MG Morning Breeze: Updates to Skim before Market

November 28, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• CPI Preview: Gas price surge to push inflation above 28%

The headline inflation for November is anticipated to settle at around 28.73% YoY and 2.2% MoM compared to the previous month’s 26.9% YoY and 1.1% MoM. Read more

• Pakistan, UAE sign multibillion-dollar MoUs

Pakistan has signed a multi-billion dollar Memorandum of Understanding (MoU) with the United Arab Emirates (UAE). Read more

• PKR trades 27 paisa lower against USD

The Pakistani rupee (PKR) depreciated by over 27 against the US dollar in Monday's interbank session and settled at PKR 285.64 as opposed to the previous day's closing of PKR 285.37 per USD. Read more

• PSX Closing Bell: The Endgame

The benchmark for the Pakistan Stock Exchange (PSX) started the week strong, surging by 725 points or 1.23% to close today's session at 59,811.34. Read more

• Gold price surges by Rs1,100 per tola to Rs217,600

Domestic bullion started the week strong with the price of 24-karat gold surging by Rs1,100 per tola to Rs217,600 per tola. Read more

• Pakistan Secures LNG Shipment from Oman

In a strategic move to address the looming fuel deficit during the winter season, Pakistan has finally bought a liquefied natural gas (LNG) shipment scheduled for January. Read more

• WB to unveil policy notes for Pakistan’s key reforms

The World Bank (WB) will present a series of ‘Policy Notes’ on Tuesday outlining the most critical policy shifts for Pakistan’s key areas including achieving fiscal sustainability. Read more

• GCIL to set up $5-5.5m worth coal power plant

To address the challenge of high utility prices, the Board of Directors (BoD) of Ghani Chemical Industries Limited (PSX: GCIL) has decided to establish a 7 MW coal power plant at a projected cost of $5- 5.5 million. Read more

• LSE Proptech Limited merges with LSE Capital Limited

The Board of Directors (BoD) of LSE Proptech Limited (PSX: LSEPL) has approved the Scheme of Compromises, Arrangement and Reconstruction for the amalgamation/merger of LSEPL and Modaraba Al-Mali with and into LSE Capital Limited (LSECAP). Read more

• FFC secures shareholders’ nod for $3.5m Pari Passu charge on fixed assets

The shareholders of Fauji Fertilizer Company Limited (PSX: FFC) have granted authorization for the company to establish a pari passu charge on its fixed assets, with a maximum amount (inclusive of margin) of $3.5 million or its PKR equivalent. Read more

• KOSM joins hands with UAE firm

The Board of Directors (BoD) of Kohinoor Spinning Mills Limited (PSX: KOSM) has agreed to pursue the strategic partnership with The Nation Trust Holdings Abu Dhabi, UAE through its subsidiary EMNOC. Read more

• VIS maintains entity ratings of International Steels

The VIS Credit Rating Company Limited (VIS) has maintained the entity ratings of International Steels Limited (PSX: ISL) at ‘A+’ for the long term and ‘A-1’ for the short term with a stable future outlook. Read more

• PACRA maintains entity ratings of PABC

Pakistan Credit Rating Agency Limited (PACRA) has maintained entity ratings of Pakistan Aluminium Beverage Cans Limited (PSX: PABC) at "A+" for the long term and "Al" for the short term with a stable outlook forecast. Read more

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