Karachi: The Karachi Stock Exchange's KSE-100 index saw a significant rise, gaining 414 points to close at 117,316. The trading session witnessed 423 million shares changing hands, with notable performances from PGLC, UBL, and SAZEW. Conversely, EPCL, HBL, and FFC emerged as top decliners. The day's activity was primarily concentrated within the Oil Marketing Companies (OMCs), banking, and cement sectors.
In other major developments, China's envoy to the United States has called for an end to the ongoing trade war, cautioning that Beijing is prepared to defend its interests. Meanwhile, Pakistan's finance minister is set to engage in talks with China regarding the rescheduling of the nation's debt during the upcoming IMF Spring meetings.
Additionally, Pakistan aims to secure economic support and climate financing at the forthcoming World Bank and IMF discussions, while also eyeing the East African market for new sea trade corridors. In a bid to attract foreign investment, Prime Minister Shehbaz Sharif has extended invitations to friendly nations to invest in Pakistan's mining, IT, and agriculture sectors.
The Federal Board of Revenue (FBR) has been instructed to enforce revenue collection targets, with the weekly Sensitive Price Indicator showing a 0.69 percent decrease. Furthermore, a revised agreement with four government power plants is projected to save approximately Rs1.6 trillion.
On the financial front, profit outflows have doubled over a nine-month period, prompting the Prime Minister to urge the FBR to enhance revenue and reduce reliance on the IMF. The government has also authorized Rs664.621 billion for development projects under the Public Sector Development Programme (PSDP) in the past nine months.
In the trade sector, food exports have risen to $5.75 billion from July to March, and Raast quarterly payments have surged to Rs6.4 trillion. The Trade Development Authority of Pakistan (TDAP) recently hosted the Health, Engineering, and Marine Services (HEMS) event, resulting in 24 agreements with business deals totaling $432 million.
The informal economy is expected to surpass $500 billion, and Pakistan has partnered with the International Finance Corporation (IFC) to accelerate the transition to electric vehicles. The government has been urged to limit the import of used vehicles, while the All Pakistan Textile Mills Association (APTMA) has called on the Power Division to address discrepancies related to the Grid Transition Levy.
In regional developments, cement producers in Khyber Pakhtunkhwa are preparing for a royalty increase as the government considers a bag-based levy. The hearing for the cement cartel case is also set to resume shortly. Additionally, provincial shares have increased due to better water availability, and the Public Procurement Regulatory Authority (PPRA) has proposed the use of Pakistan International Bulk Terminal (PIBT) for Reko Diq cargoes without a bidding process.