Karachi: The KSE-100 index saw a notable rise of 1,537 points, closing at 116,390, with a robust trading volume of 483 million shares. The main drivers of this upward trend were PSX, UBL, and TGL, while IBFL, MARI, and HCAR experienced declines. The trading activity was predominantly concentrated in the sectors of Refinery, Transport, and Banks.
In other developments, Fitch Ratings has upgraded Pakistan's foreign currency Issuer Default Rating (IDR) to 'B-'. This change reflects a slight improvement in the country's financial outlook.
Pakistan is also considering importing oil from the United States as a measure to address its trade imbalance. This move is part of a broader strategy to stabilize the economy.
The government is planning to raise a significant loan of 275 trillion to address the circular debt issues that have been affecting the energy sector.
From July to February of fiscal year 2025, the large-scale manufacturing (LSM) sector saw a contraction of 1.90 percent, highlighting the challenges faced by the industrial sector.
In the energy sector, the levy on petrol and diesel has been increased, while consumers are expected to benefit from a power tariff relief totaling Rs51.5 billion.
Amidst these changes, the government has decided to drop 24 percent of uplift projects, aiming for a more focused allocation of resources.
Meanwhile, oil and gas production has declined due to lower demand and field curtailments, underlining the shifting dynamics in the energy market.
In a separate development, the government has abolished the 3 percent Federal Excise Duty (FED) on property sales, a move likely aimed at stimulating the real estate market.
Fast Cables has announced the commissioning of a Copper Upcasting Plant, increasing its production capacity to 15,000 tons, which could bolster the country's manufacturing capabilities.
In renewable energy, the National Electric Power Regulatory Authority (Nepra) is contemplating approving the tariff for two photovoltaic solar projects by K-Electric, signaling a push towards sustainable energy solutions.