Karachi: The KSE-100 index experienced a significant uptick, gaining 1,435 points to close at 115,272 with 549 million shares traded yesterday. Meanwhile, the International Monetary Fund (IMF) has adjusted Pakistan's GDP growth estimate to 3 percent.
According to a statement by Taurus Securities Limited, the top performers by price change were PGLC, SEARL, and PSEL, while JDWS, MEHT, and HGFA were among the top decliners. Market activity was predominantly focused on the Technology, Power, and Oil Marketing Companies (OMCs) sectors.
In related economic developments, Pakistan's exports and remittances showed an increase in the first half of the fiscal year, resulting in a current account surplus. Foreign Direct Investment (FDI) for the same period registered a 20 percent year-on-year increase, reaching $1.33 billion.
The Finance Minister has confirmed the launch date for the panda bond initiative in Pakistan. Additionally, a coordinator to the Prime Minister announced that Pakistan has successfully emerged from the risk of default.
Prime Minister Shehbaz expressed optimism over Pakistan's inclusion in the World Economic Forum's Digital FDI Initiative. The Economic Coordination Committee has also decided to re-base the power tariff in winter rather than in summer, expecting a tariff cut of Rs1.03.
Pakistan and Saudi Arabia are advancing towards finalizing the multibillion-dollar Reko Diq deal, while amended tax laws are being enforced to tighten regulations on non-filers. The Real Effective Exchange Rate (REER) reached an eight-month high in December, and auto financing showed positive growth with an uptick in the same month.
In the ICT sector, exports soared 28 percent from July to December, as informed to the National Assembly. Pakistani and Chinese companies signed Memorandums of Understanding (MoUs) worth $250 million to enhance medical equipment trade.
Meanwhile, the government has notified the sale of 35 percent of gas output to private parties, and the Competition Commission of Pakistan (CCP) is set to announce its decision on PTCL's acquisition of Telenor and Orion Towers soon.