MG Morning Breeze: Updates to Skim before Market

Mettis Global’s October 23 morning roundup covered a sharp PSX decline, mixed corporate earnings and changes in energy prices. The KSE-100 fell 2,006.67 points, or 1.21%, to 163,924.31 on Thursday, while the government raised diesel by Rs1.64 per litre and cut petrol by Rs1.60, effective October 23.

Company results varied: MCB Bank’s nine-month profit slipped to Rs44.33bn and it declared a Rs9 dividend, while Askari Bank’s profit rose 13% to Rs20.49bn. Interloop reported a 54.25% quarterly profit increase to Rs4.23bn, and OGDC began output from Bitrism East-1 at 7 MMSCFD of gas and 200 barrels of condensate daily. Other updates included a $19.1 million rise in SBP reserves to $21.49bn and a World Bank forecast of 3.8% GDP growth and 8.2% inflation for FY27.