MG Morning Breeze: Updates to Skim before Market

December 01, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PSX soars 16.6% in November, second-highest monthly return in a decade

The Pakistan Stock Exchange’s benchmark index closed the month of November at 60,531, gaining a staggering 8,611 points or 16.59% MoM. Read more

• Promising returns, strategic triumphs await investors: OGDC

The management of the Oil & Gas Development Company Limited (PSX: OGDC) has painted a bright picture for its shareholders during yesterday’s corporate briefing session mainly on the back of their willingness to embrace high-return, high-risk projects. Read more

• Govt maintains petrol price, cuts HSD by Rs7 per litre

The caretaker federal government on Thursday decided to maintain the current petrol price of RsRs281.34 for the next fortnight. Read more

• PKR gains around 22 paisa against greenback

The Pakistani rupee (PKR) appreciated by around 22 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 285.17. Read more

• PSX sees foreign inflows of $34.5m in November

The net buying of foreign investors in November 2023 was recorded at $34.5 million, the highest since January 2018. Read more

• FBR achieves revenue collection target for 5MFY24

The Federal Board of Revenue (FBR) has successfully achieved the revenue collection target for the first five months of FY24. Read more

• LPG prices increased by Rs3.82 per kg

The Oil and Gas Regulatory Authority (OGRA) has increased the price of Liquefied Petroleum Gas (LPG) by Rs3.82 per kg. Read more

• SBP raises Rs167.28bn through GIS Auction

The State Bank of Pakistan (SBP) has successfully raised Rs167.275 billion through the sale of 1-year, 3-year, and 5-year GOP Ijara Sukuk (GIS) Variable Rental Rate (VRR) and GIS Fixed Rental Rate (FRR). Read more

• SBP reserves rose by $77m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $77 million or 1.07% WoW to $7.26 billion during the week ended on November 24, 2023. Read more

• 24-Karat gold stands stable at Rs221,000

Domestic bullion remained stable on Thursday, with the price of 24-karat gold remaining unchanged at Rs221,000 per tola. Read more

• MUGHAL bolsters portfolio with Mughal Energy acquisition

Mughal Iron & Steel Industries Limited (PSX: MUGHAL) has completed the acquisition of Mughal Energy Limited (MEL), marking a significant strategic move in the industry. Read more

• North cement price surges by up to Rs60 per bag amidst rising freight costs

The cement manufacturers in the northern region have increased the price of each bag of cement by up to Rs60, citing a surge in freight costs. Read more

• Pakistan, Kuwait ink 7 agreements, 3 MoUs

Pakistan and Kuwait signed seven agreements and three Memorandums of Understanding (MoUs) on Wednesday with the aim of attracting multi-billion-dollar investments from the State of Kuwait across various sectors in Pakistan. Read more

• Fauji Cement completes Greenfield Project

Fauji Cement Company Limited (PSX: FCCL) has successfully commissioned its Greenfield Cement Manufacturing Plant today, having a production capacity of 6,500 tons per day. Read more

• Pak Suzuki unveils Islamic financing with up to Rs650,000 in savings

Pak Suzuki Motor Company Limited (PSX: PSMC)in collaboration with Meezan Bank Limited (PSX: MEBL) is introducing a limited-time Islamic financing offer without Riba that allows customers to save up to Rs650,000. Read more

• FBR launches crackdown on sugar industry tax evasion

Monitoring teams from Field formations of the FBR have been deployed to sugar mills across the country to curb tax evasion in the sugar industry. Read more

• FBR records 4.4x YoY rise in property tax revenue

FBR collected Rs70.33 billion withholding tax on sales of immovable properties in FY23, which is a massive 4.4x YoY growth as compared to the previous year. Read more

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