MG Morning Breeze: Updates to Skim before Market

December 08, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PKR remains stable at 284.12 per USD

The Pakistani rupee (PKR) appreciated by 2.5 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 284.1189 per USD, compared to the previous session's closing of PKR 284.1439 per USD. Read more

• SBP reserves declined by $236.8m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) declined by $236.8 million or 3.26% WoW to $7.02 billion during the week ended on December 01, 2023. Read more

• Money supply stands at Rs34.9tr as of October

The total money supply circulating within the economy till October 2023 has been recorded at Rs34.91 trillion, according to provisional accounts on Monetary Aggregates for the month. Read more

• PSX Closing Bell: Over the Moon

Pakistan stock market's benchmark index closed in green for another session and is on track to record its tenth consecutive weekly gain. Read more

• Universal Network Systems utilizes entire Rs446m fund allocation

Universal Network Systems Limited (PSX: GEMUNSL) has successfully utilized funds worth Rs445.71 million for development, expansion and working capital requirements. Read more

• Tariq Glass acquires 50% stake in MMM Holding

Tariq Glass Industries Limited (PSX: TGL) has acquired 50% or 57.55 million shares of MMM Holding (Private) Limited (MMM), a holding company of Balochistan Glass Limited (PSX: BGL) from Muhammad Tousif Peracha. Read more

• EPCL enters agreement with SSGC for gas supply till February 29

Engro Polymer & Chemicals Limited (PSX: EPCL) has entered into an interim agreement with Sui Southern Gas Company Limited (PSX: SSGCL) for the supply of gas till February 29, 2024. Read more

• 24-Karat gold price increases by Rs800 per tola to Rs218,900

Gold price in Pakistan witnessed an uptick on Thursday as the price of 24-karat gold increased by Rs800 per tola to settle at Rs218,900 per tola. Read more

• PSX to conduct GOP Ijarah Sukuk auction for 1st time in history

In a significant development, the Pakistan Stock Exchange Limited (PSX) is set to conduct the auction for the sale of 1 year listed Government of Pakistan (GOP) for the very first time in history. Read more

• IAC meets to boost industrial sector for $100bn exports vision

To achieve the national objective of $100 billion in exports, the Ministry of Industries and Production conducted a meeting of the Industrial Advisory Council (IAC) to address critical issues and propose actionable strategies for the enhancement of the country's industrial sector. Read more

• PIA to embark on strategic restructuring for enhanced market appeal

To enhance its appeal to potential buyers in the aviation industry, Pakistan International Airlines (PIACL) is set to undergo restructuring. Read more

• Habib Sugar Mills addresses trading spike in conjunction with market trend

Habib Sugar Mills Limited (PSX: HABSM) has issued a clarification notice to the local bourse today, affirming that the company is not aware of any material information that may have caused the increase in the trading volume of its shares. Read more

• Bitcoin options traders bet on $50,000 by January amid ETF hopes

Options traders are loading up on bets that Bitcoin will surge to $50,000 by January when many market observers expect the SEC to finally allow exchange-traded funds to directly hold the cryptocurrency. Read more

• Karandaaz Pakistan backs Open Banking to drive financial inclusion

Karandaaz Pakistan, a development finance firm is committed to supporting the enablement of an Open Banking ecosystem as it can directly help lower the barriers to accessing financial services and innovation. Read more.

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