Karachi: The Pakistan Stock Exchange’s KSE-100 Index experienced a significant rise, gaining 2,885 points to close at 168,520. The trading volume reached 1,191 million shares, with notable activity observed in the Power, Technology, and Investment Companies sectors. The session saw Sui Southern Gas Company (SSGC), Ghandhara Automobiles Limited (GAL), and Bank of Punjab (BOP) as top performers in terms of price change, while Fatima Fertilizer Company Limited (FATIMA), Unilever Pakistan Foods Limited (UPFL), and Bank Al Habib Limited (BAHL) were the top decliners.
According to Taurus Securities Limited, the market dynamics were influenced by both domestic and international factors, including ongoing geopolitical developments and economic policies. In international news, the White House denied reports of the US requesting an extension in a ceasefire, although new talks may take place in Pakistan. Meanwhile, Pakistan has intensified its mediation efforts, with Chief of Defence Staff Munir and Interior Minister Naqvi arriving in Tehran. Additionally, Iranian military forces issued a warning to block the Red Sea if the US naval blockade persists.
Economic highlights included Prime Minister Shehbaz’s meeting with the Saudi crown prince in Jeddah, where bilateral relations were discussed. The International Monetary Fund (IMF) expressed concerns over high oil prices, which could lead to challenging economic times. However, oil prices saw a decline as potential US-Iran deals raised hopes, mitigating supply disruption concerns. The IMF’s meeting in the Middle East and North Africa region emphasized policy responses to global economic shocks, advising Pakistan to reduce fuel subsidies and broaden its tax base for sustainable growth.
Domestically, Pakistan raised Rs1.4 trillion through treasury bills and Rs116.4 billion via its first hybrid sukuk auction. Despite these efforts, the country continues to face significant power shortages. The government is also focused on addressing over-invoicing issues, promoting foreign investment through initiatives like the Roshan Digital Account (RDA) in the US, and expanding transit trade corridors with Iran.