MG Morning Breeze: Updates to Skim before Market

November 05, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP aggressively cuts policy rate by 250bps

The State Bank of Pakistan (SBP) lowered its key policy rate by 250 basis points to 15% on Monday, compared to a median estimate for a 200bps cut. Read more

• ECC approves circular debt management plan, POL supply agreement

The Economic Coordination Committee (ECC) of the Cabinet on Monday approved the Circular Debt Management Plan for FY 2024-25, and sale purchase agreement for Supply of POL products between Pakistan State Oil (PSO) and SOCAR Azerbaijan. Read more

• Consumer confidence rises to four-month high

The consumer confidence indicator in Pakistan jumped by 14.7% to 35.52 points in Ocotber compared to last month. Read more

• Business confidence surges in October

The overall Business Confidence Index increased significantly by 4.3 points to 54.3 in October 2024, the latest results of the 53st wave of the Business. Read more

• Govt refutes claims of IMF rejecting tax target revision

The government has refused claims made by certain electronic media channels regarding the International Monetary Fund’s (IMF) supposed rejection. Read more

• Oil sales jump 18% in Oct

The sales of oil marketing companies (OMCs) increased by 18.2% to 1.49 million Metric Tons (MTs) in October. Read more

• Cotton production falls 37%

Cotton arrivals in Pakistan fell 36.8% to 4.29 million bales as of November 03, 2024, as compared to 6.79m bales in the same period of last year. Read more

• PIA won’t be sold cheap: Abdul Aleem

Federal Minister for Privatization, Board of Investment & Communications, Abdul Aleem Khan, stated that Pakistan International Airlines is a national asset. Read more

• PPL secures 10-year lease for Sui Gas field

Pakistan Petroleum Limited (PSX: PPL) has received approval for the grant of a Development and Production Lease (D&PL) over the Sui Gas Field. Read more

• Saudi Riyal to PKR exchange rate

The buying rate for the Saudi Riyal stood at Rs73.52, while it sold at Rs74.14. The UAE Dirham followed suit, with a buying rate of Rs75.26 and a selling. Read more

• Gold price in Pakistan rises Rs700 per tola

Gold price in Pakistan increased on Monday, with 24-karat gold being sold at Rs283,700 per tola, up Rs700. Read more

• MSCI index review announcement scheduled for Nov 6

Morgan Stanley Capital International (MSCI) will announce the results of the November 2024 index review for the MSCI equity indexes. Read more

• PSX: Closing Bell: The Clock Is Ticking

Pakistan stocks extended their record-breaking rally ahead of the monetary policy review scheduled for later in the day. Read more

• SBP, K-Electric partner to test digital payments via Raast

Accelerating the digitization of payments, the State Bank of Pakistan and K-Electric have made a significant advancement by signing agreements. Read more

• PKR decreases by 9 paisa against USD

The Pakistani rupee (PKR) weakened by 8.76 paisa or 0.03% against the US dollar in Monday’s interbank session to settle the trade at PKR 277.79 per USD. Read more

• GCIL expands operations with LPG filling plant

Ghani Chemical Industries Limited (PSX: GCIL) is expanding into new business areas by setting up a 450 MT LPG Storage and Filling Plant in Phool Nagar. Read more

• Trump win likely to spark gold rally

Gold will continue to rally if Republican presidential candidate Donald Trump wins the White House, but it will retreat if Vice President Kamala Harris wins. Read more

• Investors from stocks to crypto brace for US election: Report

Just before a hotly contested US election considered a toss-up, options traders across markets appear to be reducing risk and bracing for more volatility. Read more

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