MG Morning Breeze: Updates to Skim before Market

January 11, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP raises Rs173.8bn through PIB-PFL auction

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Pakistan Investment Bond – Floating Rate (PIB-PFL) semiannual and quarterly worth Rs173.798 billion for 2, 3, 5 and 10 years against a target of Rs280bn. Read more

• SBP sells T-bills worth Rs283bn, yields drop by up to 59bps

The central bank on Wednesday sold Market Treasury Bills (MTBs) worth Rs283.24 billion for 3,6 and 12 months against a target of Rs100bn. Read more

• Official reserve assets stand at $12.33bn as of November: SBP

The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $12.33 billion as of November 30, 2023. Read more

• Govt retires Rs170.6bn debt in a week

The government of Pakistan has retired a debt of Rs170.58 billion during the week ended December 29, 2023, which brings its total net borrowing for ongoing fiscal year 2024 to Rs2.3 trillion. Read more

• PSX Closing Bell: Counting Crows

The benchmark KSE-100 index ended Wednesday's trading session at 63,919.85 showing a decrease of 250.73 points or 0.39%. Read more

• Treet Battery denies knowledge of cause behind share price surge

Treet Battery Limited (PSX: TBL), in response to the local bourse's notice for the disclosure of material facts, has stated that it is not aware of any matter or development that may have resulted in the unusual movement in the market price of its shares. Read more

• PKR marks 6th straight victory against USD

The Pakistani rupee (PKR) appreciated by 9.22 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 281.13 per USD, compared to the previous session's closing of PKR 281.22 per USD. Read more

• Gold price in Pakistan falls to Rs216,100 per tola

Domestic bullion erased all its gains from the previous session on Wednesday as the price of 24-karat gold in Pakistan dropped Rs300 per tola to Rs216,100. Read more

• SAZEW auto rickshaw sales plummet by 64% MoM to 275 units in December

Sazgar Engineering Works Limited (SAZEW) sold only 275 units of Auto Rickshaw during December 2023, which was 64.42% MoM lower than the sales of 773 units made in the previous month. Read more

• Govt grants first electric rickshaw license to Sazgar

Sazgar Engineering Works Limited (PSX: SAZEW) has been granted the first license for electric rickshaw manufacturing at a special ceremony organized by the Punjab Transport Department in Lahore. Read more

• Sazgar to acquire land worth Rs847m for four-wheeler project

The Board of Directors (BoD) of Sazgar Engineering Works Limited (PSX: SAZEW) has approved the acquisition of land worth approximately Rs847 million adjacent to the four-wheeler project. Read more

• Workers’ remittances rise by 5.4% MoM to $2.38bn in December

 Workers' remittances have increased by 5.44% MoM in December to $2.38 billion, compared to $2.26bn in the previous month. Read more

• Merit Packaging to sell off land, factory in Karachi

The Board of Directors (BoD) of Merit Packaging Limited (PSX: MERIT) has approved the disposal of its land and factory building located at Korangi Industrial Township, Karachi. Read more

• PSX to auction Rs400bn Islamic Bonds in 1Q2024

The government is targeting to raise Rs400 billion during the next three months (January-March) of 2024, through the auction of GOP Ijara Sukuk (GIS) that will be conducted by the Pakistan Stock Exchange Limited (PSX). Read more

• Jubilee Spinning nears completion of name change, awaiting NBP’s NOC approval

The management of Jubilee Spinning and Weaving Mills Limited (PSX: JUBS) is constantly pursuing a No Objection Certificate (NOC) to be received from the National Bank of Pakistan (NBP) which is the only requirement for the approval of Form-26 related to change of company name. Read more

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