MG Morning Breeze: Updates to Skim before Market

September 04, 2023 (MLN): The aim of Morning Breeze is to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Tech Beat: KSE-100 faces critical resistance at 46,000

Failure to hold the 47,000 level was a significant warning sign, and the market is expected to consolidate in the near term with a possible pullback towards 46,000. Read more

• Army Chief underscores $100bn investment potential in talks with business leaders

Chief of Army Staff (COAS) General Asim highlighted the pivotal role of the Special Investment Facilitation Council (SIFC). Read more

• PKR plunges by 4.46 rupees over the week against greenback

PKR depreciated by 4.46 rupees or 1.46% during the week compared to the previous week's closing of 301. Read more

• 7.5% Tax for Rs25,000+ Electricity Bills

Residential customers whose names do not appear on the FBR’s active tax payer list will be charged 7.5% Advanced Income Tax on monthly electricity bills of Rs25,000 and above. Read more

• Gold Monthly Review: Prices take a bull run as rupee weakens

Domestic bullion witnessed a remarkable surge in August, driven by the continuous depreciation of the Pakistani rupee (PKR) and investors' shift toward risk-off assets. Read more

• Trade deficit worsens by 30% MoM in August

Pakistan's trade deficit for the month of August was $2.126 billion compared to a deficit of $1.637bn from the previous month, worsening by 29.86% MoM. Read more

• LPG prices increased by Rs38.97 per kg

The price of Liquefied Petroleum Gas (LPG) has been raised by Rs38.97 per kg. Read more

• CPI for August stands at 27.4% YoY

The consumer price index (CPI) for the month of August 2023 clocked in at 27.4% YoY, compared to 28.3% YoY in the last month and 27.3% YoY in August 202. Read more

• PSX Closing Bell: Catching a break

After a five-day losing streak, the benchmark KSE-100 Index recovered some ground and ended the week at 45,312.66, up by 310.24 points or 0.69% on a daily basis. Read more

• SBP dispels rumours of emergency MPC meeting

The State Bank of Pakistan is not holding an emergency meeting of the Monetary Policy Committee (MPC). Read more

• Official reserve assets stand at $13.38bn as of July 31: SBP

The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $13.38 billion as of July 31, 2023. Read more

• Weekly inflation increases by 0.54%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group inched up by 0.54% WoW during the week ended August 31, 2023, while the SPI increased by 24.39% YoY compared to the corresponding period from last year. Read more

• PSMC extends motorcycle plant shutdown to September 12

Pak Suzuki Motor Company Limited (PSX: PSMC) has decided to extend the shutdown of its motorcycle plant to September 12, 2023, as revealed in the company's latest filing on PSX. Read more

• SITC acquires 12,800 shares of Sitara Developers

Sitara Chemical Industries Limited (PSX: SITC) has acquired 12,800 shares of its associated company, namely Sitara Developers (Private) Limited, at a share price of Rs234.81 per share. Read more

• Reduced customer demand forces AGIL to observe partial shutdown

On the back of a reduction in production volumes of the major customers, Agriauto Industries Limited (PSX: AGIL) will be observing a partial shutdown during the month of September 2023. Read more

• PTCL denies merger rumor, says no decision made yet

Discussions regarding a potential merger between PTCL and any other telecom company are not only premature but also speculative, as no concrete decision has been made regarding such a move. Read more

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