MG Morning Breeze: Updates to Skim before Market

August 30, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP suspends authorization of Money Link Exchange Company

The State Bank of Pakistan (SBP) has suspended the authorization of Money Link Exchange Company (Private) Limited for a period of three month. Read more

• ICBC unveils RMB policies to strengthen China, Pakistan economic ties

experts from the Industrial and Commercial Bank of China (ICBC) on Tuesday introduced comprehensive policies for cross-border RMB business, products and services, on-shore and off-shore markets, as well as ICBC’s strengths in RMB clearing and market making. Read more

• Repatriation of profit plunges by 87% YoY in July

Repatriation of profit and dividends by foreign investors plummeted by around 88.02% MoM and 87% YoY in July to $2.1 million compared to $17.9m in the previous month and $16.5m in July 2022. Read more

• 24-Karat gold prices touch Rs233,500 per tola, up by Rs500

Domestic bullion rose on Tuesday after witnessing a drop in yesterday's trading session, with 24-karat gold marking an increase of Rs500 to settle at Rs233,500 per tola. Read more

• PKR continues its descent, hits new low of 303.05 per USD

The Pakistani rupee (PKR) continued its descent as it depreciated by 1.06 rupees against the US dollar in Tuesday's interbank session and settled the trade at PKR 303.05 per USD. Read more

• PSX Closing Bell: Under the Weather

The benchmark KSE-100 index extended its decline on Tuesday, losing 708.2 points or 1.49% DoD to close the day at 46,770.42. Read more

• Tax nightmare of Pakistan’s electricity bills: 9 taxes, duties

The government has been charging an overwhelming total of nine distinct taxes and duties on an average electricity bill. Read more

• Auto financing drops by 20.90% YoY to Rs285.19bn in July

Automobile financing in Pakistan has dropped to Rs285.19 billion in July 2023, witnessing a decrease of 20.90% YoY and 2.91% MoM. Read more

• Systems Limited posts 73% YoY profit growth in 1HCY23

Systems Limited (PSX: SYS) 's profitability was augmented by 72.69% YoY in 1HCY23, clocking in its profit after tax at Rs4.82bn [EPS: Rs16.59]. Read more

• POL posts Rs37.30bn profit in FY23, announces Rs60 DPS

Pakistan Oilfields Limited (PSX: POL) 's profitability rose by 39.30% YoY in FY23 as its profit after tax clocked in at Rs37.30 billion [EPS: Rs131.29]. Read more

• ACPL’s profit rises by 55.42% to Rs2.11bn Profit in FY23

The profit after tax of Attock Cement (Pakistan) Limited (PSX: ACPL) surged significantly by 55.42% YoY in FY23 as the profit after tax clocked in at Rs2.11bn [EPS: Rs13.60]. Read more

• Fauji Cement’s bottom line improves to Rs7.44bn in FY23

Fauji Cement Company Limited (PSX: FCCL) observed increase in profits by 4.60% YoY in FY23, clocking in its profit after tax at Rs7.44 billion [EPS: Rs3.16]. Read more

• ATRL’s profitability soars 2.37x YoY to Rs30.67bn, announces Rs12.50 DPS

Attock Refinery Limited (PSX: ATRL) 's profitability upsurged by 2.37x YoY in FY23, clocking in its profit after tax at Rs30.67bn [EPS: Rs287.67]. Read more

• Octopus Digital profits rise 13% YoY in 1HCY23

Octopus Digital Limited (PSX: OCTOPUS) witnessed a 13.14% YoY rise in its profitability during the first half of 2023, with the profit after tax reaching Rs271.86 million [EPS: Rs1.73]. Read more

• Avanceon Limited achieves profit after tax of Rs1.17bn in 1HCY23

The net profit of Avanceon Limited (PSX: AVN) jumped by 27.31% YoY in 1HCY23, clocking in its profit after tax at Rs1.17 billion [EPS: Rs3.29]. Read more

• NRL’s annual loss shrinks to Rs4.46bn after profitable Q4

National Refinery Limited (PSX: NRL) unveiled its financial results for FY23 on Tuesday wherein the loss after tax clocked in at 4.46bn [LPS: Rs55.81]. Read more

• PABC announces 35% dividend as profit jumps 72% YoY

Pakistan Aluminium Beverage Cans Limited (PSX: PABC) saw a notable increase of 72.14% YoY in its profits in 1HCY23, clocking in its profit after tax at Rs2.71bn [EPS: Rs7.52]. Read more

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