Islamabad: The KSE 100 index witnessed a significant upswing, closing at 157,945.03 points, marking a 0.25% increase. BWCL led the gainers with a remarkable 10% surge, closing at Rs. 625.10 per share. The index's year-to-date performance in CY25 stands at an impressive 37.19%, demonstrating robust growth.
Other notable gainers included HGFA, which climbed 4.67%, and KEL, rising by 3.27%. ABOT, PAKT, and DGKC also registered gains. On the flip side, PTC experienced the largest decline, falling 3.68%. INIL, TRG, BOP, and POML also retreated.
KEL dominated trading volume with 446.65 million shares exchanged, while PACE followed with 89.16 million shares. The total market capitalization reached Rs. 18,632.47 billion, equivalent to US$66.21 billion. The ready market turnover totaled Rs. 58.73 billion (US$208.68 million).
Regional markets presented a mixed picture. While Indonesia, Korea, and Taiwan saw gains, China, India, and the Philippines experienced declines. Malaysia remained relatively flat. Source: JS Global. ZCZC
Market Update - KSE-100 Plunges 483 Points Amidst Economic Uncertainty
Islamabad: The KSE-100 index experienced a significant drop of 483 points yesterday, closing at 157,555 with a trading volume of 1,664 million shares. This substantial decline reflects growing economic anxieties, compounded by news of potential loan write-offs for farmers, a staggering Rs3.6 trillion sales tax gap admitted by the FBR, and PTCL’s issues stalling the $1 billion Ufone-Telenor merger.
While HGFA, GLAXO, and MUGHAL showed positive price movement, FCCL, HMB, and LCI experienced the largest declines. Trading activity was primarily focused on the power, technology, and banking sectors.
Adding to the economic concerns, the FBR acknowledged a massive Rs3.6 trillion shortfall in sales tax collection. The government is also considering writing off agricultural loans, a move that could further strain the national treasury. Separately, Pakistan is seeking unilateral tariff concessions on 700 items from China and exploring avenues for $750 million in inflows through Panda bonds and commercial financing.
In the corporate sector, PTCL's operational challenges have stalled the $1 billion merger between Ufone and Telenor. Meanwhile, TRG's ongoing legal dispute with its former CEO poses a significant threat to the export giant's future. The SECP has clarified that shares carrying voting rights are entitled to receive dividends.
On the political front, former US President Trump is scheduled to meet with leaders from several Muslim nations, including Pakistan. A separate legal challenge argues that the constitution prohibits arbitrary legislation and taxation. Finally, the Pakistan Pharma Summit, with global experts in attendance, is set to commence today. The oil industry is requesting government support for a Rs50 billion digitization initiative. The Pakistan Tax Bar (PTB) has urged Finance Minister Ishaq Dar to extend the income tax return filing deadline. A defense agreement with Saudi Arabia is also in the news.