MG Morning Breeze: Updates to Skim before Market

October 09, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Crisis on Horizon: Oil prices expected to surge amidst ongoing geopolitical unrest

Pakistan's economy can once again get caught in the crossfire of the ongoing Israel-Palestine conflict, hurting the nation's already fragile economy. Read more

• PKR gains over 5 rupees against USD in a week

The Pakistani rupee (PKR) appreciated by over 5 rupees against the U.S. dollar this week to settle the trade at PKR 282.68 per USD, compared to the previous week’s closing of PKR 287.74 per USD. Read more

• Govt likely to slash petrol prices by Rs38 per litre

Due to the declining international oil prices and the appreciation of the local currency, domestic petroleum and diesel prices are expected to be slashed by Rs38 and Rs18 per liter, respectively in the next fortnightly pricing update, effective from October 16, 2023. Read more

• Attock Petroleum offers Rs5 discount on petrol purchases

Attock Petroleum Limited (APL) is offering a discount of Rs5 per liter on fuel purchases at any Attock fuel station across the country. Read more

• SECP warns against investing in Meilleuretech Services

The Securities and Exchange Commission of Pakistan (SECP) has issued a warning advising the general public against investing in fraudulent investment schemes of Meilleuretech Services, a sole proprietorship concern. Read more

• Govt establishes advisory council to ensure transparency in gem exports

To ensure transparency in gem and jewelry exports, the Federal Ministry of Industries and Production has established a 15-member advisory council, as revealed in the latest notice issued by the ministry. Read more

• PSX Closing Bell: Green is good

After a week of strong performance, the Pakistan Stock Exchange (PSX) saw a sideways session on Friday, ending with a marginal gain. Read more

• Weekly inflation increases by 0.11%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group inched up by 0.11% WoW during the week ended October 05, 2023, while the SPI increased by 37.07% YoY compared to the corresponding period from last year. Read more

• Govt plans to hike gas prices: Minister

Circular debt has been a persistent challenge in Pakistan's energy sector, to address this the government is planning to increase gas prices. Read more

• Domestic Bullion to reopen on Monday after 26 days: Haji Haroon Chand

After remaining closed for twenty-six consecutive days, domestic bullion is expected to resume trading on Monday, October 9, 2023. Read more

• EU extends GSP scheme for Pakistan till 2027

The Members of the European Parliament (MEPs) have approved to roll over the rules on the Generalised Scheme of Preferences (GSP) for an additional four years, extending to 2027. Read more

• PBC urges Govt to take action on under-invoicing of imports

There is an immediate need to address the under-invoicing of imports as it is creating a significant revenue leakage and causing greater harm to the industry. Read more

• TRG’s AGM still on hold due to SHC order

TRG Pakistan Limited (PSX: TRG) is still unable to hold its Annual General Meeting (AGM) due to a Stay Order obtained by the JS Group and others. Read more

• Weekly SCRA records net purchase of Rs194m

The gross sale of securities during the week was recorded at Rs2 billion, which is around 77.82% lower than the figures recorded last week. Read more

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