Karachi: The KSE-100 index experienced a substantial gain of 771 points, closing at 93,292, with a trading volume of 763 million shares. The top performers in terms of price change were PIBTL, BNWM, and NCPL, while the biggest decliners included KOSM, JVDC, and PGLC. The trading activity was primarily concentrated in the Technology, Banking, and Cement sectors.
According to Taurus Securities Limited, Pakistan is seeking a two-year extension on a $3.4 billion Chinese debt as the country navigates through an International Monetary Fund (IMF) programme. Additionally, the IMF’s visit focuses on addressing a $2.5 billion gap in the country’s finances. Meanwhile, weekly inflation has risen by 0.24%, driven by hikes in food and energy prices.
The country’s economic landscape is showing signs of a solar boom, which is impacting the revenues of DISCOs. On a positive note, remittances have jumped by 35% from July to October, and inflows into Roshan Digital Accounts have surpassed $9 billion. Additionally, the ‘Bijli Sahulat Package’ is offering a relief of Rs26 per unit for additional usage during the winter season.
Efforts to boost the economy include a surge in bank lending to the private sector and the government’s move to divide the National Transmission and Despatch Company (NTDC) into three entities. In a boost for trade, Chinese and Pakistani firms have signed $156 million in Memorandums of Understanding (MoUs) in the leather and footwear sectors. Pakistan has also signed four MoUs with Abu Dhabi Ports.
Foreign exchange reserves are projected to reach $12 billion by the end of November, although the Exploration and Production (E and P) firms continue to face uncertainty. The government has announced that there will be no more sugar exports, with cane crushing set to commence from the 21st. In addition, Attock Refinery has delayed its upgrade due to tax issues.
In a bid to address fiscal challenges, the government has expressed intentions to proceed with the privatization of Pakistan International Airlines (PIA) once again.