MG Morning Breeze: Updates to Skim before Market

November 21, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Current account deficit worsens by 61% MoM to $74m in October

The current account deficit for October 2023 widened significantly by 60.87% MoM to stand at $74 million compared to the deficit of $46m in September 2023. Read more

• PKR appreciates by around 53 paisa against USD

The Pakistani rupee (PKR) started the week on a strong note, appreciating by around 53 paisa against the US dollar in Monday's interbank session to settle at PKR 285.97 per USD. Read more

• PSX Closing Bell: Smooth Sailing

The benchmark KSE-100 Index traded sideways on the first trading session of the week, concluding Monday's session at 57,077.96 with a marginal uptick of 14.80 points or 0.03%. Read more

• Gold price holds steady at Rs215,100 per tola

Domestic bullion started the week firm as the price of 24-karat gold remained unchanged at Rs215,100 per tola. Read more

• PKR’s REER index surges to 98.62 in October

Pak Rupee's Real Effective Exchange Rate Index (REER) increased by 7.51% MoM in October 2023 to a provisional value of 98.6217 from the revised value of 91.73 in September 2023. Read more

• Oil prices to remain stable in 2024, drop in 2025

The global oil benchmark, Brent, is expected to remain largely flat in 2024 as OPEC maintains supply restraint. Read more

• Pakistan LNG floats tender to import single LNG cargo in January

Pakistan LNG Limited (PLL), the state-owned company that procures Liquefied Natural Gas (LNG) and delivers Natural Gas to Pakistan has floated a tender to import LNG. Read more

• ICL’s shareholders approve Rs3bn investment in new power subsidiary

The shareholders of Ittehad Chemicals Limited (PSX: ICL) have approved a long-term investment of up to Rs3 billion in the proposed wholly-owned subsidiary company to be incorporated with the name, Ittehad Power (Private) Limited. Read more

• Serene airlines inaugurates maiden flight to Beijing

Serene Airlines operated its inaugural flight on Sunday from Karachi to Beijing with the aim of facilitating business and tourism between China and Pakistan. Read more

• SSGC suffers massive loss of Rs11.4bn in FY22

Sui Southern Gas Company Limited (PSX: SSGC)’s loss after tax clocked in at 11.41 billion [LPS: Rs12.95] in FY22. Read more

• PPL unveils major gas, condensate discovery in east X-1 well

Pakistan Petroleum Limited (PSX: PPL) has made a gas and condensate discovery from the exploration well Jhim East X-1 in Block 2467-16 (Shah Bandar), located in District Sujawal, Sindh Province. Read more

• Petroleum import bill falls by 16.39% YoY to $1.23bn

The import bill of the petroleum group plunged to $1.23 billion in October 2023, marking a decrease of 16.39% YoY. Read more

• FDI drops by 29% MoM to $122.46m in October

Foreign direct investment (FDI) in Pakistan stood at $122.46 million in October 2023, registering a decrease of 29.05% MoM compared to $172.6m in September 2023. Read more

• Textile exports rose by 9% MoM in October

The country's total textile export registered an increase of 9.05% MoM to $1.45bn in October 2023 compared to $1.33bn recorded in the same period of last year. Read more

• USA leads as top export destination for Pakistan

The U.S.A. continued to remain the top export destination for Pakistan with $485.17 million worth of shipments in October. Read more

• China dominates as Pakistan’s top import partner

Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during October FY24, followed by U. A. E. Dubai, Saudi Arabia, and Singapore. Read more

• Service sector trade deficit shrinks by 15.27% MoM

The service sector of Pakistan posed a trade deficit of $172 million in October, reflecting a decline of 15.27% MoM as compared to a deficit of $203m recorded in the previous month. Read more

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