MG Morning Breeze: Updates to Skim before Market

January 10, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• EU extends GSP+ status up to 2027, Pakistani exporters urged to explore beyond textile bonanza

Rather than staying confined to exporting textiles only, the business community of Karachi should broaden and diversify their exports to the European Union to take maximum advantage of the EU’s GSP Plus for Pakistan. Read more

• ECC approves fair Urea pricing mechanism with ministry oversight

 The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved the mechanism for weighted average price with the direction to National Fertilizer Marketing Limited (NFML) for ensuring reasonable prices for Urea and Ministry of Industries & Production to provide oversight to the whole process. Read more

• PKR sustains momentum, strengthens by over 6 paisa against USD

The Pakistani rupee (PKR) persisted its upward momentum on Tuesday by appreciating over 6 paisa against the US dollar to settle at PKR 281.22 per USD, compared to the previous session's closing of PKR 281.28 per USD. Read more

• PSX Closing Bell: Hold Tight

Despite a bullish start to today’s session, selling pressure persisted throughout the day, with the benchmark KSE-100 index concluding Tuesday's trading session at 64,170.58 showing a decrease of 66.45 points or 0.1%. Read more

• Pakistan in talks with UAE to rollover $2bn loan

Pakistan has formally approached the United Arab Emirates (UAE) to request the rollover of a $2 billion loan, according to sources. Read more

• HWQS sponsors arranging funds for working capital, season preparation

The sponsors of Haseeb Waqas Sugar Mills Limited (PSX: HWQS) are in the process of arranging funds to meet the working capital requirement for the maintenance of mills. Read more

• CDNS hits Rs960bn in fresh bonds

The Central Directorate of National Savings (CDNS) has achieved a target of Rs960 billion in fresh bonds in the current fiscal year, from July 01, 2023 to January 09, 2024. Read more

• Pakistan’s stock market poised for continued growth in 2024

The economic recovery story playing out in countries like Pakistan can shape up to be one of the most favorable bets for 2024. Read more

• Gold price recovers by Rs300 in Pakistan

Domestic bullion rebounded on Tuesday, as the price of 24-karat gold in Pakistan gained Rs300 per tola to Rs216,400. Read more

• Pakistan Startup Fund offers up to 30% co-investment to attract VCs, Angels

To accelerate the startup ecosystem in Pakistan, the government has launched the Pakistan Startup Fund (PSF) which offers to co-invest up to 30% of the capital raised by startups from venture capitalists or angel investors. Read more

• Chakwal Spinning Mills to merge with one of Pakistan’s largest tech firms

The Board of Directors (BoD) of Chakwal Spinning Mills Limited (CWSM) has approved the Memorandum of Understanding (MOU) for the merger/acquisition of the company with one of Pakistan's largest technology companies. Read more

• Crescent Jute Products pins future hopes on fund-unlocking

Crescent Jute Products Limited (PSX: CJPL) is seeking funds from sponsors, and directors, and the company's plan is based on the successful unlocking of these funds. Read more

• Pakistan saw net outflow of foreign investment in last week of 2023

Foreign investors turned to net sellers after six weeks, recording a net sale of securities worth Rs439.46 million for the week ending December 29, 2023, as compared to a net purchase worth Rs3.19 billion recorded the previous week. Read more. 

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