50% ADR target

United Bank Limited (PSX: UBL) has successfully met the Advances to Deposits Ratio (ADR) requirement of 50%. Read more

• FBR launches advance stock register system

FBR has launched an advanced Stock Register system via the Information Center 2.0 platform. Read more

• PSX Closing Bell: Nothing Lasts Forever

Pakistan stocks fell for the second consecutive session on Thursday as traders took profits following a record-breaking rally. Read more

• PKR decreases by 6 paisa against USD

The Pakistani rupee (PKR) deteriorated by 5.77 paisa or 0.02% against the US dollar in Thursday’s interbank session to settle the trade at PKR 277.85 per USD. Read more

• Gold price in Pakistan falls Rs700 per tola

Gold price in Pakistan decreased on Thursday, with 24-karat gold being sold at Rs287,200 per tola, down Rs700. Read more

• HASCOL suffers Rs2.5bn loss in Q1FY25

Hascol Petroleum Limited (PSX: HASCOL) recorded a decrease of 9.5% YoY in its quarterly losses, clocking in at Rs2.48 billion [LPS: Rs2.48]. Read more

• JDMT halts production citing high costs, slowing sales

Janana De Malucho Textile Mills Limited has decided to temporarily halt production activities. Read more

• Transforming Pakistan’s economy via constitutional amendment

The government has set itself an ambitious target of eliminating riba by the start of the year 2028, through the 26th. Read more

• Shell Pakistan to rebrand as Wafi Energy Pakistan

The Board of Directors (BoD) of Shell Pakistan Limited (PSX: SHEL) has approved the change of the company’s name to the proposed name “Wafi Energy Pakistan. Read more

• Inflation widely seen easing further in Oct

The headline inflation for October is expected to slow down with an average estimate of 6.8% YoY compared to 6.9% YoY in the previous month. Read more

• Meskay & Femtee extends acquisition due date for Mandviwalla Mauser

Meskay & Femtee Trading Company (Private) Limited has extended its due date by 90 days to acquire approximately 74% shareholding and control of Mandviwalla. Read more

• NCCPL extends KYC registration deadline to Dec 31

Considering the significant number of investors who have not yet registered in the KYC regime, the National Clearing Company of Pakistan Limited (NCCPL). Read more

• Bank Makramah’s losses narrow in Q3 2024

Bank Makramah Limited (PSX: BML) has continued its loss-making journey as the bank witnessed a loss of Rs1.74 billion for the quarter ended September 30, 2024. Read more

• NEPRA concludes hearing on Sep FCA

National Electric Power Regulatory Authority (NEPRA) on Wednesday concluded public hearing into public petition filed by CPPA. Read more

• Telecard quarterly profit shrinks 44%

Telecard Limited (PSX: TELE) posted a net profit of Rs92.92 million [EPS: Rs0.15] during the quarter ending September 2024, down 44.3%. Read more

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