MG Morning Breeze: Updates to Skim before Market

November 29, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• ECC expresses concern over delays in decision implementation

The Economic Coordination Committee (ECC) on Wednesday expressed serious concern over delays in the implementation. Read more

• Zeeshan Rehman Khattak appointed as Commissioner SECP

The Securities & Exchange Commission of Pakistan (SECP) welcomed Mr Zeeshan Rehman Khattak as Commissioner SECP following his appointment. Read more

• Saudi Riyal to PKR exchange rate

The exchange rates for the Saudi Riyal (SAR), UAE Dirham (AED), and Qatari Riyal (QAR) showed minor movements. Read more

• PSX, IBA join hands for capacity building, data sharing

The Pakistan Stock Exchange (PSX) and the Institute of Business Administration (IBA) Karachi have formalized their collaboration. Read more

• Govt cuts treasury bill yields by up to 85bps

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs616.06 billion. Read more

• SBP raises Rs643.6bn through floating rate PIBs

The State Bank of Pakistan (SBP) conducted an auction for floating rate Pakistan Investment Bonds on Wednesday in which it sold Rs643.57 billion for 5. Read more

• KSE-100 index to reach 130k mark by end of CY25

The benchmark KSE-100 index will likely reach 130,000 by the end of CY25 primarily on the back of multiple. Read more

• PKR falls by over 12 paisa against USD

The Pakistani rupee (PKR) decreased by 12.17 paisa or 0.04% against the US dollar in Wednesday’s interbank session to settle the trade at PKR 277.96 per USD. Read more

• Inflation likely to hover around 5.8%-6.8% in Nov: FinMin

Inflation is expected to remain within the range of 5.8%-6.8% in November 2024, according to the Finance Ministry’s monthly economic report. Read more

• Gold price in Pakistan rebounds Rs1,600 per tola

Gold price in Pakistan took a breather today after falling hard for the past two consecutive sessions. Read more

• PSX Closing Bell: Green Lights All The Way

After experiencing its largest percentage drop of 2024 yesterday, the bulls reentered the market on Wednesday and demonstrated aggressive buying as concerns. Read more

• Adani Group lost nearly $55bn after US corruption charges

India’s Adani Group conglomerate said Wednesday it had lost almost $55 billion in a stock market rout since US prosecutors last week accused its founder. Read more

• Volkswagen to sell its operations in Xinjiang

German car giant Volkswagen (VW) said on Wednesday to sell its factory in China’s Xinjiang region, capital Urumqi as well as a test track in Turpan. Read more

• Govt retires Rs123bn debt in a week

The government of Pakistan has retired a debt of Rs123.45 billion during the week ended November 15, 2024, which brings its total net retirement. Read more

• Gold prices rise by $17.88 amid FOMC minutes

Gold prices experienced a significant increase of $17.88 to $2,650.83 [2:10 pm] from the prior day’s close of $2,632.95. Read more

• Private sector lending rises Rs196bn in a week

Private sector credit (PSC) rose Rs196.16 billion WoW to Rs10.41 trillion as of November 15, 2024, data released by State Bank of Pakistan (SBP) showed. Read more

• Security Leasing Corporation to settle pending liabilities soon

The management of Security Leasing Corporation Limited (PSX: SLCL) assured market participants that they will settle their pending liabilities. Read more

• HINO quarterly profit soars to Rs72.4m on strong sales growth

HinoPak Motors Limited (PSX: HINO) reported a significant increase in profits, with the profit after tax for the quarter ended September 30, 2024. Read more

• High court upholds SECP orders against Siddiq Moti’s heirs

The Islamabad High Court has delivered a landmark verdict, upholding the Securities and Exchange Commission of Pakistan’s (SECP) orders against the legal. Read more

• Re-composition: MARI, HBL, LOTCHEM & FATIMA added to PSXDIV20 index

The Pakistan Stock Exchange Limited has conducted the Re-composition exercise of the PSXDIV20 Index as of October 31, 2024. Read more

• FM pledges tax reforms with focus on transparency, documentation

The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb outlined the government’s policy to enhance tax revenues. Read more

• KSE-100 index recovers 3.57% in strong intraday rebound

The benchmark KSE-100 Index concluded Wednesday’s trading session at 97,951.41, showing an increase of 3,377.25 points or 3.57%. Read more

• China’s industrial profits show signs of recovery

China’s October industrial profits narrowed their earlier declines, helped by a low base the previous year, official data showed on Wednesday. Read more

• VIS updated ratings of Silk Bank

VIS Credit Rating Company Limited (VIS) has revised the rating of Silk Bank Limited (PSX: SILK), and the watch status has been changed to ‘Developing’. Read more

• Sri Lanka confirms $12.55bn debt deal to secure IMF lifeline

Sri Lanka’s government announced it would honour the $12.55 billion international sovereign bond. Read more

• PPL boosts energy output with 17 MMscfd gas, 400 bpd oil, and 4 tpd LPG

Pakistan Petroleum Limited (PPL) has achieved notable production gains between April and November 2024, adding 17 MMscfd Read more

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