MG Morning Breeze: Updates to Skim before Market

November 27, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• KSE-100 suffers largest single-day drop of 2024

Investors who were eagerly anticipating the market to break its destined 100,000 mark well ahead of the December target are now shifting towards severe. Read more

• M2 rises by Rs130bn in a week

Broad money (M2), the most widely used measure of money supply in Pakistan, rose by Rs129.89 billion. Read more

• MEBL, BAFL eliminate 5% fee on high-value deposits

After imposing a fee on large month-end deposits, Meezan Bank Limited (MEBL) and Bank AL Falah (BAFL) have now decided to remove the recently introduced. Read more

• Pakistan, China ink MoUs worth $250m to boost agriculture, food processing

Pakistani and Chinese companies on Tuesday signed 13 memorandums of understanding (MoUs) valued at $250 million on fostering joint ventures. Read more

• Saudi Riyal to PKR exchange rate

Exchange companies quoted SAR at 73.56 for buying and 74.18 for selling. AED followed suit, with a buying rate of PKR 75.32. Read more

• Car financing rises for second straight month

Automobile financing in Pakistan has increased to Rs235.88bn in October 2024, witnessing a rise of 3.67% MoM compared to Rs227.54bn recorded in September 2024. Read more

• 24-Karat gold loses another Rs4,100 per tola

Gold price in Pakistan again fell on Tuesday, with 24-karat gold being sold at Rs274,300 per tola, down Rs4,100. Read more

• PSX Closing Bell: Knives out

The Pakistan Stock Exchange (PSX) suffered a major setback today as the political unrest caused by ongoing protests prompted bears to enter the market. Read more

• Awwal Modaraba’s shareholding transferred to Wasi Investment

The entire shareholding of Awwal Modaraba Management Limited (AMML) has been successfully transferred to Wasi Investment Finance Limited after the completion. Read more

• PKR decreases by 9 paisa against USD

The Pakistani rupee (PKR) depreciated by 8.85 paisa or 0.03% against the US dollar in Tuesday’s interbank session to settle the trade at PKR 277.84 per USD. Read more

• Indus Motor suspends operations due to raw material shortage

Indus Motor Company Limited (PSX: INDU) has decided to temporarily suspend operations at its production facility from November 27, 2024, to November 29, 2024. Read more

• KAPCO emerges as lowest bidder for K-Electric’s 120 MW solar project

Kot Addu Power Company Limited (PSX: KAPCO) has emerged as the lowest bidder for K-Electric’s proposed. Read more

• Gold loses its shine after Trump’s tariff pledge

Gold prices experienced a significant drop of $89.15 as per the previous close dropping to 2,625.62 from the prior day’s $2,714.61 amid fears of trade. Read more

• FM appreciates World Bank’s support for Pakistan’s economic growth

The Federal Minister for Finance and Revenue Muhammad Aurangzeb has lauded the World Bank’s continued. Read more

• GTYR to suspend plant operations for utility line work

Ghandhara Tyre & Rubber Company Limited (PSX: GTYR) informed market participants today that the company’s boiler will be shut down due to planned work. Read more

• KSE-100 index dips over 1,500pts in market bloodbath

Pakistan stocks experienced a seesaw journey in the early trading hours on Tuesday, with the benchmark index rising by as much as 1,739.81 points. Read more

• ADB warns of revenue loss as Pakistan shifts to electric vehicles

Pakistan, which is heavily dependent on fuel-based revenues, is set to suffer a significant decline as the population and the country transition to electric. Read more

• Pakistan-Belarus partnership for eco-tourism and biodiversity

Pakistan and Belarus aim to strengthen climate change adaptation. Read more

• Climate chaos hits Canada’s hydropower

Hydropower production in Canada is plummeting as extreme weather linked to climate change, particularly sudden swings between drought and flood. Read more

• Huawei unveils first smartphone with homegrown OS

Chinese tech giant Huawei will on Tuesday launch its first smartphone equipped with a fully homegrown operating system, a key test in the firm’s fight to challenge the dominance. Read more

• ECNEC approves ten projects worth Rs172.7bn

The Executive Committee of the National Economic Council has approved ten projects costing Rs172.7 billion. Read more

• SBP exempts certain deposits from minimum profit rate requirement

The State Bank of Pakistan (SBP) has notified today that the Minimum Profit Rate requirement shall not be applicable to the deposits of financial. Read more

• Trump announces tariffs on Mexico, Canada, China

Trump said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs. Read more

• SBP mandates 75% profit on PKR savings for Islamic Banking Institutions

The State Bank of Pakistan (SBP) has decided that Islamic Banking Institutions (IBIs) shall pay profit on their PKR saving deposits equivalent to at least 75%. Read more

• Matco Foods explores capital options for corn starch division

The Board of Directors of Matco Foods Limited (PSX: MATCO) has approved the exploration and evaluation of strategic options to raise growth capital. Read more

• Ahsan Iqbal criticizes delays in Gwadar airport commercialization

Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, has strongly criticized the Pakistan Civil Aviation Authority (PCAA). Read more

• Global credit enters 2025 on a tightrope of risks, resilience

Global sovereign credit conditions are neutral entering 2025, as only a mild slowdown in world economic growth and further cuts to policy. Read more

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