Karachi: The KSE-100 index saw a positive movement yesterday, gaining 131 points to close at 93,355, with a substantial volume of 806 million shares being traded. The day's top performers in terms of price change were GHGL, SEARL, and MARI, while MEHT, FCEPL, and NCPL saw declines. The trading activity was predominantly concentrated in sectors such as Technology, Cables, and Oil Marketing Companies (OMCs).
According to Taurus Securities Limited, several significant developments are taking place in the country. The International Monetary Fund (IMF) has been briefed about Pakistan's recovery plan and local debt situation, though concerns have been raised regarding a $1.2 billion Saudi oil facility. Despite these challenges, the government is committed to maintaining a revenue target of 9 trillion.
The Federal Board of Revenue (FBR) is seeking a closed-door session, possibly to discuss strategies amidst potential increases in prices of petroleum products. In efforts to privatize, investments are needed to prepare Distribution Companies (Discos), while the National Transmission and Despatch Company (NTDC) has acknowledged delays in implementing its power plan.
The government reportedly plans to sell the Pakistan International Airlines (PIA) through a government-to-government deal with Qatar or Abu Dhabi, and the Khyber Pakhtunkhwa (KP) government has again expressed interest in participating in the PIA bidding process. Meanwhile, Pakistan’s power sector is set for a significant overhaul as the government raises Rs776 billion through treasury bills sales.
In other developments, deals with Independent Power Producers (IPPs) are progressing, with Rousch Power approving early termination of government agreements. There is a delay in the finalization of electric vehicle (EV) charging tariffs. A National Assembly panel has approved the sale of a 30% stake in State Life Insurance Corporation (SLIC), while Pakistan is poised to launch its first Artificial Intelligence (AI) policy.
The Oil and Gas Development Company Limited (OGDCL) has commenced gas production from the Uch-35 well in Balochistan, and CCL Holding has submitted a public intention to acquire a 50% stake and control in Mitchells Fruit Farms.