Karachi: The KSE-100 Index saw a modest increase of 15 points yesterday, closing at 78,863 as 769 million shares traded hands. The market dynamics showed a mix of gains and declines across various sectors including technology and textiles.

According to Turus Securities Limited, the top performers in terms of price change were Kohat Cement Company Limited (KOHC), Shifa International Hospitals (SHFA), and Standard Chartered Bank Pakistan Limited (SCBPL), whereas Yousaf Weaving Mills Limited (YOUW), Service Industries Limited (SRVI), and Ferozsons Laboratories Limited (FCEPL) faced notable declines. Trading activity was primarily concentrated in the technology, textile spinning, and property sectors.

The press release also highlighted other significant economic developments. There is an anticipation of further easing in the monetary policy. The government’s ongoing support for Chinese companies was reiterated by Aurangzeb, who also outlined steps to stabilize the economy including discussions on capacity tariffs for Chinese Independent Power Producers (IPPs). The total government debt has escalated to Rs 69.9 trillion.

In the technology sector, the Prime Minister has requested plans to increase information technology exports to $25 billion. Meanwhile, the State Bank of Pakistan’s foreign exchange reserves have seen an uptick by $33 million, now standing at $9.44 billion. The Federal Board of Revenue (FBR) is considering a significant increase in property rates by up to 100% in 42 cities.

Additionally, the cement sector reported a decrease in dispatches by 25.68% year-over-year in August, totaling 3.336 million tons. In contrast, Sazgar Engineering Works Limited reported a dramatic increase in its four-wheel vehicle sales, which surged by 219% year-over-year in August 2024. Conversely, Siddiqsons Tin Plate is in the process of shutting down its plant due to declining sales and ongoing labor strikes.