MG Morning Breeze: Updates to Skim before Market

September 01, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• CPI Preview: No Silver Linings

The headline inflation for August 2023 is expected to settle around 28% – 29.75% with an average estimate of 28.51% YoY compared to 28.3% YoY in the last month and 27.3% YoY in August 2022. Read more

• Petrol crosses Rs305 mark

The caretaker government on Thursday hiked the petrol and High-Speed Diesel (HSD) prices by Rs14.91 and Rs18.44 per litre to Rs305.36 and Rs311.84 per litre, respectively. Read more

• PKR continues its descent, hits new low of 305.54 per USD

The Pakistani rupee (PKR) continued its downward trajectory, depreciating by 1.09 rupees against the US dollar in Thursday's interbank session to settle at PKR 305.538 per USD. Read more

• SBP reserves diminished by $81.2m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $81.2 million or 1.02% WoW to $7.85 billion during the week ended on August 25, 2023. Read more

• Domestic Gold just inches away from all-time high

Domestic bullion witnessed a further ascent as 24-karat gold climbed to Rs239,800 per tola, reflecting a gain of Rs3,400. Read more

• PSX Closing Bell: Merciless Death

The benchmark KSE100 Index continued its bearish momentum on Thursday, closing the trading session at 45,002.41, experiencing a significant loss of 2.69% or 1242.14 points. Read more

• FBR surpasses August Revenue target with Rs669bn collection

The Federal Board of Revenue (FBR) has successfully surpassed the revenue target for the second consecutive month in August FY24 by collecting Rs669 billion tax revenues. Read more

• FDIBL to exit non-banking finance sector, rebrand as Dawood Company Limited

The Board of Directors (BoD) of First Dawood Investment Bank Limited (FDIBL) has authorized the company to exit the non-banking finance sector and operate like a normal listed company. Read more

• KOHC cements profits by 15.85% YoY in FY23

Kohat Cement Company Limited (PSX: KOHC) wrapped the fiscal year 2023 on a positive note as the company enjoyed a profit worth Rs5.82 billion [EPS: Rs28.98]. Read more

• DGKC hit by double whammy of higher taxation, finance cost

D.G Khan Cement Company (PSX: DGKC) witnessed a loss of Rs3.36 billion [LPS: Rs8.06] in the financial year 2023 ended on June 30, 2023. Read more

• Oil prices fall as China’s manufacturing activity contracts

Oil prices remained under pressure on Thursday after Chinese data showed a drop in manufacturing activity, while investors also kept an eye on a U.S. personal consumption expenditure report due later in the day. Read more

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