Karachi: The KSE-100 index surpassed the 80,000 milestone this week, marking a significant 2.3% increase, as reported by JS Global Capital Limited. This rise is accompanied by a 2% increase in market capitalization and significant growth in trading volumes.

According to JS Global, the market experienced a 24% week-over-week increase in average daily turnover by shares and a 31% increase in terms of U.S. dollar value. Foreign investors purchased $7.7 million worth of equities, while mutual funds were net sellers, offloading $13.6 million. Amid these trading activities, Pakistan’s economic indicators showed mixed signals. The Consumer Price Index (CPI) for June 2024 was reported at 12.6%, pushing the fiscal year 2024 average to 24%. Additionally, the State Bank of Pakistan's reserves hit a 23-month high at $9.4 billion, providing an import cover of approximately two months, primarily due to significant inflows from multilateral agencies.

The Federal Board of Revenue (FBR) also reported tax collections of Rs9.3 trillion, falling short of the target by Rs109 billion. In response to economic demands, the government raised petrol and High-Speed Diesel (HSD) prices significantly, alongside a 9% increase in gas prices for captive power plants and a staggering 51% hike in power tariffs for domestic consumers. These adjustments are part of the preparations for an upcoming International Monetary Fund (IMF) delegation visit in the second week of July, which will discuss new loan terms with Pakistani officials.