MG Morning Breeze: Updates to Skim before Market

November 13, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• IMF staff holds unscheduled meeting with Pakistan

A delegation led by the International Monetary Fund (IMF) Mission Chief Nathan Porter had an initial meeting with the Minister for Finance and Revenue. Read more

• Trump win boosts interest in Pakistan junk-rated dollar debt

Junk-rated dollar debt from developing nations like Pakistan is attracting fresh bets from money managers. Read more

• US nonprofit targets $1.5bn investment in agri-startups in Pakistan, developing nations

A US-based nonprofit is working towards mobilizing $1.5bn to invest in startups focused on agricultural adaptation in developing world, including Pakistan. Read more

• Fauji Foundation withdraws bid to acquire Agha Steel

Fauji Foundation has withdrawn its Public Announcement of Intention (PAI) to acquire shares and control of Agha Steel Industries Limited (PSX: AGHA). Read more

• PSX Closing Bell: Reap the Rewards

The benchmark KSE-100 Index concluded Tuesday’s trading session at 93,224.56, showing a decrease of 423.76 points or 0.45%. Read more

• PKR decreases by 7 paisa against USD

The Pakistani rupee (PKR) fell by 6.55 paisa or 0.02% against the US dollar in Tuesday’s interbank session to settle the trade at PKR 277.93 per USD. Read more

• Pakistan’s external debt servicing costs $3.6bn in first quarter

Pakistan’s external debt servicing (including both principal and interest) by the government stood at Rs3.594 billion for the first quarter of FY25. Read more

• Gold plunges Rs7,000 per tola

Gold extended its downward slide on Tuesday, with 24-karat gold slumping Rs7,000 to Rs270,500 per tola. Read more

• Avanceon secures multimillion-Dollar contracts in Qatar, Pakistan

Avanceon Limited (PSX: AVN) has secured multimillion-dollar contracts in both Qatar and Pakistan Regions within the Infrastructure Public Works domain. Read more

• Asian stocks fall on concern over Trump tariffs

Asian shares dropped with European and US equity futures as traders weighed the impact of president-elect Donald Trump’s policy agenda. Read more

• Oil falls for third day on demand concerns, Dollar surge

Oil fell for a third day on a soft demand outlook in China, and a stronger US dollar. Read more

• HUBC ratings unchanged following negotiated settlement with govt

Pakistan Credit Rating Agency (PACRA) has provided an update on the entity ratings of The Hub Power Company Limited (HUBC) in light of the company’s. Read more

• PSX issues risk warning alert against Bela Automotives

The Pakistan Stock Exchange (PSX) has issued a Risk Warning Alert (RWA) against Bela Automotives Limited (PSX: BELA) due to its continuous violation of PSX. Read more

• NEPRA approves Rs0.40 per unit FCA for K-Electric

National Electric Power Regulatory Authority (NEPRA) has issued its decision on K-Electric’s petition for provisional monthly fuel charge adjustments (FCA). Read more

• Dogecoin surges 150% as Trump returns to White House

The dog-themed memecoin Dogecoin, a digital token promoted by Donald Trump supporter Elon Musk, is up 150% this month so far following Trump’s return. Read more

• SBP grants approval to TPL Corp, Abhi to acquire FINCA microfinance bank

SBP has granted its final approval to TPL Corp Limited (PSX: TPL) and Abhi (Private) Limited for the acquisition of up to 94.8% shareholding in FINCA. Read more

• Govt domestic debt, liabilities see sharpest drop in 2 years

The total government domestic debt and liabilities dropped by 1.65% to Rs47.85 trillion in September 2024 compared to Rs48.65tr in the previous month. Read more

• FCEL, KSTM face buy-back order amid dues, compliance issues

The sponsors and majority shareholders of First Capital Equities Limited (PSX: FCEL) and Khalid Siraj Textile Mills Limited (PSX: KSTM). Read more

• Pakistan, Russian experts to discuss revival of steel mill next week

Sindh Chief Minister Syed Murad Ali Shah has said that efforts to revive Pakistan Steel Mill are making progress as an online meeting is scheduled for next week Read more

• Turkiye, Pakistan explore deeper collaboration in housing sector

To enhance bilateral ties, particularly in deepening cooperation in housing sector, Ambassador of Türkiye, Irfan Neziroglu, met with Minister for Housing. Read more

• Govt unveils Hajj policy for 2025

A total of 179,210 Pakistani pilgrims will perform Haj in the year 2025, Minister for Religious Affairs and Interfaith Harmony Chaudhry Salik Hussain announced. Read more

• US technology, Saudi investment, and Pakistan workforce to drive IT sector growth

Ambassador Rizwan Saeed Sheikh inaugurated the Pakistan-U.S. Tech Investment Conference and unveiled the “Digital Trinity” concept. Read more

• IGI holdings to acquire 5.4m Packages Ltd shares

IGI Holdings Limited (PSX: IGIHL) has entered into a share purchase agreement (SPA) to acquire a 6.04% shareholding in its listed associate, Packages Limited. Read more

• SECP launches Pakistan’s first start-up summit

The Securities and Exchange Commission of Pakistan (SECP) successfully inaugurated its first-ever Pakistan Start-up Summit at the Pearl Continental Hotel. Read more

• SNB pulls back from selling Samba Bank Pakistan stake

The Saudi National Bank (SNB), majority shareholder of Samba Bank Limited (PSX: SBL), has terminated the process to sell its equity stake in Samba Pakistan. Read more

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