Karachi: The KSE-100 Index surged by 1,496 points, closing at 163,189 with a trading volume of 635 million shares. The top-performing stocks were HUMNL, NBP, and FFC, while PSEL, MEHT, and PGLC saw declines. The trading activity was heavily concentrated in the Technology, Engineering, and Banking sectors.
In a significant development, Pakistan and Iran have expressed their intent to enhance coordination to address regional threats. This announcement comes as the International Monetary Fund sets December 8 for reviewing Pakistan's loan status, a critical juncture for the country's economic stability.
The Pakistani government has announced plans to pass the cost of LNG cargoes onto RLNG consumers, amidst ongoing financial challenges faced by CPEC power projects. Meanwhile, the Turkish energy minister is slated for a visit, signaling potential discussions on energy collaboration.
Finance Minister Aurangzeb unveiled plans for a fact-based review on tariff rationalization, underscoring the government's commitment to economic reform. In an effort to attract foreign investment, Prime Minister urged Bahraini businesspeople to explore opportunities across different sectors in Pakistan.
The Governor of the State Bank of Pakistan has called for the adoption of a sustainable growth model, highlighting the need for a resilient economic framework. Efforts are also underway to address the 1.2 percent turnover tax issue, with the government actively engaging manufacturers and companies.
In financial developments, the State Bank of Pakistan successfully raised approximately Rs778 billion through the auction of Market Treasury Bills and Pakistan Investment Bonds. The government has also voiced its support for new ventures in energy and mineral sectors.
The Reko Diq project is expected to contribute $74 billion to Pakistan's gold market, marking a significant boost to the mining sector. October saw a record increase in iron and steel scrap imports, reflecting burgeoning industrial activity.
In infrastructure advancements, Sindh has approved a plan to establish 600 electric vehicle charging stations, a step forward in promoting sustainable transportation. The demand for high-speed diesel has risen due to the harvest season and an overall economic uptick.
On the international trade front, TOMCL has secured a $5.2 million export deal with Saudi Arabia, while Amreli Steels received approval from the SECP for a Rs1 billion share issuance to its sponsor, indicating a positive trend in the country's industrial and manufacturing sectors.