Karachi: The KSE-100 Index soared by 2,203 points, ending at 136,503 as 838 million shares exchanged hands, marking a robust day in the Pakistani stock market. The day's trading session saw standout performances from companies such as POML, BNWM, and MEHT, while GADT, NATF, and IBFL experienced declines. Investment Companies, Banks, and Insurance sectors were the primary areas of activity.
In other developments, Pakistan is reviewing its action plan to enhance cooperation with China, signaling a focus on strengthening bilateral ties. Meanwhile, the Karachi Chamber of Commerce and Industry, along with transporters, announced a strike on July 19, protesting certain provisions of the Finance Act.
The Ministry of Commerce has introduced a National Trade Policy aimed at reducing the trade deficit, reflecting the government's ongoing efforts to stabilize the economy. Aurangzeb, a government official, defended the Federal Board of Revenue's powers, emphasizing their focus on combating sales tax fraud rather than income tax issues.
In the financial sector, simplified digital tax returns for the salaried class are set to be launched, while upcoming cryptocurrency bills could bring the industry closer to mainstream acceptance. Petrol prices in Pakistan are expected to rise by Rs3-5 from July 16, as per market forecasts.
Additionally, the Competition Commission of Pakistan is intensifying its crackdown on cartels and misleading marketing practices. The Pakistani Rupee saw a minor decline, losing 25 paisa against the US dollar.
State-Owned Enterprises have reported varying financial outcomes, with the National Highway Authority leading in losses amounting to approximately Rs2 trillion, while OGDC emerged as a top performer in profits for the first half of FY25.
In efforts to boost trade relations, Pakistan and UK ministers have announced new initiatives. However, the government is also prepared to end solar net metering, a move that could impact the renewable energy sector.
The Ministry of Finance has set the ex-mill sugar price at Rs165 per kg, and the Poultry Producers Association condemned the imposition of a Rs10 Federal Excise Duty on day-old chicks.
Agricultural credit reached Rs2.53 trillion in FY25, showcasing the sector's growth, while Dewan Cement implemented a 6 MW solar energy system, highlighting a shift towards sustainable energy solutions.
In legal news, the Islamabad High Court has suspended an earlier ruling against TRG Pakistan, offering a temporary reprieve for the company.