MG Morning Breeze: Updates to Skim before Market

November 02, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• FATIMA, Agritech plants to receive uninterrupted gas supply: ECC

The Economic Coordination Committee (ECC) has decided that uninterrupted gas supply will continue for Fatima Fert and Agritech Plants to ensure a sufficient supply of urea fertilizer. Read more

• SBP sells T-bills worth Rs1.15tr against a target of Rs975bn

The State Bank of Pakistan (SBP) sold Market Treasury Bills (MTBs) worth Rs1.148 trillion for 3,6 and 12 months against a target of Rs975bn. Read more

• SBP raises Rs341.28bn through PIB-PFL auction

The SBP also sold Pakistan Investment Bond – Floating Rate (PIB-FRR) semiannual and quarterly worth Rs341.276 billion for 2, 3, 5 and 10 years against a target of Rs280bn. Read more

• PKR sheds 1.17 rupees against USD in Interbank

The Pakistani rupee (PKR) depreciated by 1.17 rupees against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 282.65 per USD. Read more

• 24-Karat gold price declines by Rs1,200 per tola to Rs211,800

Domestic bullion experienced losses on Wednesday as the price of 24-karat gold fell by Rs1,200 per tola, settling at Rs211,800. Read more

• PSX Closing Bell: No Looking Back

The benchmark KSE-100 index maintained its bullish momentum, adding 422.37 points or 0.81% to close the day at 52,342.64, inching closer to its all-time high. Read more

• National savings increases profit rate by 1% to 20.5%

The National Savings has announced a revision in the savings account profit rate, increasing it by 1% to a new rate of 20.5% per annum. Read more

• CPI for October clocks in at 26.9% YoY

The consumer price index (CPI) for the month of October 2023 clocked in at 26.9% YoY. Read more

• ICBC allows yuan (RMB) clearing services in Pakistan

The Industrial and Commercial Bank of China (ICBC) has granted approval for yuan (RMB) clearing services in Pakistan. Read more

• Trade deficit widens by 38.27% MoM in October

Pakistan's trade deficit for the month of October was $2.099 billion compared to a deficit of $1.518bn from the previous month, worsening by 38.27% MoM. Read more

• OGDC’s profit dips by 8% YoY in 1QFY24

Oil and Gas Development Company Limited (PSX: OGDC)’s profit after tax clocked in at Rs49.04 billion [EPS: Rs11.4]. Read more

• SBP maintains rate of Special Cash Reserve Account at 4.32% for November

The central bank decided to maintain the rate of remuneration for the month of November 2023 on the Special Cash Reserve Account (US$) at 4.32%. Read more

• Dandot Cement’s shareholders approve Rs1.5bn loan conversion

The shareholders of Dandot Cement Company Limited (PSX: DNCC) have approved the allotment of ordinary shares through the conversion of loans worth Rs1.5 billion received from Calicom Industries (Pvt.) Limited and two other lenders. Read more

• Pak Suzuki continues to halt production due to inventory shortage

Owing to the shortage of inventory level, Pak Suzuki Motor Company Limited (PSX: PSMC) has officially extended the shutdown of its automobile plant from November 06, 2023, to November 08, 2023. Read more

• AGIL decides partial shutdown during October

Agriauto Industries Limited (PSX: AGIL) has decided to partially shutdown during the month of November 2023. Read more

• Faysal Bank gets green light to launch exchange company

The central bank issued the no-objection certificate to Faysal Bank Limited (PSX: FABL) for establishing an exchange company in the name of Faysal Islami Currency Exchange Company (Private) Limited. Read more

• Shell Pakistan to undergo ownership change as SPCO sells stake to WAFI Energy

Shell Pakistan Limited (PSX: SHEL) will have to undergo a major ownership change as Shell Petroleum Company Limited (SPCO) executed a Share Purchase Agreement (SPA) with Wafi Energy LLC (WAFI Energy) on October 31, 2023. Read more

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