Karachi: The KSE-100 Index surged by 1,571 points, closing at 172,401, with a robust trading volume of 797 million shares, marking significant investor activity on the Pakistan Stock Exchange. The day's top performers included JVDC, KOHC, and ENGROH, while RMPL, UNITY, and DHPL saw declines. Trading activity was heavily concentrated in the technology, banking, and investment sectors.
In economic developments, Pakistan and the United Arab Emirates have reached an agreement to enhance trade and economic cooperation. This accord aims to bolster bilateral trade and investment opportunities between the two nations.
On the international front, the U.S. is reportedly seeking to expand its locomotive sales and mineral collaboration with Pakistan, indicating a potential increase in bilateral trade relations.
The International Monetary Fund has projected a reduction in Pakistan's Public Sector Development Programme as the country plans to increase its defense allocation. This fiscal adjustment is part of broader economic considerations.
Pakistan's liquid foreign reserves saw a slight uptick, reaching $21 billion, while the trade deficit with the Middle East has widened to $5.9 billion.
In infrastructure developments, the ML-1 Karachi-Rohri railway project is slated to commence in July, marking a significant milestone in Pakistan's transportation sector.
Meanwhile, the Pakistani government has handed over cotton export matters to the State Bank, and over 2,403 Chinese goods have been granted duty and tax relief, underscoring efforts to enhance trade facilitation.
In the financial sector, the rupee appreciated by 1.8% from July to December, and the Federal Board of Revenue's payment of refunds increased by 2.2% year-on-year for the fiscal year 2025. The Economic Coordination Committee rejected a request for gas and RLNG tariff concessions for the glass industry.
Additionally, the sugar industry's recovery is improving as temperatures decline, and the All Pakistan Textile Mills Association is advocating for a temporary waiver of levies on captive power plants.
Lastly, the United Arab Emirates is poised to acquire shares in the Fauji Foundation, as confirmed by Finance Minister Ishaq Dar, marking another significant development in the economic relationship between the two countries.