MG Morning Breeze: Updates to Skim before Market

August 25, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP reserves diminished by $124.8m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) diminished by $124.8 million or 1.55% WoW to $7.93 billion during the week ended on August 18, 2023.

• PKR in free fall, hits 300 against greenback

The Pakistani rupee (PKR) continued its descent against the US dollar, depreciating by 59 paisa in Thursday's interbank session as the currency settled the trade at PKR 300.225 per USD, compared to the previous session's closing of PKR 299.635 per USD.

• PSX Closing Bell: Sailing with Confidence

The benchmark KSE-100 index staged a strong recovery on Thursday, gaining 332.13 points or 0.7% to close at 47,750.77.

• Sindh govt imposes ban on urban development activities

A complete ban has been placed on development activities, including layout plans, sub-divisions, and building plans, by the Competent Authority, represented by the Caretaker Minister of Local Government and Housing Town Planning Department.

• Gas supply in Sindh to be halted for 48 hours

The Sui Southern Gas Company (SSGC) has announced that it will halt the gas supply to all industries and power plants in Sindh province for 48 hours from Saturday 08:00 am PST, August 26, 2023.

• K-Electric shareholders dispute: Cayman Islands court holds its order

The Grand Court of the Cayman Islands has maintained its order that directed the shareholders of K-Electric Limited (PSX: KEL) to resolve their dispute in the Cayman Islands or England rather than in Pakistan.

• Indus Motor extends plant shutdown amid supply chain disruption

Indus Motor Company Limited (PSX: INDU) has decided to completely shut down its plant from August 25 to September 06, 2023, amid supply chain disruptions.

• FABL’s profit jumps to Rs7.66bn in 1HCY23

Faysal Bank Limited (PSX: FABL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs7.66 billion [EPS: Rs5.05].

• Samba Bank’s profits soar by 2.08x in 1HCY23

Samba Bank Limited (SBL) announced its half-yearly 2023 results where the bank’s net profits soared by 2.08x to Rs706.1 million [EPS: Rs0.7].

• Fertilizer offtake rises by 32.6% YoY in July’23

The country’s overall nutrient offtake increased by 32.6% YoY to 411,000 tons during July 2023.

• US Importers to lobby for GSP renewal with Pakistan, other Countries

A group of U.S. importers will lobby Congress on October 18, 2023, to urge them to renew the Generalized System of Preferences (GSP) program and make positive changes to improve it.

• Nimir Resins plans corporate restructuring

While discussing the various options regarding corporate restructuring with holding companies, the Board of Directors (BoD) of Nimir Resins Limited (PSX: NRSL) advised the management to present a "Scheme of Arrangement".

• Turkey’s Central Bank raises policy rate by 750bps to 25%

Turkey's Central Bank decided to increase the one-week repo auction rate (policy rate) by a staggering 750 basis points, taking it to 25% from 17.5%

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