ISLAMABAD: The Pakistan Stock Exchange's benchmark KSE-100 Index dropped by 85 points, ending the trading day at 112,925, with a trading volume of 669 million shares. The top-performing stocks by price change were Bank of Punjab (BOP), Pakistan Telecommunication Company (PTC), and Pakistan Gold Limited Corporation (PGLC), while the leading decliners included Pakistan International Bulk Terminal Limited (PIBTL), Engro Polymer and Chemicals Limited (EPCL), and EFU General Insurance (EFUG). Trading activity was largely concentrated in the banking, technology, and cement sectors.
According to a statement by Taurus Securities Limited, several economic and political developments were noted, including the arrival of Turkish President Erdogan in Islamabad for a two-day official visit. The International Monetary Fund (IMF) team reviewed Pakistan's audit and tax reforms as part of a governance assessment, and discussions between the IMF head and Pakistan's Prime Minister centered on the ongoing economic program.
The government exceeded its financial target by raising Rs454 billion through a Pakistan Investment Bonds (PIBs) auction. Additionally, income tax collections surged by Rs100 billion over seven months, demonstrating an increase in revenue generation.
In broader economic activities, Pakistan and Russia agreed to enhance cooperation, and banks have been tasked with developing a Small and Medium Enterprises (SME) index to facilitate increased financing. Initiatives to strengthen ties between Pakistan and Bangladesh were also announced, including the introduction of direct flights and enhanced trade activities.
The government is considering utilizing 3,400 closed CNG stations for electric vehicle charging infrastructure. Meanwhile, plans are in place for electricity tariff reductions by approximately Rs2 for October-December and later in November and December 2024. Bureaucrats will be required to declare their assets, adding a layer of transparency to the governance framework.
In the mining sector, Mari Minerals is expanding its portfolio with a new acquisition in the Chagai region, furthering its growth strategy.