MG Morning Breeze: Updates to Skim before Market

November 30, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Saudi Arabia grants one-year extension on $3bn deposit

The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of $3 billion maturing on December 05, 2023 for another one year. Read more

• SBP sells T-bills worth Rs1.17tr, yields fall by up to 7bps

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs1.165 trillion for 3,6 and 12 months against a target of Rs900bn. Read more

• PKR appreciates by around 14 paisa against USD

The Pakistani rupee (PKR) appreciated by around 14 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 285.39per USD. Read more

• PSX Closing Bell: Don’t Let Me Fall

The benchmark KSE-100 Index showed some correction today after seven straight sessions of gains, concluding Wednesday's trading session at 60,502 showing a decrease of 228.27 points or 0.38%. Read more

• PSX rally attracts highest foreign investment since 2019

The Pakistan stock market's rally has been fueled by the return of foreign investors' confidence, with overseas traders injecting the highest in Pakistani stocks in four years, worth $26.29 million in November thus far. Read more

• SBP raises Rs820.85bn through PIB-PFL auction

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Pakistan Investment Bond – Floating Rate (PIB-PFL) semiannual and quarterly worth Rs820.85 billion for 2, 3, 5 and 10 years against a target of Rs280bn. Read more

• Gold price in Pakistan surges by Rs2,600 per tola

Domestic bullion recorded significant gains on Wednesday as the price of 24-karat gold surged by Rs2,600 per tola to Rs221,000 per tola. Read more

• Crescent Steel expands order book with China Harbour Engineering

Crescent Steel & Allied Products Limited (PSX: CSAP) has been awarded an additional quantity in its existing contract of 84” and 68” coated steel line pipes API 5L X42M PSL 2 with China Harbour Engineering Company Limited for manufacturing and coating of pipes. Read more

• TPL Life & DSML to merge, forging stronger presence in insurance industry

The Board of Directors (BoD) of TPL Life Insurance Limited (TPL Life) has approved the merger of the entire business and undertaking of TPL Life with and into Dar Es Salam Textile Mills Limited (PSX: DSML. Read more

• Avanceon approves sale of Empiric AI to Octopus Digital

The Board of Directors (BoD) of Avanceon Limited (PSX: AVN) has approved the sale/transfer/dispose of the entire shareholding in its wholly owned subsidiary Empiric AI (Private) Limited (EPL) to Octopus Digital Limited (PSX: OCTOPUS. Read more

• Privatization Commission inks agreement for PIAC divestment

A Financial Services Agreement (FASA) was signed on Wednesday between the Privatization Commission and the Financial Advisor for divestment of Pakistan International Airlines Corporation (PIACL). Read more

• SBP aims to raise Rs150bn through GIS: Auction Calendar Nov-Jan

The government is targeting to raise Rs150 billion during the next three months (November-January) of FY24, through the auction of GOP Ijara Sukuk (GIS). Read more

• FCEPL’s revenue growth suggests further upside for share price

FrieslandCampina Engro (PSX: FCEPL) still has the potential for further upside as the company maintained volumes despite aggressive price hikes. Read more

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