MG Morning Breeze: Updates to Skim before Market

November 07, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Pakistani Rupee continues to slide against Dollar

The Pakistani rupee (PKR) depreciated by 97.64 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 285.29 per USD. Read more

• 24-karat gold price inches down to Rs214,200 per tola

Domestic bullion started the week lower as the price of 24-karat gold fell by Rs400 per tola to settle at Rs214,200. Read more

• Cooking oil stockpiles in Pakistan hit record high

The edible oil reserves in Pakistan have risen to an unprecedented level of about 500,000 tons, and traders are now facing storage constraints. Read more

• SECP, FIA sign MoU to enhance mutual cooperation

Both organizations have signed a memorandum of understanding (MoU) to formalize mechanism for information sharing and cooperation between the both organizations. Read more

• PSX Closing Bell: Going the Distance

The benchmark KSE-100 Index concluded Monday's trading session at another all-time high of 53,860.37, showing an intraday increase of 737.33 points or 1.39%. Read more

• World Bank spotlights Pakistan’s key development challenges

Pakistan is at a critical decision point, with several interrelated factors underpinning the country’s inadequate development progress, the World Bank highlights these issues in its latest report. Read more

• SZTM Unit No. 1 back in production after brief halt

Shahzad Textile Mills Limited (PSX: SZTM) has successfully resumed the operations of Unit No. 1, located at 34th KM Lahore Sheikhupura Road, Sheikhupura. Read more

• Gas tariff hike sparks outrage among industries

The industrial sector in Karachi has expressed its strong opposition to the recent increase in gas tariff by the government. Read more

• VIS reaffirms entity ratings of Gadoon Textile Mills

The VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Gadoon Textile Mills Limited (PSX: GADT) at ‘A+’ for long-term and ‘A-1’ for short term with a stable future outlook. Read more

• Fitch Ratings downgrades emerging market growth forecast

Fitch Ratings has reduced its estimate of medium-term potential growth for the 10 emerging markets (EM) covered in its Global Economic Outlook (GEO) to 4% on a GDP weighted-average basis, down from 4.3%. Read more

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