Karachi: In a significant downturn, the KSE-100 index fell by 1,579 points yesterday, closing at 78,539, with a volume of 375 million shares traded. The day saw varied performances across sectors, with significant movements noted in technology, power, and banking sectors.
According to Turus Securities Limited, the top performers based on price changes were SNGP, POML, and GADT, while the biggest decliners were NCPL, INIL, and ABOT. This shift reflects broader market trends and specific industry impacts. Additionally, the stock exchange reported transitions to a one-share lot system and amendments by the Securities and Exchange Commission of Pakistan (SECP) categorizing securities brokers as 'Professionally Informed Customers' (PIC).
In other news impacting economic sentiment, the Prime Minister delayed a crucial cabinet meeting to discuss a potential ban on PTI, indicating political tensions. Meanwhile, discussions with the IMF have not yet placed Pakistan on the agenda, creating uncertainty about future financial support. Analysts are speculating on a potential policy rate cut due to sustained low inflation, while efforts are underway to enhance Pakistan's economic rating, with Aurangzeb urging Fitch to improve the nation's assessment.
Furthermore, new reforms and developments include over 150,000 retailers being registered as new taxpayers, a drop in FY24 power generation by 2% year-over-year, and ongoing discussions about linking Pakistan's Raast payment system to an Arab regional payment system within a year. The government is also addressing international business concerns, evidenced by a Chinese company's complaint against the State Bank of Pakistan, and efforts to boost investment and privatization progress, particularly with the sale of PIA.