MG Morning Breeze: Updates to Skim before Market

December 28, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP sells T-Bills worth Rs2tr against a target of Rs510bn

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs1.998 trillion, which is almost four times the target of just Rs510bn. Read more

• PKR’s positive trend continues, appreciates by 17 paisa against USD

The Pakistani rupee (PKR) appreciated by 17.2 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 282.2 per USD, compared to the previous session's closing of PKR 282.37 per USD. Read more

• PSX Closing Bell: Fall down seven, stand up eight

The benchmark KSE-100 index pared most of its losses from yesterday’s slump to close the session at 60,863.62 with a gain of 1,692.64 points or 2.86%. Read more

• Gold continues to rise, adds Rs1,000 per tola

Domestic Bullion recorded significant gains on Wednesday as the price of 24-karat gold rose by Rs1,000 per tola to Rs220,600. Read more

• Savings Mobilized by NSS records net outflow of Rs28bn in October

The net payments of Savings Mobilized by National Savings Schemes (NSS) stood at Rs28.09 billion in October as compared to payments of Rs12.33bn in the previous month. Read more

• TOMCL to expand production facilities with Rs600m investment outlay

The Board of Directors of The Organic Meat Company Limited (PSX: TOMCL) has given its approval to the proposed expansion plan worth Rs600 million for the production facilities and upgradation of the company. Read more

• Empiric AI changes hands from Avanceon to Octopus Digital

Avanceon Limited (PSX: AVN) has transferred the entire shareholding of its wholly-owned subsidiary, Empiric AI (Private) Limited to Octopus Digital Limited (PSX: OCTOPUS). Read more

• Repatriation of profit surges to $532.2m in 5MFY24

Repatriation of profit and dividends by foreign investors soared by around 4x YoY in 5MFY24 to $532.2 million compared to $129m worth of repatriation in the same period last year. Read more

• Pakistan’s economic recovery boosts business, market sentiment

Pakistan’s economic recovery process continues at a steady pace, bolstering business confidence and market sentiment, according to the monthly Economic Update and Outlook for December 2023. Read more

• CDWP approves 5 projects worth Rs13bn

The Composition of Central Development (CDWP) meeting presided over by Deputy Chairman Planning Commission Mohammad Jehanzeb Khan approved 5 development projects with a cost of Rs13 billion. Read more

• Ministry recommends Rs64bn project for Karachi’s development

The CDWP meeting held today recommended a project "Competitive & Livable City of Karachi" worth Rs63.95bn aimed to improve the urban management, service delivery, and business environment in Karachi. Read more

• Ministry of Finance forecasts inflation at 27.5-28.5% for December

CPI Inflation is anticipated to remain around 27.5-28.5% in December 2023 and further ease out to 24-25% in January 2024, the finance ministry said in its monthly economic report on Wednesday. Read more

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