Karachi: The Karachi Stock Exchange (KSE) witnessed a positive shift in market activity as the KSE-100 Index surged by 138 points, closing at 166,284 with a substantial trading volume of 607 million shares. The trading session saw significant movements in the sectors of Power, Technology, and Investment Companies.
The day's top performers in terms of price change included SRVI, PTC, and KTML. Conversely, PSEL, SCBPL, and PKGP experienced declines, indicating a mixed response across various sectors.
In broader economic news, Asim was appointed as the first chief of defence forces, marking a significant leadership change. Meanwhile, the National Finance Commission (NFC) agreed to form technical sub-groups to address economic challenges, and Saudi Arabia extended the term for a $3 billion deposit.
The State Bank of Pakistan's foreign exchange reserves saw a modest increase of $14 million, bringing the total to $14.57 billion as of November 28. In the trade sector, the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and the North Karachi Association of Trade and Industry (NKATI) welcomed the abolition of the export development surcharge.
Additionally, the Federal Board of Revenue (FBR) reported an almost 80% rise in petroleum levy collection from July to November. The government is seeking a significant revenue hike of Rs6.5 trillion at the 11th NFC meeting to address fiscal challenges.
The flour milling industry has raised concerns over potential shortages due to wheat policy and transportation fines. In response, Finance Minister Dar approved measures aimed at reviving the cotton industry.
In international trade, Pakistan and Kyrgyzstan are working towards boosting bilateral trade to $200 million by 2027-28, with Kyrgyzstan being offered access to global markets through key ports. Moreover, the government reported Rs1 trillion in savings by diverting LNG resources.
Efforts to streamline trade operations continue with the launch of an accreditation grant program and increased customs staff for faster goods clearance. The government also decided to regulate used car imports and issued new values for polyester partially oriented yarn.
The Competition Commission of Pakistan flagged taxation issues in the insurance sector, while the Sui Northern Gas Pipelines Limited (SNGPL) reported alarming receivables at Rs114 billion. In telecommunications, the Pakistan Telecommunication Authority approved the merger of PTCL and Telenor, signaling further consolidation in the sector.