Karachi: The KSE-100 index closed down by 224 points yesterday, ending the session at 81,851 with a trading volume of 400 million shares. The market experienced mixed sector performances with key activities noted in technology, power, and property sectors.
According to Taurus Securities Limited, top gainers of the session included FFC, SCBPL, and EFUG, while the top decliners were NCPL, NPL, and PGLC. The news comes alongside a flurry of financial developments highlighted in recent briefings, including significant decisions by the government and financial institutions affecting national economic strategies and regulatory adjustments.
Key financial updates included the Supreme Court’s critique of the Election Commission of Pakistan for allegedly denying a major political party its recognition and the Asian Development Bank’s potential approval of a third-party guarantee for the Reko Diq project by February. Additionally, ADB is poised to approve a $200 million loan for a power distribution project in Pakistan. The State Bank of Pakistan has also extended the deadline for dollar imports by a year amid ongoing scrutiny of banking practices, including a Senate body’s inquiry into the utilization of IMF funds since 2018 and the alleged Rs65 billion in unlawful profits by banks.
Other notable issues include a projected increase in circular debt to Rs2.8 trillion, a surge in ‘junk tax’ returns to 2.7 million in 2023, and upcoming digital payment mandates for IT vendors abroad. The Senate panel has called for stringent actions against banks involved in dollar manipulation in 2022. Meanwhile, the government has pulled back on a plan to sell 35% of gas stakes and set new guidelines for exploration and production firms.
In international trade developments, Tajikistan is set to import 40,000 metric tons of sugar from Pakistan, indicating strengthening trade relations. Additionally, the Oil Companies Advisory Council’s chairperson emphasized the need to focus on local diesel supply to conserve foreign exchange amid warnings by MOL Pakistan about the risk of a complete shutdown in oil and gas production in the Tal Block.