MG Morning Breeze: Updates to Skim before Market

August 29, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Gold prices drop by Rs1,500 per tola to Rs233,000

Domestic bullion started the week on a low note with 24-karat gold witnessing a decline of Rs1,500 to close at Rs233,000. Read more

• PSX Closing Bell: Back against the wall

The benchmark KSE-100 index continued its downward trend on Monday, shedding 192.6 points or 0.40% DoD to close at 47,478.61. Read more

• PKR downward momentum continues, closes at Rs301.997

The Pakistani rupee (PKR) depreciated by 1 rupee against the US dollar in Monday’s interbank session as the currency settled the trade at PKR 301.997 per USD, compared to the previous session’s closing of PKR 301.003 per USD. Read more

• ECC bans sugar exports due to fear of shortage

The Economic Coordination Committee (ECC) of the Cabinet on Monday decided to prohibit the export of sugar on the back of mounting fears of a shortage and rising costs. Read more

• Amr Ahmed takes on additional role as Managing Director PARCO

The federal government has approved the additional charge of the post of Managing Director, Pak Arab Refinery Company Limited (PARCO), Petroleum Division to Mr Amr Ahmed, Chief Executive Officer, Pak Arab Pipeline Company Limited (PAPCO), Petroleum Division in addition to his own duties. Read more

• PICT’s 1HCY23 profits rise by 10%, offers 200% cash dividend

Pakistan International Container (PSX: PICT) has managed to intact its profitability at Rs1.5 billion [EPS: Rs13.9] in 1HCY23, up by 10% YoY as compared to a profit of Rs1.38bn [EPS: Rs12.66] in the same period last year (SPLY). Read more

• Fatima Fertilizer reports 12% decline in profitability

Fatima Fertilizer Company Limited (PSX: FATIMA) 's profitability declined by 12.31% YoY in 1HCY23, clocking in its profit after tax at Rs5.13bn [EPS: Rs2.44]. Read more

• INDU’s profit declines to Rs9.66bn in FY23, announces Rs29 DPS

 Indus Motor Company Limited (PSX: INDU) has revealed its financial statement for the year ended June 30, 2023, as per which the company posted a profit after tax worth Rs9.66 billion [EPS: Rs122.96]. Read more

• StarchPack granted Rs250m capital injection, Rs750m long-term loan by Packages Limited

The Board of Directors of Packages Limited (PSX: PKGS) endorsed a resolution aimed at infusing capital into its subsidiary, StarchPack (Private) Limited (StarchPack). Read more

• Lagarde’s silence stokes ECB policy uncertainty

 Christine Lagarde’s avoidance of a clear signal of intent for European Central Bank policy has just thrown a brighter spotlight on a pivotal week in the eurozone. Read more

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