Karachi: The KSE-100 Index saw a significant rise yesterday, gaining 2,474 points to close at 160,657, with a robust trading volume of 796 million shares. Notable performers included PIOC, KTML, and MLCF, while FHAM, INIL, and HMB experienced declines. The day’s trading was predominantly concentrated in the banking, cement, and investment company sectors.
In other economic developments, Pakistan's foreign reserves rose by $22 million, reaching a total of $14.52 billion. This financial boost comes as the government plans to issue a Eurobond next year and seeks to secure two loans totaling $3.3 billion from Chinese banks. Additionally, the International Monetary Fund's board is set to approve a $1.2 billion package on December 8.
Port Qasim announced a 50% reduction in charges for exporters, potentially enhancing the competitiveness of Pakistan's export sector. Meanwhile, ongoing exploration by a U.S. mineral firm signals growing international interest in Pakistani investment opportunities.
On the legislative front, former President Asif Ali Zardari signed the 27th Amendment Bill into law, marking a significant political milestone. In judicial news, the Chief Justice of Pakistan convened a Supreme Court full court meeting today.
In the energy sector, fuel prices are expected to fluctuate, with a possible increase of Rs9.60 in diesel prices. Power tariffs are set for a January rebasing, while power generation from the 969MW Neelum Jhelum Project remains uncertain. The government has also approved the import of 0.5 million tonnes of sugar, following a period of export.
The Economic Coordination Committee is poised to receive an onward submission regarding the country's revenue distribution formula, though a key meeting on this matter has been postponed once again. Meanwhile, efforts to resolve the grid levy issue have been directed at the Petroleum Division and the Oil and Gas Regulatory Authority.
Pakistan is reviving its offshore exploration endeavors with a 23-block award round, signaling renewed interest in harnessing its hydrocarbon potential. Additionally, the government has initiated steps to identify locations for new deep-sea ports, aiming to bolster maritime infrastructure.