MG Morning Breeze: Updates to Skim before Market

January 09, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• PSX finally queries Treet Battery over consecutive upper caps since listing

After sixteen consecutive trading sessions of upper caps, the Pakistan Stock Exchange (PSX) has finally asked Treet Battery Limited (PSX: TBL) to disclose material facts known to the company that have contributed to the unusual spike in its share price. Read more

• Govt’s elevated bank borrowings cast shadows over Pakistan’s economic outlook

 Government borrowings from banks are following a troubling upward trend, pushing the country deeper into the debt tunnel and casting shadows over its poised positive economic outlook. Read more

• Gold prices plunge in Pakistan amid global decline

Domestic bullion started the week on a negative note, as the price of 24-karat gold in Pakistan dropped by Rs1,900 per tola to Rs216,100. Read more

• PSX Closing Bell: Bide One’s Time

The benchmark KSE-100 index opened the week on a positive note and hit its intraday high of 65,069 after gaining 554 points. Read more

• ENGRO likely to hit Rs490/share by December 2024

The share price of Engro Corporation (PSX: ENGRO) is expected to reach Rs490 by the end of December 2024, marking a potential upside of 57%. Read more

• PKR rises to 281.28 per USD in interbank market

The Pakistani rupee (PKR) appreciated by 11.49 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 281.28 per USD, compared to the previous session's closing of PKR 281.4 per USD. Read more

• BRR Guardian eyes 100% stake in Awwal Modaraba Management

The Board of Directors (BoD) of BRR Guardian Limited (BRRG) has approved to participate in the bid for acquiring the 100% shares of Awwal Modaraba Management Limited. Read more

• Red sea crisis, utility prices push steel prices up by Rs3,000 per ton

The steel rebar prices in the country have surged by up to Rs3,000 per ton owing to supply chain disruptions amid Red Sea crisis coupled with a domestic rise in utility prices. Read more

• Pakistan ramps up Covid-19 testing at airports as cases rise

Pakistan's major airports have begun testing about 2% of passengers on inbound international flights amid a surge in global Covid-19 cases. Read more

• FBR seeks Rs47.8bn in tax audits, recovers only Rs529m in FY23

The Federal Board of Revenue (FBR) generated a demand of Rs47.8 billion in audit cases related to income tax and sales tax but managed to recover only Rs529 million in FY23. Read more

• ACE Money Transfer partners with Habib Metro for secure money transfers to Pakistan

ACE Money Transfer and Habib Metropolitan Bank Limited (PSX: HMB) have joined forces to offer a secure and convenient solution for online money transfers to Pakistan. Read more

• Meezan Pakistan Index undergoes re-composition: EFERT joins, DGKC exits

 The Pakistan Stock Exchange Limited has carried out the Re-composition exercise of the Meezan Pakistan Index (MZNPI) Companies as of December 22, 2023, by the relevant index rules. Read more

• Banks’ deposits increase by 23% YoY to Rs27.7tr in December

The total deposits held by scheduled banks have moved up by 23.2% YoY to Rs27.68 trillion in December 2023 compared to Rs22.47tr in December 2022. Read more

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