Karachi: The KSE-100 index saw a significant rise of 808 points, closing at 114,872. This uptick coincided with a trading volume of 409 million shares. The trading day highlighted the standout performances of AKBL, POML, and DGKC in terms of price change, while INIL, PKGP, and BWCL were among the top decliners. The trading activity was primarily concentrated in the Cement, Technology, and Food sectors.
Amidst these market movements, tensions escalated in the region as Indian Prime Minister Narendra Modi granted the army operational freedom following accusations against Pakistan for a recent attack in Pahalgam. DG ISPR responded by providing evidence, while credible intelligence from Tarar suggested that India might take military action against Pakistan within 24 to 36 hours.
International organizations and neighboring countries have taken note of the rising tensions. The United Nations has called for both Pakistan and India to de-escalate, and nations such as the UAE and Kuwait have urged Pakistan to exercise restraint.
In economic developments, the International Monetary Fund's Executive Board is set to review Pakistan’s loan on May 9. Additionally, a $6.4 billion deal for Reko Diq is set to be signed next month, and a team of more than a dozen Chinese companies has arrived in Pakistan, signaling potential economic collaboration.
The State Bank of Pakistan has purchased $5.7 billion from the market over the past eight months, while the World Bank has approved an additional $108 million in aid for projects in Khyber Pakhtunkhwa. With the possibility of increased power tariffs due to reduced hydropower and costly fuels, Pakistan is also eyeing $2.3 billion in inflows by the fiscal year's end.
Further, the Consumer Confidence Index has seen a notable increase of 20.9%. In other economic activities, Pakistan and Kazakhstan have signed deals worth $140.8 million, and a new foreign investment pledge of $700 million has been secured, according to the Prime Minister.
In the energy sector, the white oil pipeline has helped avert a fuel shortage amidst road closures in Sindh, and the Federal Board of Revenue has set the maximum retail price of cement. These developments come as Pakistan continues to chart its economic course amidst regional tensions and global economic challenges.