MG Morning Breeze: Updates to Skim before Market

January 01, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt keeps petrol, diesel prices unchanged

The government has decided to keep the price of petrol and High-Speed Diesel (HSD) unchanged at Rs267.34 and Rs276.21 per litre, respectively. Read more

• FBR makes history with Rs1tr tax collection in a month

The Federal Board of Revenue (FBR) has made history by collecting over Rs1 trillion in December for the first time. Read more

• SBP sets rate of Special Cash Reserve Account at 4.35% for January

The State Bank of Pakistan (SBP) has set the remuneration rate for January 2024 on Special Cash Reserve Account (US$) at 4.35%. Read more

• CPI likely to clock in at 28.95% YoY: Economist Estimates

The headline inflation for December 2023 is expected to settle around 28.4% – 30.1% YoY with an average estimate of 28.95% YoY compared to 29.2% YoY in November and 24.5% YoY in the same month last year. Read more

• KSE-100 achieves the best yearly return in over a decade

The Pakistan Stock Market posted its best yearly return since 2009, with its key benchmark KSE-100 index recording an eye-popping gain of 54.5% in 2023. Read more

• PKR Yearly Review: Sink or Swim

The Pakistani rupee (PKR) concludes 2023 as one of Asia’s worst-performing currencies, plummeting by 55.43 rupees or 19.67% against the US Dollar. Read more

• SSGC shareholders approve 33.33m share IPO for SSGC LPG Limited

The shareholders of Sui Southern Gas Company Limited (PSX: SSGC) have resolved to initiate the issuance of 33.33 million ordinary shares through an Initial Public Offering (IPO) of SSGC LPG Limited. Read more

• SGF to make an additional investment of up to Rs1.5bn in SLM

The Board of Directors (BoD) of Service Global Footwear Limited (PSX: SGF) have authorized to make a further long-term equity investment of up to Rs1.5 billion in Service Long March Tyres (Private) Limited (SLM). Read more

• Weekly inflation increases by 0.37%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.37% WoW during the week ended December 28, 2023, while the SPI increased by 43.25% YoY compared to the corresponding period from last year. Read more

• Gold price in Pakistan drops by Rs1,900 per tola

Domestic Bullion witnessed a major setback on Friday as the price of 24-karat gold dropped by Rs1,900 per tola to Rs220,900. Read more

• WAPDA produces 34bn units of hydel electricity, cuts costs by Rs106bn

The Water and Power Development Authority (WAPDA) generated approximately 34 billion units of low-cost, clean, and green hydel electricity in the year 2023, saving a significant Rs106 billion. Read more

• Pakistan’s electricity consumption set to surge 5% annually from 2023 to 2047

Pakistan is projected to maintain an annual growth rate of 5% in electricity consumption from 2023 to 2047. Read more

• Johnson & Phillips set for delisting following shareholder resolution

The shareholders of Johnson & Phillips (Pakistan) Limited (PSX: JOPP) have resolved that the company shall be delisted from the Exchange upon completing all regulatory requirements as prescribed by the Exchange. Read more

• Govt to borrow Rs3.4tr via MTBs, PIBs in 3QFY24

The government is targeting to raise Rs3.4 trillion during the next three months (January-March) of FY24, through the auction of Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs) Fixed Rate, and PIBs Floating Rate. Read more

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