MG Morning Breeze: Updates to Skim before Market

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

• 24-Karat gold settles the week at Rs214,600

Domestic bullion extended its upward momentum as the price of 24-Karat recorded another weekly gain of Rs3,300 per tola to settle at Rs214,600. Read more

• PKR sheds 3.74 rupees against USD in a week

The Pakistani rupee (PKR) maintained its downward trend throughout the week, depreciating by 3.74 rupees against the U.S. Dollar to settle the week at PKR 284.31 per USD. Read more

• Govt constitutes Capital Market Advisory Council

In a bid to improve the efficiency of the capital market, the government on Friday constituted a committee of the Capital Market Advisory Council. Read more

• IFC, World Bank to invest $4.5bn in Pakistan

The International Finance Corporation (IFC) and the World Bank have announced a groundbreaking investment of $4.5 billion to transform Pakistan’s economic outlook. Read more

• OGRA notification delay for gas price hike sparks uncertainty

As of now, the Oil and Regulatory Authority (OGRA) has yet to issue an official notification pertaining to an increase in gas tariffs, effective from November 1, 2023. Read more

• Saudi Arabia eyes stake in Pakistan’s $7bn Reko Diq

Saudi Arabia is in ongoing talks with Pakistan to buy part of the government’s stake in a $7 billion copper project jointly owned with Barrick Gold Corp. Read more

• North cement price up by 15.6% YoY to Rs1,196 per bag

The average cement prices in the North region increased by Rs162 or 15.6% YoY per bag to clock in at Rs1,196 as of November 02, 2023. Read more

• PSX Closing Bell: To Infinity and Beyond

The benchmark KSE-100 index closed today's session at the highest level in history after 6.5 years, at 53,123.04 points. Read more

• $700m boost in exports expected after gas/RLNG pricing reforms

The All-Pakistan Textile Mills Association (APTMA) expects exports to increase by as much as $700 million per month. Read more

• Arab Monetary Fund, SBP sign MoU

The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) on Friday joined hands to facilitate cross-border remittances. Read more

• PIBTL’s loss widens to Rs2.16bn in FY23

Pakistan International Bulk Terminal Limited (PSX: PIBTL) loss after tax widened significantly to Rs2.16 billion [LPS: 1.21] in fiscal year 2023. Read more

• BOK to set up an exchange company

The Board of Directors of The Bank of Khyber (PSX: BOK) has approved the establishment of an Exchange Company with an initial paid-up capital of up to Rs1 billion. Read more

• Wheat stocks reach 6.9m tons, prices fall

Pakistan’s wheat reserves were recorded at over 6.934 million metric tons as of November 2023. Read more

• Weekly inflation increases by 0.71%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.71% WoW during the week ended November 02, 2023. Read more

Copyright Mettis Link News