Karachi: The Karachi Stock Exchange’s KSE-100 index surged by 533 points to close at 78,793, with a notable trading volume of 798 million shares. Top performers based on price changes included SRVI, PIBTL, and NRL, while PTC, YOUW, and JVDC saw declines. The market activity was primarily focused on technology, cements, and textile spinning sectors.
According to Turus Securities Limited, the Ministry of Finance and the State Bank of Pakistan briefed the Senate panel on recent economic measures, including securing a loan from the International Monetary Fund at an interest rate of 5.09% in 2023. Efforts to procure additional loans from Middle Eastern countries are underway as the government aims to stabilize its financial position.
Further developments include the introduction of ‘Buna Raast,’ a system expected to revolutionize remittances. Karachi Electric has approached NEPRA to approve a levy of Rs3.09 per unit under the Fuel Cost Adjustment mechanism. The State Bank of Pakistan’s reserves witnessed an increase of $19 million, reaching $9.291 billion.
Other significant updates involve the government’s decision to auction 20 offshore blocks for oil and gas exploration, signaling a push to enhance domestic energy production amidst global supply concerns. The Economic Coordination Committee has approved the export of 100,000 tonnes of sugar, addressing excess domestic stock and international market opportunities.
In the telecom sector, operators have reached out to the Prime Minister regarding an ongoing internet connectivity crisis, urging immediate intervention to prevent further economic disruption. Additionally, Oil and Gas Regulatory Authority has issued a stern warning to PSO and others regarding the lifting of High-Speed Diesel under the threat of serious consequences.
The industrial sector saw pivotal movements as well, with Cherat Packaging deciding to sell its Papersack Line IV and Millat Tractors Limited halting production, reflecting the broader challenges faced by the manufacturing sector. Oil prices showed resilience with a 2% increase amidst fluctuating global markets.