Islamabad: Former Prime Minister Imran Khan has been granted post-arrest bail in the May 9 cases, a significant legal victory as the KSE-100 index experienced a substantial drop of 1,356 points, closing at 149,235 with a trading volume of 1,061 million shares. While SEARL, PAEL, and SRVI saw notable price gains, CHCC, THALL, and NATF led the decliners. Trading focused primarily on the food, technology, and banking sectors.
The Asian Development Bank (ADB) is reportedly preparing a $410 million financial aid package for a Barrick Gold Corporation-operated mine in Pakistan. Meanwhile, the Pakistani rupee saw its foreign exchange reserves increase by $13 million, reaching $14.26 billion. The Central Power Purchasing Agency-Guaranteed (CPPA-G) is requesting a negative adjustment of Rs1.70 for the July Fuel Cost Adjustment (FCA).
Prime Minister Shehbaz Sharif inaugurated the nation's first business facilitation center and received a briefing on the Jhal Magsi gas field's potential to reduce reliance on imported liquefied natural gas (LNG). Discussions involving the Karakoram Highway and Pakistan Railways' ML-1 project were also held.
An agreement to import $500 million worth of US soybeans was signed by a delegation from the American Pakistan Soybean and Edible Association (APSEA) in Washington. China has expressed interest in expanding cooperation with Pakistan in agriculture and mining. The federal government is considering a reduction in the provinces' share from the National Finance Commission (NFC) award.
The Securities and Exchange Commission of Pakistan (SECP) published its statistical data for 2024. The latest economic census reveals Pakistan has 7.2 million economic entities. The power sector continues to grapple with system losses amounting to Rs397 billion. Pakistan Bureau of Statistics (PBS) figures indicate a sustained positive trend in textile exports, a finding echoed by garment exporters following a meeting with Federal Minister for Information and Broadcasting Marriyum Aurangzeb.
The Senate has raised concerns about potential cartelisation within the pharmaceutical industry, while the regional automobile trade, valued at $131 billion, faces uncertainties. The National Bank of Pakistan (NBP) has become the first financial institution in the country to introduce PayPak pink debit cards specifically designed for women. The Oil and Gas Development Company Limited (OGDC) is expected to receive Rs. 80 billion from the Uch Power Plant.