MG Morning Breeze: Updates to Skim before Market

Mettis Global’s November 11 morning roundup covered policy, company and market developments from the previous day. The government shifted responsibility for setting LPG prices from OGRA to Pakistan State Oil (PSO) and Sui Southern Gas Company (SSGC), while petrol and diesel prices were reduced by Rs8 and Rs7 per litre, respectively, from November 11.

The KSE-100 rose 5,448.56 points, or 3.13%, to 179,335.24 on Tuesday; the report attributed support to remittance inflows and lower oil prices. Fauji Cement Company (FCCL) repaid Rs3.367 billion early on a long-term loan, and Crestwell Healthcare (CWHC) received a Shariah-compliance declaration from Al-Hilal Shariah Advisors.

Other company updates included TPL Insurance’s renaming as JazzSure Insurance and a change of its PSX symbol from TPLI to JAZZSURE. Pakistan’s October worker remittances reached $3.89 billion, up 13.8% year on year, while the roundup also reported a proposed change in control at Escorts Investment Bank.