Karachi: The KSE-100 index saw a significant rise, gaining 533 points to close at 78,793, with heavy trading volume of 798 million shares. The market witnessed notable price increases in companies like SRVI, PIBTL, and NRL, while PTC, YOUW, and JVDC experienced declines. Sector activity was predominantly seen in technology, cements, and textile spinning.

According to Turus Securities Limited, the financial landscape is also buzzing with several key economic updates. The Ministry of Finance and the State Bank of Pakistan have briefed the Senate panel, revealing that the government secured a loan from the IMF at an interest rate of 5.09% in 2023. Efforts to acquire additional loans from Middle Eastern countries are underway, aimed at bolstering Pakistan’s financial stability.

Further developments include the anticipated impact of the ‘Buna Raast’ initiative, which is expected to revolutionize remittance processes. Karachi Electric (KE) has sought approval from Nepra to levy an additional Rs3.09 per unit under the Fuel Cost Adjustment (FCA) mechanism. Meanwhile, the State Bank of Pakistan’s reserves have seen a modest increase of $19 million, reaching $9.291 billion.

Economic measures also feature the government’s decision to auction 20 offshore blocks for oil and gas exploration and the permission granted by the Economic Coordination Committee (ECC) to export 100,000 tonnes of sugar. Regulatory pressures are evident as the Oil and Gas Regulatory Authority (Ogra) has issued warnings to PSO and other entities to lift High Speed Diesel (HSD) or face consequences. In the corporate sphere, Cherat Packaging announced the sale of its Papersack Line IV, and Millat Tractors Limited has halted production.