Karachi, The KSE-100 index witnessed a significant surge, gaining 2,095 points to close at 78,802. The trading volume reached 452 million shares, marking a day of robust activity in the market. The top performers in terms of price change were BIPL, ABL, and MCB, while the major decliners included EFUG, SHFA, and AICL. The primary sectors driving this activity were Banks, Technology, and Power.
According to Turus Securities Limited, The day's significant news includes a focus on the Finance Bill 2024, highlighting the wealth statement. The Asian Development Bank (ADB) has rated the technical assistance for developing an electricity market as successful and relevant. Forex reserves have increased by $30.8 million to $14.415 billion, as reported by the State Bank of Pakistan (SBP). Additionally, the National Electric Power Regulatory Authority (NEPRA) has imposed fixed charges of Rs200-1,000 per month on domestic consumers starting July 1.
Other notable developments include the Federal Board of Revenue (FBR) pledging to review the omission of incentives for e-vehicles and the telecom sector, and distribution companies seeking approval for an additional Rs3.4 per unit charge. Power generation saw a 46% month-on-month increase in May, and a third-party audit of fertilizer companies has been ordered. Pakistan has initiated talks with Turkmenistan to import 200,000 tonnes of urea, while the oil sector is demanding the reversal of exemptions withdrawal. Lastly, PTCL and Huawei are set to pioneer next-generation fiber optic broadband.