Karachi: The KSE-100 index experienced a significant drop, losing 938 points to close at 112,801. A high volume of 455 million shares was traded, highlighting a day of active market participation. The trading session saw SCBPL, TGL, and KTML as the top performers in terms of price change, while CHCC, ABOT, and PIOC were the major decliners. The day’s trading activity was predominantly focused on the Foods, Cements, and Technology sectors.
According to a statement by Taurus Securities Limited, the decline comes amid a backdrop of various economic developments in the country. The International Monetary Fund (IMF) is preparing to send missions to Pakistan in early to mid-March to discuss climate finance and review the Extended Fund Facility (EFF). The IMF has also acknowledged the government’s commitment to governance and corruption assessment.
In other economic news, the Central Development Working Party (CDWP) has approved 14 projects worth Rs49.31 billion across the energy, education, and industrial sectors, aiming to stimulate growth and development. Meanwhile, the government is planning to alleviate the financial burden on the salaried class in the upcoming budget.
The State Bank of Pakistan is also engaged in talks with banks to finalize terms for a Rs1,240 billion loan to manage circular debt, which currently stands at Rs2.384 trillion. Additionally, the Federal Board of Revenue has successfully recovered Rs23 billion from banks in a single day through the Windfall Tax.
Amid these developments, Pakistan and Turkiye are exploring a potential $5 billion trade partnership, and Prime Minister Shehbaz Sharif is set to visit Azerbaijan to strengthen bilateral ties. The Securities and Exchange Commission of Pakistan (SECP) has also revised the Futures Exchanges (Licensing and Operations) rules of 2017, while a new gas policy backed by the Special Investment Facilitation Council (SIFC) is expected to attract $5 billion in investment.
As the country navigates these economic shifts, market participants remain attentive to both domestic and international fiscal developments.