Karachi: The KSE-100 index experienced a decline, shedding 146 points to close at 118,792, with 547 million shares traded. UBL, EFUG, and PTC led in price gains, while SRVI, SNGP, and KTML were the top decliners. Trading was primarily focused on the banking, refinery, and cement sectors.
In economic news, the government is formulating a strategy to mitigate the impact of U.S. tariffs. Interest rates have seen a significant reduction, with potential for further decreases, according to officials. Additionally, Pakistan is expecting a second visit from an IMF anti-corruption delegation. Meanwhile, efforts are being made to boost exports as a means of sustainable development, with emphasis on benefiting the public from reduced inflation levels.
The country's exports of services have risen to $5.46 billion, and short-term inflation has decreased for the fifth consecutive week. The State Bank of Pakistan has injected nearly Rs3 trillion into the market, while businesses continue to advocate for further reductions in power tariffs. Recent reductions in electricity tariffs have been well-received, and there are calls for lowering oil prices to align with global trends.
In the energy sector, the U.S. is set to send a delegation to Islamabad for a minerals investment forum, and the government has pledged full financial backing for Phase-II of the Reko Diq project. The power minister acknowledged that there has been no decrease in the base tariff yet, while negotiations for a Rs34 trillion loan with banks are nearing completion.
Meanwhile, Nepra has announced a Rs3.02 relief under the January Fuel Cost Adjustment for KE's petition. Amid economic uncertainty, three nations have withdrawn $1 billion from T-bills. Petroleum sales increased by 5% in March, driven by Eid demand and price cuts, although the oil industry projects a potential Rs32 billion loss this fiscal year.
A memorandum of understanding has been signed with China to enhance cotton production, despite a reported 11.31% year-on-year decline in local cement dispatches for March. Additionally, HNB has opted out of acquiring Bank Alfalah Bangladesh, and the power sector's debt to SNGPL stands at Rs165.256 billion.