Karachi: The KSE-100 index witnessed a significant gain, rising by 467 points to close at 117,587. A total of 935 million shares were traded, marking a day of robust activity. The leading performers based on price change included PGLC, BNWM, and PSX, while PIOOC, FCCL, and MLCF were among the top decliners. The trading activity was primarily concentrated in the Technology, Cement, and Banking sectors.
According to Taurus Securities Limited, the market showed resilience amid various economic developments and forecasts. These include Pakistan's ambitious economic target of achieving a $3 trillion economy by 2047 and the strengthening of trade and energy ties with the UAE. Additionally, the IMF's call for a strict levy on captive power plants and the World Bank's plan to lend Pakistan $20 billion over the next decade were highlighted.
Other notable economic activities included the government's initiative to save Rs1.7 trillion through pension reductions and the Asian Infrastructure Investment Bank's $500 million loan for the N-5 construction. The National Electric Power Regulatory Authority criticized power policies for escalating consumer costs, while the export of services reached $676 million in November.
Further economic insights revealed a $700 million investment commitment from a Chengdu official in Punjab, ongoing disputes over the Gwadar coal-fired power project tariffs, and a new captive gas price set by the government. Meanwhile, Punjab's Chief Minister launched a solar panel scheme, and the Khyber Pakhtunkhwa government released Rs79,584 million for developmental projects. The construction of the Chashma nuclear power plant at a cost of Rs1.12 trillion is set to span 81 months.
Textile exports surged by 10% in the first half of FY25, reaching $9.9 billion. The growing receivables of Pakistan State Oil, which soared to Rs858 billion in 2024, highlighted financial challenges, with SNGPL and the power sector as major defaulters. POL opposed a gas sale deal without bidding, and KE faced setbacks as five of its projects were excluded from IGCEP. The PSX is anticipated to continue its growth trajectory as investment shifts from fixed income to equities.