MG Morning Breeze: Updates to Skim before Market

September 18, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt hikes petrol prices by Rs26

The caretaker government on Friday hiked the petrol and High-Speed Diesel (HSD) prices by Rs26.02 and Rs17.34 per litre to Rs331.38 and Rs329.18 per litre, respectively. Read more

• Investment return on Naya Pakistan Certificates reaches 21.5%

On Friday, the federal government declared a substantial upward revision in profit rates for Naya Pakistan Certificates to offer lucrative returns for investors. Read more

• Govt sets aside Rs80bn to incentivize home remittances

 The caretaker federal government has allocated Rs80 billion in incentives/schemes for home remittances to encourage the flow of remittances through formal channels. Read more

• Pakistan's trade deficit clocks in at $2.126 in August

Pakistan's trade deficit for the month of August clocked in at $2.126 billion compared to a deficit of $3.57bn from the same period last year, improving by 39.46% YoY. Read more

• Service sector trade deficit widens by 37.96% in August

The service sector of Pakistan posed a trade deficit of $189 million in August, reflecting a significant rise of 37.96% YoY as compared to a deficit of $137m in the same period last year. Read more

• SBP suspends authorization of another exchange company

 On Friday, the State Bank of Pakistan (SBP) suspended the authorization of Royal International Exchange Company (Pvt) Limited immediately. Read more

• PSX Closing Bell: Flabbergasted

The benchmark KSE-100 index increased by 337 points or 0.74% as the market welcomed the SBP’s decision to keep the policy rate unchanged at 22%. Read more

• PKR trades 1.11 rupees higher in interbank

The Pakistani rupee (PKR) appreciated 1.11 rupees against the US dollar in Friday's interbank session as the currency settled the trade at PKR 296.849 per USD. Read more

• K-Electric suffers a massive loss

K-Electric Limited (PSX: KEL) has recorded a substantial loss after tax of 30.98bn (LPS: Rs1.21) in FY23. Read more

• Weekly inflation decreases by 0.25%

The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.25% WoW during the week ended September 14, 2023. Read more

• Fertilizer offtake surges by 2.07x YoY

The country’s overall nutrient offtake surged by 2.07x YoY to 624,000 tons during August 2023. Read more

• Cabinet to soon reveal gas price decision: Caretaker PM

The Cabinet Division will soon reveal its decision about the gas price hike. Read more

• MEBL to set up an exchange company

The Board of Directors of Meezan Bank Limited (PSX: MEBL) has approved the establishment of an Exchange Company with an initial paid-up capital of up to Rs1 billion.