MG Morning Breeze: Updates to Skim before Market

October 27, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PKR depreciates further, loses 21 paisa against USD

The Pakistani rupee (PKR) depreciated by over 21 paisa against the US dollar in Thursday's interbank session and settled the trade at PKR 280.09 per USD. Read more

• PKR to retreat on financing risks: Goldman Sachs

The performance of the best-performing currency PKR will be short-lived in the backdrop of financing risks and the upcoming elections, according to Goldman Sachs's analyst. Read more

• Petrol prices expected to increase by Rs2.43, diesel to drop by Rs5.65

The rise in global oil prices amid the Middle East conflict suggests a slight upward revision in petrol prices by around Rs2.43 per litre. Read more

• 24-Karat gold price soars by Rs2,900 per tola to Rs211,350

Domestic bullion experienced a significant surge on Thursday, with the price of 24-karat gold increasing by Rs2,900 per tola to Rs211,350 at close. Read more

• SBP reserves decreased by $219.8m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $219.8 million or 2.85% WoW to $7.49 billion during the week ended on October 20, 2023. Read more

• PSX Closing Bell: Creep Along

The benchmark KSE-100 Index closed Thursday's trading session at 51,185.28 showing an increase of 8.15 points or 0.02%. Read more

• Samba Bank records 2.87x increase in net profits for 9MCY23

Samba Bank Limited (PSX: SBL) announced its results for the nine months of 2023 where the bank’s net profits soared by 2.87x to Rs1.06 billion [EPS: Rs1.05]. Read more

• SAZEW races to record profits, sees 59.82x surge in 1QFY24

Sazgar Engineering Works Limited (SAZEW) displayed a remarkable financial prowess as the company reported a staggering 59.82x YoY surge in profits to Rs658.53 million [EPS: Rs10.89] in 1QFY24. Read more

• KAPCO profits up 44% YoY despite no sales in 1QFY24

Kot Addu Power Company Limited (PSX: KAPCO) experienced a rise of 44% YoY in its profits in 1QFY24 despite no sales, recording a profit after tax of Rs1.18 billion [EPS: Rs1.34]. Read more

• FABL announces 10% DPS as profit grows to Rs12.31bn in 9MCY23

Faysal Bank Limited (PSX: FABL)’s profit grew by 57.41% YoY to Rs12.31 billion [EPS: 8.11] in 9MCY23. Read more

• SBP allows BAFL to establish Alfalah Currency Exchange

SBP issued the no objection certificate to Bank Alfalah Limited (PSX: BAFL) on Thursday for establishing an exchange company in the name of Alfalah Currency Exchange (Private) Limited. Read more

• Bank Alfalah’s profit jumps 92% YoY to Rs27.46bn in 9MCY23

Bank Alfalah Limited (PSX: BAFL)’s profit rose by 92.34% YoY to Rs27.46 billion [EPS: 17.41]in 9MCY23. Read more

• MARI’s profit jumps 50% YoY to Rs19.14bn in 1QFY24

Mari Petroleum Company Limited (PSX: MARI) revealed its profitability for the first quarter of FY24, wherein the profit after tax clocked in at Rs19.14 billion [EPS: Rs143.5]. Read more

• ABL posts Rs29bn profit in 9MCY23, declares 30% DPS

Allied Bank Limited (PSX: ABL’s) profit for the 9MCY23 saw growth of 41.89% YoY, clocking in its profit at Rs29.03 billion [EPS: 25.35]. Read more

• SBP advises banks, MFBs to strengthen terrorist financing controls

To further strengthen the controls against Money Laundering (ML)/ Terrorist Financing (TF) risks, the SBP has advised banks and MFBs offering BB services to adopt specific measures. Read more

• FFC eyes zincated urea market after Engro’s ‘Zabardast Urea’ success

The success of Engro 'Zabardast Urea' has attracted the attention of Fauji Fertilizer Company Limited (PSX: FFC) and is considering entering into Zincated Urea given the significance of additional margins. Read more

• PALSP demands SBP to cut interest rate to solve crisis in the steel industry

The Pakistan Association of Large Steel Producers (PALSP) has called on the SBP to reduce interest rate during the upcoming Monetary Policy meeting to solve the existential crisis in the steel industry. Read more

• Fatima Fertilizer to acquire up to 34.83m shares in National Resources for Rs252.19m

The Board of Directors (BoD) of Fatima Fertilizer Limited (FATIMA) has approved the acquisition of up to 34.83 million shares of National Resources (Private) Limited (NRL) for an aggregate purchase price of up to Rs252.19m. Read more

• BWCL declares Rs6 DPS despite profits drop to Rs3.08bn in 3QCY23

Bestway Cement Limited (PSX: BWCL) experienced a fall of 7.06% YoY in its profit for the 3QCY23, its profit after tax standing at Rs 3.08 billion [EPS: 5.16]. Read more

• PTV accused of hiring anchors without transparency, violating rules

A complaint has been filed by Transparency International Pakistan (TIP) against Pakistan Television (PTV) for allegedly hiring three anchors without any advertisement and open competition. Read more

• FATIMA’s profit soars by 20% YoY to Rs13bn in 9MCY23

Fatima Fertilizer Company Limited (PSX: FATIMA) has revealed its profit and loss statement for 9MCY23 as per which the company recorded a profit of Rs12.99bn [EPS: 6.19], reflecting an increase of  20.17% YoY. Read more

• Hyundai lowers car prices by average 2.7%

Hyundai Nishat Motor (Pvt.) Limited has also decided to pass on the forex benefit of PKR appreciation against USD to its customers. Read more

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