MG Morning Breeze: Updates to Skim before Market

August 31, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• IMF program leaves government with little to no room for electricity prices

The government's capacity to address the escalating electricity prices, which have prompted public demonstrations, is somewhat restricted due to the International Monetary Fund (IMF) program. Read more

• PKR depreciates by 1.39 rupees against USD

The Pakistani rupee (PKR) depreciated by 1.39 rupees against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 304.445 per USD. Read more

• New Shariah standards for Islamic banking take effect

To enhance Shariah compliance framework and practices in the Islamic banking industry, the AAOIFI Shariah Standards No. 15 (Ju’alah), No. 39 (Mortgage and its Contemporary Applications) and No. 46 (Al-Wakalah Bi Al-Istithmar (Investment Agency)) have been adopted with immediate effect. Read more

• Caretaker government stresses adherence to IMF agreements: Dr. Shamshad Akhtar

As a caretaker government, ensuring compliance with all agreements signed with the International Monetary Fund (IMF) by the legitimate government is crucial. Read more

• Domestic gold inches closer to an all-time high

Domestic bullion continued the upward trajectory on Wednesday, with 24-karat gold appreciating by Rs2,900 to close at Rs236,400 per tola. Read more

• PSX Closing Bell: A bitter pill to swallow

The benchmark KSE-100 index witnessed another bearish session on Wednesday, losing 525.86 points or 1.12% DoD to close the day at 46,244.55. Read more

• OGDCL’s Siab-1 Well achieves record production surge

Oil & Gas Development Company Limited (OGDCL) has achieved significant production enhancement at the Siab-1 well, in Baratai Block located in Kohat district, Khyber Pakhtunkhwa province. Read more

• CMEC warns of coal production halt due to payment delays from SECMC

China Machinery Engineering Corporation (CMEC) is facing difficulties in remitting the amount to import equipment which would derail the daily production of coal from 25,000 per ton per day. Read more

• NCPL’s profit rises by 58% to Rs3.96bn in FY23

Nishat Chunian Power Limited (PSX: NCPL) posted a remarkable growth of 58.03% YoY in its net profits in FY23, which reached Rs3.96bn [EPS: Rs10.77]. Read more

• NICL gets go-ahead for a restructuring scheme

The Board of Directors of Nimir Industrial Chemicals Limited (PSX: NICL) in its meeting held on Tuesday has approved the restructuring of the company with its subsidiaries as embodied in the draft of the scheme of arrangement. Read more

• Oil prices up on US crude inventory drawdown

Oil prices increased on Wednesday after industry data showed a large reduction in crude inventories in the U.S., the world's biggest fuel consumer. At the same time, concerns about a hurricane in the Gulf of Mexico kept investors on edge. Read more

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