MG Morning Breeze: Updates to Skim before Market

December 07, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PKR on a roll, notches 7th straight day of gains against USD

The Pakistani Rupee (PKR) maintained its positive trajectory on Wednesday, appreciating over 23 paisa against the US dollar to settle at PKR 284.14 per USD. Read more

• PSX Closing Bell: Bullseye

The Pakistan stock market shows no signs of slowing down, with its benchmark KSE-100 Index adding another 961.7 points or 1.53% to end today's session at another record high of 63,917.72. Read more

• PSX sees worst IPO performance in 15 years

The Pakistan stock market witnessed a dismal performance in 2023, with only one Initial Public Offering (IPO) that raised a meagre Rs435 million of funds, the lowest amount raised in the past decade and a half. Read more

• 24-karat gold price drops by Rs1,300 per tola

Domestic bullion witnessed another major setback on Wednesday as the price of 24-karat gold extended losses by Rs1,300 per tola, to settle at Rs218,100 per tola. Read more

• Pakistan secures $658.8m from ADB

The Asian Development Bank (ADB) has approved three projects totalling $658.8 million this week to help Pakistan achieve its goal of more inclusive and sustainable growth and development. Read more

• Pakistan’s GDP to grow 2.1% in FY24: Bloomberg

Pakistan’s Gross Domestic Product (GDP) is expected to expand by 2.1% in fiscal 2024 after contracting 0.17% in the previous fiscal year. Read more

• Pakistan aims to improve budget-making effectiveness with digitization

The International Monetary Fund (IMF) and the Minister of Finance discussed digitizing the budget process to improve its effectiveness during the kick off meeting of the IMF Technical Assistance Mission. Read more

• SSGC LPG to go public, plans IPO of 33.3m shares

The Board of Directors (BoD) of Sui Southern Gas Company Limited (PSX: SSGCL) has approved the conversion of the status of SSGC LPG (Private) Limited (SLL) to a Public Limited company, and the initiation of the process for the issuance of 33.3 million shares through an Initial Public Offering (IPO). Read more

• SBP launches Raast P2M service

The State Bank of Pakistan (SBP) has launched an interoperable Raast P2M service to facilitate digital payment acceptance for merchants and businesses. Read more

• Dun & Bradstreet expands product portfolio in Pakistan

Dun & Bradstreet has announced two revolutionary solutions, D&B Finance Analytics and D&B Risk Analytics, designed to streamline finance operations and transform third-party risk management for businesses in Pakistan. Read more

• China’s top cotton maker eyes Pakistan for collaboration

Winner Group, a leading Chinese cotton product manufacturer has expressed strong interest in collaborating with cotton-producing giants like Pakistan. Read more

• NEPRA raises fuel charge for XWDISCOs by Rs3.0786/kWh for October

The National Electric Power Regulatory Authority (NEPRA) has raised the average uniform fuel charge component for Ex-WAPDA Distribution Companies (XWDISCOs) by Rs3.0786/kWh for October. Read more

• Govt denies reports of widespread industrial shutdown across Sindh, Balochistan

The Ministry of Industries and Production has refuted claims asserting that approximately 90% of industries in seven industrial zones of Karachi. Read more

• Cherat Packaging agrees to sell Papersack Line V for €4.4m

Cherat Packaging Limited (PSX: CPPL) has agreed to sell its Papersack Line V for a total consideration of €4.4 million and has received the Letter of Credit from the buyer. Read more

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