MG Morning Breeze: Updates to Skim before Market

December 19, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PSX Closing Bell: The Battle of Evermore

The Pakistan Stock Exchange (PSX) commenced the week on a negative note as the benchmark KSE-100 index shed over 925 points and concluded today's trading session at 65,204.68. Read more

• PKR stays flat at 283.21 against USD in interbank

The Pakistani rupee (PKR) appreciated by 4.77 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 283.21, as compared to the previous day's closing of PKR 283.26 per USD. Read more

• 24-Karat gold price edges up to Rs217,200 per tola

Gold prices in the country started the week on a positive note as the price of 24-karat gold edged up by Rs400 per tola and settled the session at Rs217,200. Read more

• Pakistan posts a current account surplus of $9m in November

Pakistan has recorded a current account surplus of $9 million, compared to deficits of $184m in October and $157m in November 2022. Read more

• PKR’s REER Index decreases to 98.18 in November

Pak Rupee’s Real Effective Exchange Rate Index (REER) decreased by 0.34% MoM in November 2023 to a provisional value of 98.18 from the revised value of 98.52 in October 2023. Read more

• Service sector trade deficit shrinks by 20.4% MoM in November

The service sector of Pakistan posed a trade deficit of $199 million in November, reflecting a decline of 20.40% MoM as compared to a deficit of $250m recorded in the previous month. Read more

• Textile exports fell by 5.43% MoM in November: SBP

The country's total textile exports registered a decrease of 5.43% MoM to $1.37bn in November 2023 compared to $1.45bn recorded in the previous month. Read more

• China tops FDI in Pakistan in November, 5MFY24

China emerged as the largest investor in Pakistan in November 2023, with a net direct investment of $74.65 million, followed by the United Kingdom and Hong Kong which invested $23.87m and $22.65m respectively. Read more

• Pakistan’s Nov oil import bill edges up 5.76% YoY to $1.32bn: SBP

The import bill of the petroleum group clocked in at $1.32 billion in November 2023, marking an increase of 5.76% YoY compared to the import bill of $1.25bn recorded in November 2022. Read more

• China dominates as Pakistan’s top import partner in November

Among Pakistan’s top trading partners, China remained the top source of imports for Pakistan during November FY24, followed by Saudi Arabia, U. A. E. Dubai, and Singapore. Read more

• USA leads as top export destination for Pakistan in November

The U.S.A. remained the top export destination for Pakistan during November FY24, with $435.14 million worth of shipments, down by 7.89% YoY against the exports of $472.4m in the same period last year. Read more

• FDI rises by 7.28% MoM to $131.37m in November

Foreign direct investment (FDI) in Pakistan stood at $131.37 million in November 2023, registering an increase of 7.28% compared to 122.46m in October 2023. Read more

• Cotton arrivals reach 8.02m bales as of December 15

Cotton arrivals in Pakistan reached 8.024 million bales as of December 15, 2023, the latest data released by the Pakistan Cotton Ginners Association (PCGA) showed. Read more

• Hascol opens door for potential acquisition by Millat Energy Group

The Board of Hascol Petroleum Ltd. (PSX: HASCOL) has resolved to pursue a potential acquisition by Millat Energy Group, which has expressed interest in acquiring a 76% stake in Hascol through a subscription to new shares. Read more

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