MG Morning Breeze: Updates to Skim before Market

November 16, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Petrol prices drop Rs2.04, Diesel Rs6.47 per litre

The caretaker federal government on Thursday decided to reduce the price of petrol and High-Speed Diesel (HSD) by Rs2.04 and Rs6.47 per litre. Read more

• IMF reaches SLA on first review for 9-month SBA

The IMF staff and the Pakistani authorities have reached a staff-level agreement on the first review under Pakistan’s Stand-By Arrangement (SBA), subject to approval by the IMF’s Executive Board. Read more

• SBP sells T-bills worth Rs1.16tr, yields fall by up to 50bps

The SBP conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs1.161 trillion for 3,6 and 12 months against a target of Rs1.5tr. Read more

• Cabinet approves 40% tax on banks’ currency gains

The Federal Cabinet in its meeting held today has approved a 40% windfall tax on banks’ foreign currency gains. Read more

• Federal Cabinet approves bilateral investment treaties with Saudi Arabia, Qatar

The Federal Cabinet in its meeting held today approved the negotiation of bilateral investment treaties with Saudi Arabia and Qatar. Read more

• Pakistan achieves positive results in technical level talks with IMF

The efforts made by the Government in meeting various quarterly targets set by the IMF under the SBA have resulted in positive conclusion of the technical level talks. Read more

• Finance Ministry forms committee to launch government securities on PSX

The Ministry of Finance has formed a committee, comprising experts from the financial sector, to finalize the modalities for the issuance and trading of government securities on the PSX. Read more

• SBP raises R496.37bn through PIB-PFL auction

The SBP conducted an auction on Wednesday in which it sold Pakistan Investment Bond – Floating Rate (PIB-FRR) semiannual and quarterly worth Rs496.37 billion for 2, 3, 5 and 10 years against a target of Rs280bn. Read more

• HBL, Bank of China sign landmark MoU on strategic cooperation

 In a landmark development, HBL and the Bank of China (BOC) signed a MoU on strategic cooperation. Read more

• CCoSOE greenlights revised SOE policy 2023, recommends to Cabinet for approval

The Cabinet Committee on State-Owned Enterprises (CCoSOE) on Wednesday approved the revised SOE Policy 2023 and recommended it for Cabinet's approval. Read more

• PSX Closing Bell: Inflated Hopes

The main gauge of the Pakistan stock market ended slightly higher on Wednesday, managing to notch its fifth straight win. Read more

• PKR registers 17th consecutive loss against USD

The Pakistani rupee (PKR) depreciated by 27 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 288.14. Read more

• SNGP reports 11% YoY profit dip at Rs8.4bn for nine months ended March 2023

SNGP revealed its financial results for the nine months ended March 2023, as per which the company's profit fell by 11% YoY to clock in at Rs8.4 billion [EPS: 13.24]. Read more

• Pakistan’s LSMI production decreases by 3.56% MoM in September

Pakistan’s LSMI production decreased by 3.56% MoM in September 2023 to stand at 112.85 compared to 117.02 in August 2023. Read more

• 24-Karat gold price climbs Rs2,000 per tola to Rs214,800

In a significant step towards revolutionizing cotton production in Pakistan, APTMA Cotton Foundation (ACF) and Better Cotton Initiative Pakistan (BCI) have entered a MoU. Read more

• SECP grants certificate of incorporation to MEBL’s exchange company

SECP has issued the Certificate of Incorporation to Meezan Exchange Company (Private) Limited, a fully-owned subsidiary of MEBL. Read more

• Green Pakistan Initiative plans to utilize more than 100m acres of vacant land

Green Pakistan Initiative is working in collaboration with the Government of Pakistan and the Pakistan Army to utilize the vast vacant land in Pakistan. Read more

• Oil prices rise with robust China economic data, positive IEA forecast

Global oil prices surged on Wednesday, driven by strong data on China's factory output and retail sales for October, coupled with positivity from the IEA raising its oil demand growth forecast. Read more

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