MG Morning Breeze: Updates to Skim before Market

December 15, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP reserves rose by $20.6m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $20.6 million or 0.29% WoW to $7.04 billion during the week ended on December 08, 2023. Read more

• PKR steady climb continues, inches up by 10 paisa against USD

The Pakistani rupee (PKR) appreciated by 10.02 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 283.51 per USD, compared to the previous session's closing of PKR 283.61 per USD. Read more

• PSX Closing Bell: Bend, Don’t Break

The benchmark KSE-100 index opened Thursday’s session on a negative note, extending its downslide to retest yesterday’s lows of around 64,400, however, buyers stepped in and successfully defended this level once again. Read more

• Pakistan’s stock market outshines larger frontier peers in Asia

Pakistan stands among the biggest gainers in the Asian region this year as improving macroeconomic conditions bode well for earnings. Read more

• Treet Battery Limited debuting on PSX tomorrow

Treet Battery Limited (TBL) is all set to be listed on the Pakistan Stock Exchange Limited (PSX) with effect from tomorrow i.e. Friday, December 15, 2023, at the opening price of Rs10 per share. Read more

• SECP conference explores ways to adopt IFRS-17 successfully

To successfully adopt International Financial Reporting Standards and Risk-Based Capital Regime, specific efforts need to be directed towards achieving synergies post-implementation of IFRS-17. Read more

• Bullion investors reap rewards as 24-Karat gold surges by Rs5,700 per tola

Gold prices in Pakistan witnessed a robust rebound on Thursday, eliminating almost all losses from the past five sessions, driven by a notable upswing in international markets. Read more

• Service Industries Limited to restructure its Tyres & Tubes segment

The Board of Directors (BoD) of Service Industries Limited (PSX: SRVI) has decided to demerge and transfer the Tyres & Tubes segment of the company along with its manufacturing facilities to a wholly owned subsidiary. Read more

• Searl gets DRAP approval for biosimilar drug

The Searle Company Limited (PSX: SEARL) has received approval from the Drug Regulatory Authority of Pakistan (DRAP) for ADALIMUMAB, a biosimilar drug developed in collaboration with BioRay Biopharmaceuticals Co. Limited, China. Read more

• Shanghai Electric achieves financial close for Thar coal-fired power project

In a recent development for Pakistan’s power sector, the Private Power and Infrastructure Board (PPIB) has announced the successful financial closing for the country’s largest Thar coal-fired power project by Shanghai Electric Corporation. Read more

• Leveraging technology can significantly boost insurance industry: Dr Ishrat Husain

The private sector should leverage technology to digitalize distribution channels to tap the huge business potential in the areas of crop insurance, health insurance, and disaster risk insurance. Read more

• PTCL finalizes deal to acquire 100% stake in Telenor Pakistan for Rs108bn

Pakistan Telecommunication Company Limited (PSX: PTCL) has entered into a Share Purchase Agreement (SPA) with the shareholders of Telenor Pakistan (Private) Limited (TPL) for the acquisition of 100% of TPL's shares, based on an Enterprise Value of Rs108 billion. Read more

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