MG Morning Breeze: Updates to Skim before Market

November 20, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• China scales back power investments amid security woes

Pakistan’s power sector failed to attract Chinese capital in October, showcasing an unusual trend potentially due to threats to Chinese nationals. Read more

• ECC approves winter tariff for incremental electricity consumption

ECC) of the Cabinet has approved a new electricity tariff of Rs26.07/kWh for eligible consumers, applicable to incremental consumption exceeding the benchmark. Read more

• Pakistan secures $500m ADB loan for climate resilience program

Pakistan and the Asian Development Bank (ADB) have signed a landmark $500 million loan agreement for the Climate and Disaster Resilience Enhancement Program. Read more

• Stock rally continues as KSE-100 nears 96,000

The benchmark KSE-100 Index concluded Tuesday’s trading session at 95,856.66, showing an increase of 860.99 points or 0.91%. Read more

• T-bills see $35m foreign outflow in a week

Foreign investors pulled out $35.46 million from Pakistani T-bills in the first eight days of November as yields continue to fall. Read more

• Interest costs to eat up 40% of 2025 budget: Moody’s

Moody’s has warned that meeting the conditionality of new multilateral financing can prove difficult and increase social risks. Read more

• Pakistan banks add up to 6% fee on large month-end deposits

Several Pakistani commercial banks have begun imposing a fee on large month-end deposits in an effort to improve their Advance-to-Deposit Ratio (ADR). Read more

• PKR loses 10 paisa against USD

Throughout the day, the currency saw an intraday high (bid) of 278.10 and a low (ask) of 278.00. Read more

• Governor SBP underscores need to support women entrepreneurs for inclusive Pakistan

The Governor of the State Bank of Pakistan (SBP) Mr. Jameel Ahmad, emphasized the importance. Read more

• PSX registers over 10,000 new investors in Oct

The new unique registered investor base on the Pakistan Stock Exchange was recorded at a notable 10,001 in October 2024. Read more

• AHCL issues 13.3m shares under AHL demerger scheme

As part of the demerger scheme for Arif Habib Limited (AHL),  Arif Habib Corporation Limited (AHCL) has issued 13,321,747 new shares to AHL shareholders. Read more

• Hallmark Company Ltd changes name to Supernet Technologies Ltd

Hallmark Company Ltd. (PSX: HCL) has resolved to change its name from “Hallmark Company Limited” to “Supernet Technologies Limited. Read more

• Pending approvals stall Calcorp acquisition process

As Manager to the Offer, JS Global Capital Limited announced the withdrawal of the Public Announcement of Intention (PAI) by Asif Ali Shaikh and co-acquirers. Read more

• Gold surges in Pakistan as Goldman reiterates $3,000 target for 2025

Gold rebounded in Pakistan on Tuesday as Goldman Sachs Group Inc. reiterated a forecast for international prices to reach $3,000 an ounce next year. Read more

• Justice Department forces Google to sell Chrome

Top Justice Department antitrust officials have decided to ask a judge to force Alphabet Inc.’s Google to sell off its Chrome browser. Read more

• Govt plans to cut EV charging rates to boost demand

Pakistan is looking to stimulate demand for electric vehicles by reducing power prices at charging stations. Read more

• SNGPL dismisses reports of low gas pressure in Rawalpindi

SNGPL has refuted reports of gas shortages or low pressure in Rawalpindi, assuring consumers of uninterrupted supply, especially during peak meal times. Read more

• Systems Ltd subsidiary OneZapp to start EMI services

OneZapp, a subsidiary of Systems Ltd., has officially received approval from SBP to begin commercial operations as an Electronic Money Institute (EMI). Read more

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