MG Morning Breeze: Updates to Skim before Market

November 04, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP set to deliver fourth consecutive rate cut to revive economy

Pakistan’s central bank is expected to cut its key interest rate further at its policy meeting on Monday. Read more

• National Savings reduces profit rates again

The Central Directorate of National Savings (CDNS) has once again slashed the profit rates on majority of its National Savings Schemes. Read more

• CPI quickens to 7.2% in Oct

Pakistan inflation rose to 7.2% in October compared to 6.9% in the last month and 26.8% in October 2023. Read more

• Trade deficit narrows 31% in Oct

Pakistan’s trade deficit in October 2024 has decreased by 31.1% to $1.5bn as compared to a deficit of $2.17bn recorded in the same month last year. Read more

• Pakistan debt obligations stand at $29.7bn for next 11 months

Pakistan’s predetermined short-term net drains on foreign currency assets by the end of September stood at $30.41 billion for the next 12 months, of which $750. Read more

• UBL submits offer to merge with Silkbank

United Bank Limited (PSX: UBL) has submitted an offer to Silkbank Limited (PSX: SILK) for the amalgamation of Silkbank with and into UBL. Read more

• Climate change could cost Pakistan 21.1% of GDP by 2070

Climate change, under a high-emissions scenario, could lead to a total loss of 21.1% of Pakistan’s GDP by 2070, as highlighted in the Asian Development. Read more

• Property in DHA Karachi hits Rs75,000/sq ft: FBR

The Federal Board of Revenue (FBR) has issued updated property valuations across Karachi’s residential, commercial, and industrial zones. Read more

• Weekly Corporate Buzz

The past week witnessed major shifts and moves at the Pakistan Stock Exchange (PSX), during which Ghani Chemical Industries positioned itself for new. Read more

• Weekly Outlook: Markets eye US Election as key catalyst

Surprisingly, the US non-farm payroll report indicated only 12,000 new jobs were added after. Read more

• Engro Fertilizers urea sales plunge 43%

Engro Fertilizers Limited’s (PSX: EFERT) urea sales fell 43% to 99,000 tonnes in October compared to last year. Read more

• Weekly Market Roundup

Pakistan stocks closed in green after a whipsaw week. Read more

• Govt pays off Rs698bn debt in a week

The government of Pakistan has retired a debt of Rs697.6 billion during the week ended October 25, 2024. Read more

• Treet Corporation utilizes 76% of rights issue for debt repayment

Treet Corporation Limited (PSX: TREET) has utilized 76% of its rights issue amounting to Rs 1.899 billion for the repayment of debt and the realignment. Read more

• Ghani Chemical approves demerger of Calcium Carbide project

The shareholders of Ghani Chemical Industries Limited (PSX: JCIL) have approved the proposed demerger of the Calcium Carbide Project from Ghani Chemical. Read more

• Siemens AG acquires additional 13.85% stake in SIEM

Siemens Aktiengesellschaft has entered into a Share Purchase Agreement with National Investment Trust Limited (NIT) to acquire all shares of Siemens. Read more

• PKR jumps 15 paisa against USD

The Pakistani rupee (PKR) gained by 15.00 paisa or 0.05% against the US dollar in Friday’s interbank session to settle the trade at PKR 277.70 per USD. Read more

• SBP reduces rate of Special Cash Reserve Account to 3.66% for Nov

The State Bank of Pakistan (SBP) has lowered the rate of remuneration for November 2024 on Special Cash Reserve Account (US$) to 3.66%, as per a notice issued. Read more

• Weekly inflation increases by 0.1%

Pakistan’s short-term inflation increased by 0.10% compared to last week as of October 31, 2024, while it rose 14.45% over the prior year. Read more

• SBP FX intervention in interbank market rises to $722m in Jul

The State Bank of Pakistan has made a net FX purchase of $722 million during July 2024, up from a purchase of $573m in the previous month. Read more

• Pakistan’s top talent is leaving the country in record numbers: Report

Economic hardship has pushed skilled workers to move abroad, hollowing out banks, hospitals and multinational companies. Read more

• OGRA raises LPG price by Rs2.89 per kg for Nov

The Oil and Gas Regulatory Authority (OGRA) has raised the price of Liquefied Petroleum Gas (LPG) by Rs2.89 per kg for November 2024. Read more

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