MG Morning Breeze: Updates to Skim before Market

December 29, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt disburses around Rs200bn among power companies, hefty dividends on horizon

In a trailblazing move tackling the persistent circular debt crisis within the energy sector, the government has swiftly disbursed a staggering sum of around Rs200 billion among power companies.  Read more

• SBP’s forex reserves surge by $852m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) surged by $852.3 million or 12.34% WoW to $7.76 billion during the week ended on December 22, 2023. Read more

• Petrol likely to get cheaper, diesel costlier in coming fortnight

The fuel prices are expected to remain comparatively stable for the next fortnight, with the petrol price likely to see a probable reduction of around Rs1, while high-speed diesel (HSD) is expected to experience an increase of Rs1.3 per litre. Read more

• PSX Closing Bell: Winter’s Charm

Bulls continued their dominance at the local bourse for the second consecutive session, with the benchmark KSE-100 index extending its climb by another 1,188.61 points or 1.95% to close at 62,052.24. Read more

• Gold price in Pakistan surges by Rs2,200 per tola

Domestic Bullion extended its rally on Thursday as the price of 24-karat gold surged by Rs2,200 per tola to Rs222,800. Read more

• SBP raises Rs53bn through PIB-PFL auction

The State Bank of Pakistan (SBP) conducted an auction yesterday in which it sold Pakistan Investment Bond – Floating Rate (PIB-PFL) semiannual and quarterly worth Rs53.15 billion for 2, 3, 5 and 10 years against a target of Rs280bn. Read more

• PKR surges ahead, increases by 27 paisa vs USD

The Pakistani rupee (PKR) appreciated by 26.67 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 281.93 per USD, compared to the previous session's closing of PKR 282.2 per USD. Read more

• Crescent Steel bags Rs2.1bn pipe contract from Sui Southern Gas

Sui Southern Gas Company Limited has awarded a contract to Crescent Steel and Allied Products Limited (PSX: CSAP) for the supply of 24-inch diameter coated steel line pipes amounting to Rs2.12 billion. Read more

• TPL REIT Fund I completes first funding round receives final tranche of Rs3.4bn

TPL REIT Fund I (Fund) managed by TPL REIT Management Company Limited (TPL RMC), has completed its first funding round and has received the disbursement of the third and final tranche worth Rs3.375 billion from its anchor investors. Read more

• Bela Automotives receives Rs14.5m takeover bid

Bela Automotives Limited (PSX: BELA) has received firm intention from a prospective investor to acquire control of 2.9 million voting shares, i.e. 50% of paid-up capital of the company at Rs5 each. Read more

• SBP introduces new scheme to simplify import of input goods

A new “Export Facilitation Scheme” has been added to the Customs Rules 2001, which includes an International Toll Manufacturing (ITM) procedure allowing the import of input goods without foreign exchange remittance. Read more

• Avanceon Arabia InfoTech sign a $3.6m deal for smart city project in Makkah

Avanceon Arabia InfoTech, a subsidiary of Avanceon (PSX: AVN), and Umm Al-Qura for Development & Construction Company (UAQ), have signed an agreement worth $3.6 million to develop a cutting-edge Intelligent Platform for Smart City solutions for residents and visitors of Makkah city. Read more

• Waves Home Appliances Limited changes symbol from WHALE to WAVESAPP

Waves Home Appliances Limited (PSX: WHALE) has changed its symbol from "WHALE" to "WAVESAPP", effective from December 28, 2023. Read more

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