MG Morning Breeze: Updates to Skim before Market

November 29, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PKR to hit 350 per USD by 2024: Bloomberg

The Pakistani rupee (PKR) is set to end the year as Asia’s worst-performing currency and the losses are expected to persist in 2024. Read more

• GDP growth rebounds to 2.13% in 1QFY24

Pakistan’s Gross Domestic Product (GDP) growth rate witnessed a recovery in 1QFY24, recording at 2.13% as compared to 0.96% in 1QFY23. Read more

• PSX Closing Bell: Historic Milestone

The main gauge for the Pakistan Stock Exchange achieved a historic milestone, closing above the 60,000-point mark for the first time in history. Read more

• PKR appreciates by 12 paisa against greenback

The Pakistani rupee (PKR) appreciated by 12 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 285.52 per USD. Read more

• 24-Karat gold price increases to Rs218,400 per tola

Domestic bullion witnessed gains on Tuesday with the price of 24-karat gold increasing by Rs800 per tola to Rs218,400 per tola. Read more

• RLNG prices increased by up to 1.2% for November

Regassified Liquefied Natural Gas (RLNG) prices for the month of November 2023 have increased by 1.2% and 1.17% for Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC, respectively. Read more

• STPL to halt production at winder plant for two weeks

Siddiqsons Tin Plate Limited (PSX: STPL) has decided to temporarily close its Winder Plant from November 28 to December 11, 2023. Read more

• Steel rebar prices spiked by up to Rs3,000/ton

The steel rebar prices in the country have surged by up to Rs3,000/ton owing to a rise in production costs and an uptick in demand. Read more

• Meezan Bank’s long-term ROE outlook positive

Meezan Bank Limited (PSX: MEBL) holds immense potential to mitigate the negative impact of the imposition of a Minimum Deposit Rate (MDR) on Islamic banks, thereby limiting the long-term return on equity (ROE) impact from the worst-case scenario. Read more

•  Repatriation of profit surges to $485m in 4MFY24

Repatriation of profit and dividends by foreign investors soared by 6.8x YoY in 4MFY24 to $485.4 million compared to $71.3m worth of repatriation in the same period last year. Read more

• Rs484bn investment to add 1,200 MW boost: KE

The proposed investment plan worth Rs484 billion of K-Electric will pave the way for a significant addition of over 1,200 megawatts (MW) of renewable energy to the city’s power grid. Read more

• Official reserve assets stand at $12.72bn as of October: SBP

The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $12.72 billion as of October 31, 2023. Read more

• World Bank launches policy notes for Pakistan’s brighter future

The World Bank’s Regional Vice President for South Asia, Martin Raiser has launched a series of Policy Notes that outline critical policy shifts required for a productive, sustainable, resilient, and healthy Pakistan. Read more

• Pakistan Sports Complex to be used for GoP Ijarah Sukuk issuance

The GoP Ijarah Sukuk (GIS) will now be issued on the identified asset of the Pakistan Sports Board (PSB), which includes the Pakistan Sports Complex. Read more

Copyright Mettis Link News