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MG Morning Breeze: Updates to Skim before Market

MG Morning Breeze: Updates to Skim before Market
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March 28, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $4 million or 0.05% WoW to $8.02 billion during the week ended on March 22, 2024. Read more

The Pakistani rupee (PKR) appreciated by around 1paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 278.03 per USD, compared to the previous session's closing of PKR 278.04 per USD. Read more

The benchmark KSE-100 index ended Thursday's trading session at a record high of 67,142.12 showing an increase of 594.34 points or 0.89%. Read more

Across Metals, Energy, COTS/FX, and indices, the transactions at the Pakistan Mercantile Exchange (PMEX) witnessed a minor decrease in trading activity on Wednesday to clocked in at Rs28.73 billion, marking a 0.94% drop compared to the previous session close of Rs29bn. Read more

The domestic bullion continued its upward trend on Thursday, with 24-karat gold gaining Rs1,500 to Rs231,000 per tola. Read more

The State Bank of Pakistan (SBP) has authorized banks/ MFBs to conduct “Call Back Confirmation (CBC)” on ASAAN Mobile Accounts (AMAs) within 30 days from their opening, instead of performing biometric verification within 60 days from the opening of AMAs. Read more

The net purchase of securities for the week ended March 22, 2024, clocked in at Rs8.32bn, as compared to a net purchase worth Rs4.16bn recorded last week, according to a weekly report on Specially Convertible Rupee Accounts (SCRA) released by the State Bank of Pakistan. Read more

The Pakistan Stock Exchange (PSX) conducted an auction today for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds, raising Rs35.74bn against the Rs50bn target set for GIS Variable Rental Rate (VRR) and GIS Fixed Rental Rate (FRR) and GIS FRD. Read more

Pakistan’s Gross Domestic Product (GDP) has shown a nominal growth of 1.00% in 2QFY24 as compared to the revised growth of 2.5% in the previous quarter. Read more

The central bank has decided that branches of all banks that are open on Saturday shall observe extended banking hours till 4:00 pm on Saturday, March 30, 2024 and Sunday, March 31, 2024. Read more

The Pakistan Association of Large Steel Producers has raised alarms over the resumption of large-scale smuggling, misdeclaration, and under-invoicing of steel from Iran. Read more

Arpak International Investments Limited (PSX: ARPAK) faces significant risks and uncertainties within its focused portfolio, as three consecutive years of net losses threaten its overall financial stability. Read more

The Board of Directors of Dawood Lawrencepur Limited (PSX: DLL) has approved an investment of Rs20 million in the Right Issue announced by Reon Alpha (Private) Limited, comprising 2m shares of Rs10 each. Read more

The federal government has amended the Export Policy Order to permit the export of flour, said a notification issued by the Ministry of Commerce. Read more

The Competition Commission of Pakistan (CCP) is poised to sign a Memorandum of Understanding (MoU) with China's State Administration for Market Regulation (SAMR), marking a significant milestone in bilateral cooperation. Read more

The official reserve assets, including foreign currency reserves, IMF reserve position, Special Drawing Rights (SDRs), gold, and other reserve assets, stood at $13.34 billion as of February 2024 compared to $13.53bn recorded in the previous month. Read more

Amidst the rising baseless media claims regarding Telenor Pakistan's acquisition by Pakistan Telecommunication Company Limited (PSX: PTC), Telenor Microfinance Bank Limited (TMB) has once again clarified that TMB and its flagship platform, Easypaisa, are not part of this transaction. Read more

Pakistan has signed an agreement with Brazil for the import of high-breed cattle under the Green Pakistan Initiative of the Special Investment Facilitation Council. Read more

Agritech Limited (PSX: AGL) has made a remarkable turnaround in 2023, earning a profit after tax of Rs1.09 billion [EPS: Rs2.77] compared to a loss of Rs2.95bn [LPS: Rs7.53] in 2022. Read more

Maple Leaf Cement Factory Limited (PSX: MLCF) has acquired 6 million voting shares of Agritech Limited (PSX: AGL) at an average rate of Rs21.65 per share. Read more

FTSE Russell, a leading global index provider has kept Pakistan's status as a secondary emerging market. Read more

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Posted on: 2024-03-29T06:14:33+05:00