Karachi: The KSE-100 Index experienced a notable rise, gaining 440 points to close at 136,380, with a robust trading volume of 702 million shares. The increase was largely driven by strong performances from Pakistan International Bulk Terminal Limited (PIBTL), Pak Suzuki Motor Company Limited (PSEL), and Gadoon Textile Mills Limited (GADT). Meanwhile, the session saw declines in the stocks of Bank of New York Mellon (BNWM), Pakistan Oilfields Limited (POML), and Pakistan Telecommunication Company (PTC).
The trading activity was predominantly concentrated in sectors such as Investment Companies, Transport, and Technology, reflecting a targeted interest from investors.
In related developments, the International Monetary Fund (IMF) has requested the Ministry of Finance and the State Bank of Pakistan to devise a strategy for PRI financing. Additionally, the Cabinet has approved a 15 percent increase in EOBI pensions, while China has expressed its willingness to cooperate with Pakistan.
Infrastructure projects in Balochistan received a boost with the National Highway Authority set to receive Rs100 billion for three major highway projects. Moreover, the United Kingdom has lifted a five-year ban on Pakistani flights, signaling a potential boost in bilateral relations and travel.
Prime Minister announced that the output of various ministries will now be evaluated every two months. This move is seen as a part of efforts to enhance governmental efficiency and accountability.
Meanwhile, the United States has shown interest in Pakistan's port sector as part of a broader initiative to strengthen commercial ties. However, the Pakistan State Oil's (PSO) exchange rate adjustment has resulted in an increase in the price of High-Speed Diesel (HSD).
In the energy sector, discussions are ongoing between the government and the IMF concerning the tax-free import of sugar. The government is also considering eliminating cross-subsidies for gas, alongside introducing a power wheeling policy aimed at benefiting the export industry.
Efforts to stabilize sugar prices continue after the previous attempt at a price cap in March failed. Additionally, Hub Power Company (Hubco) seeks an extension of $51 million in guarantees to protect its coal plants, indicating ongoing challenges in the energy sector.