Karachi: The KSE-100 Index witnessed a significant gain of 928 points, closing at 111,351 with a robust trading volume of 815 million shares. The top-performing stocks in terms of price change included FCEPL, PGLC, and JVDC, while BNWM, SHEL, and PKGP saw the most declines. Trading activity was predominantly focused on the Technology, Foods, and Oil Marketing Companies (OMCs) sectors.
According to Taurus Securities Limited, the economic landscape of Pakistan is witnessing numerous developments. Prime Minister is set to announce the Uraan Pakistan initiative tomorrow, as the government has reportedly saved Rs1 trillion through renegotiated Independent Power Producer (IPP) deals. Meanwhile, the Federal Board of Revenue (FBR) plans to block both current and savings accounts of non-filers. State-Owned Enterprises (SOEs) have posted losses amounting to Rs408 billion, and December's inflation is expected to maintain a 4-5 percent range.
In other economic news, a 98 tariff cut for Karachi is likely, and the Sensitive Price Index (SPI) has risen by 0.80%, marking the highest increase since July. Additionally, Pakistan is poised to sign an economic partnership deal with Korea, while the paid-up capital for exchange companies has been doubled to Rs1 billion. Petrol prices might decrease by Rs2 per liter, and changes in the banking sector's Advance to Deposit Ratio (ADR) are anticipated.
The government expresses concerns over potentially missing Rabi crop targets due to below-normal rainfall, and tobacco firms have adjusted their buying targets for the next year. The Special Investment Facilitation Council (SIFC) expressed disappointment over delays in removing obstacles for refinery upgrade projects. Authorities are considering the abolition of the Rate of Return on Equity (ROE) for government power plants. The Federal Reserve has terminated enforcement actions against the National Bank of Pakistan (NBP), and SIFC has requested SSGC and JJVL to finalize a contract to restart the LPG extraction plant. Service Retail Ventures Incorporated (SRVI) has approved an investment worth Rs500 million in Service Retail.