April 25, 2024 (MLN): Global oil prices ticked up on Friday due to low fuel demand in the U.S., which triggered concerns about demand, along with escalating tensions in the Middle East. Brent crude traded near $87.13 per barrel, up by 0.22% on the day. While West Texas Intermediate crude (WTI) was at $82.68 per barrel, up by 0.19% on the day. Data from the U.S. Energy Information Administration (EIA) on Wednesday showed gasoline demand in the week to April 19 dropped 2.8% from a week earlier and is down 11% from a year ago. Distillate fuel demand also declined from a week ago and is dow ..read more

April 25, 2024 (MLN): The trading activity at the Pakistan Mercantile Exchange (PMEX) on Wednesday shrunk to Rs22.94 billion, down by 26% DoD compared to the previous session close of Rs30.88bn. At the same time, with a drop of 29% DoD in the number of lots traded, 15,572 lots changed hands, compared to 21,810 during the previous session. While, the commodity exchange closed at 10,338, up by 0.28% DoD. Gold remained in the limelight, contributing significantly to the trading volume with transactions worth Rs11.36bn. Following closely behind,  ..read more

April 25, 2024 (MLN): The direction of monetary policy moves is diverging among the major economies, after a period of unusually synchronized interest rate rises in 2022 and 2023, as highlighted in Fitch Ratings’ latest ‘20/20 Vision’ chart pack. The Swiss National Bank (SNB) became the first major developed-market central bank to embark on an interest rate-cutting cycle. Meanwhile, two emerging-market central banks, Banxico and Central Bank of Brazil both cut rates in 1Q24, as inflationary pressures continued to ease. SNB cut its policy rate in March by 25bp, to 1.50%, its fir ..read more

April 25, 2024 (MLN): Thal Limited (PSX: THALL) recorded an increase of 2.85x YoY in its profits in nine months of fiscal year 2024, with the company's after-tax profits rising to Rs7.13 billion [EPS: Rs80.42], compared to a profit of Rs2.5bn [EPS: Rs26.75] in the same period last year (SPLY). Going by the consolidated results, the company's top line dipped by 19.8% YoY to Rs20.74bn as compared to Rs25.87bn in SPLY. The cost of sales also fell by 17.2% YoY but was not enough to offset the sales decline, which worsened the gross profit by 39.1% YoY to Rs1.9bn in 9MFY24. The gross mar ..read more

April 25, 2024 (MLN): State-owned Pakistan Telecommunication Co. is keen to close its acquisition of Telenor ASA’s local unit in 2024, a milestone that will place it within sniffing distance of the market leader Veon Ltd.’s Jazz by bolstering its market share in the highly competitive sector, as Bloomberg reported. The Islamabad-based service provider expects to complete the transaction by December with “any required investment,” its Chief Executive Officer Hatem Bamatarf told Bloomberg on the sidelines of a conference in the city on Tuesday. The deal, struck in December that valued the ..read more

April 25, 2024 (MLN): The US has warned of sanctions risks for Pakistan after the government in Islamabad signed security and economic deals with Iran during a visit by President Ebrahim Raisi to the South Asian country, as Bloomberg reported. “We advise anyone considering business deals with Iran to be aware of the potential risk of sanctions,” US State Department spokesman Vedant Patel told reporters in Washington Tuesday. “Ultimately, the Government of Pakistan can speak to their own foreign policy pursuits.” The warnings came as Washington imposed sanctions last week on suppliers to ..read more

April 25, 2024 (MLN): The management of Thal Limited (PSX: Thall) has decided to engage in discussions with Pakistani stakeholders of Sindh Engro Coal Mining Company Limited (SECMC) to potentially acquire a portion of shares currently being offered by Habib Bank Limited (PSX: HBL). This decision is in compliance with the Shareholders Agreement dated August 17, 2015, involving the Company, HUBCO, and HBL. "We have been made aware, through Hub Power Company Limited’s (HUBCO) disclosure letters, dated January 16, 2024 (reference number PSX – 8196) and February 16, 2024 (reference number PSX ..read more

April 25, 2024: The treasury management division of the National Bank of Pakistan (NBP) on Thursday issued the following exchange rates. Ready Transaction Rates Currency Symbol TT Selling TT Buying US DOLLAR USD 278.80 278.30 EURO EUR 298.96 298.43 JAPANESE YEN JPY 1.7932 1.7899 BRITISH POUND GBP 347.40 346.78 SWISS FRANC CHF 304.74 304.20 CANADIAN DOLLAR CAD 203.55 203.19 AUSTRALIAN DOLLAR AUD 181.22 180.89 SWEDISH KRONA SEK 25.76 25.71 NORWEGIAN KRONE NOK 25.38 25.34 DANISH KRONE DKK 40.01 39.94 NEWZEALAND DOLLAR* NZD 165.58 165.28 SINGAPORE DOLLAR SGD 20 ..read more

April 25, 2024 (MLN): The Organic Meat Company Limited (PSX: TOMCL) has successfully negotiated and entered into another contract with First Quality Food Stuff LLC, valued at $4 million for the export of frozen boneless beef to the United Arab Emirates (UAE). “This new contract represents the quality of our meat production for the wider UAE markets and reaffirms our position as a leading meat processor and exporter from Pakistan to the UAE,” a notice issued to the Pakistan Stock Exchange said today. This new contract underscores TOMCL's commitment to sustained growth and its ability to c ..read more

April 25, 2024 (MLN): K-Electric will invest $2 billion in Transmission and Distribution over the next seven years to manage the city’s needs through targeted investments and tech-based interventions, CEO KE Moonis Alvi stated right after the National Electric Power Regulatory Authority (NEPRA) decided on the utility’s Transmission & Distribution Investment Plan till FY30 on Thursday. "Our teams at K-Electric are reviewing NEPRA’s decision in detail and will remain engaged with NEPRA, and as we move forward, a sustainable and cost-reflective tariff remains critical for ..read more