Karachi: The KSE-100 index fell by 215 points yesterday, closing at 77,830, amidst varied sectoral performances and significant economic developments, as reported by Turus Securities Limited.
According to Turus Securities Limited, trading volume reached 471 million shares with notable movements seen across different sectors. NCPL, KAPCO, and BAHL led with the top price increases, while YOUW, CEPB, and ISL were among the primary decliners. Activity was predominantly seen in Textile Spinning, Technology, and Textile Weaving sectors, highlighting a diverse day on the stock market.
The broader economic landscape saw several key updates. The IMF Executive Board’s latest meeting agenda did not include Pakistan, leaving some uncertainty about future financial cooperation. In contrast, Foreign Direct Investment in the country surged by 64 percent to $136 million. Additionally, a significant reduction in the current account deficit, which fell by 78 percent year-over-year, was largely driven by an increase in remittances.
Further government initiatives included directives from the Prime Minister to route 50 percent of public cargo through Gwadar Port to enhance its operational throughput. The Ministry of Commerce also announced efforts to reduce the Additional Customs Duty (ACD) to zero, aiming to bolster trade facilitation.
In sector-specific developments, Pakistan’s Real Effective Exchange Rate (REER) index rose to 101.5, reflecting potential improvements in international trade competitiveness. Other positive news came from the hydroelectric sector, with the Tarbela Dam reaching full conservation capacity, which could help ease some power supply concerns.
Investment flows into the IT and agriculture sectors were also highlighted, along with the announcement of a subsidy following Punjab’s precedent, which could support regional economic development. The Asian Development Bank has urged tax reforms in the real estate sector to promote more equitable growth and investment.
Additional reports from Turus indicated a 34 percent annual increase in IT exports, totaling $286 million for July, and a 10.5 percent monthly increase in power generation, signaling robust industrial activity.
In corporate movements, Karachi Electric is seeking an extension and renewal of its service life from Nepra, and Bank Alfalah is actively pursuing further expansion with the acquisition of Samba, underlining the dynamic nature of Pakistan’s financial sector.