MG Morning Breeze: Updates to Skim before Market

October 06, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• KIA Motors cuts car prices in Pakistan as rupee appreciates

Owing to the recent appreciation of the Pakistani Rupee (PKR) against the U.S. dollar, Lucky Motor Corporation (LMC) has decided to pass on the benefit to its consumers by reducing the prices of their vehicles. Read more

• PKR on a winning streak

The Pakistani rupee (PKR) continued its steady rise, appreciating by 1.06 rupees against the US dollar in Thursday's interbank session to settle the trade at PKR 283.62 per USD. Read more

• SBP raises Rs297bn through Sukuk Auction

The State Bank of Pakistan (SBP) has successfully raised Rs297.073 billion through the sale of 1-year, 3-year, and 5-year GOP Ijara Sukuk (GIS) Variable Rental Rate (VRR) and GIS Fixed Rental Rate (FRR). Read more

• SBP reserves fell by $21.3m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) diminished by $21.3 million or 0.28% WoW to $7.62 billion during the week ended on September 28, 2023. Read more

• Sindh Apex Committee gathers to tackle foreign currency regularization

The Special Provincial Apex Committee on Friday at 1400 hours will discuss the measures against Foreign Currency Regularization, according to the notification issued by the Home Department, government of Sindh. Read more

• No plans to impose new taxes, govt on track to meet tax targets

Federal Board of Revenue (FBR) chairman has confirmed that there are no plans to impose new taxes in Pakistan. Read more

• PSX Closing Bell: In a Euphoric State

The benchmark KSE-100 Index ended Thursday's trading session at 47,452.38 showing an increase of 372.55 points or 0.79%. Read more

• Govt domestic debt, liabilities rise by 23% YoY to Rs40.47tr in August

The total government domestic debt and liabilities have risen by 23.03% YoY to Rs40.47 trillion in August 2023, compared to Rs32.9tr in August 2022. Read more

• Central govt debt soars by 29.04% YoY to Rs63.97tr in August

The total debt of the central government has surged by 29.04% YoY to Rs63.97 trillion in August 2023. Read more

• Savings Mobilized by NSS records net payment of Rs7.02m in August

The net payments of Savings Mobilized by National Savings Schemes (NSS) stood at Rs7.02 million in August as compared to receipts of Rs13.71 million in the previous month. Read more

• Money supply reaches Rs34.48tr as of August

The total money supply circulating within the economy till August 2023 has been recorded at Rs34.48 trillion. Read more

• Govt disburses Rs62.75bn to IPPs

The government has disbursed Rs62.75 billion to 17 Independent Power Producers (IPPs) with the objective of lowering the circular debt of the sector. Read more

• FBR bans 212 Items from Afghan Transit Trade

The Federal Board of Revenue (FBR) has imposed a ban on 212 items that were being imported into Afghanistan via Pakistan. Read more

• GCIL’s profit plummets by 42% YoY to Rs508m in FY23

Ghani Chemical Industries Limited (PSX: GCIL) experienced a significant fall of 41.65% YoY in its profitability for FY23. Read more

• Supernet Limited reports lower earnings despite higher sales in FY23

Supernet Limited (PSX: GEMSPNL) experienced a notable decline in profitability, with a year-over-year decrease of 34.57%. Read more

• SBP denies rumours about unsafe deposits of over Rs500,000

The State Bank of Pakistan (SBP) has refuted claims suggesting that deposits exceeding Rs500,000 in the country's banking system are unsafe. Read more

• PLL buys first spot LNG cargo in over a year

Pakistan LNG Ltd. (PLL) has made its first spot market LNG purchase in over a year. Read more

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