Karachi: The Karachi Stock Exchange's benchmark KSE-100 index saw a significant uptick yesterday, gaining 379 points to close at 78,824, with a hefty trading volume of 304 million shares. Notable performers included SCBPL, PAKT, and SRVI, while PABC, PGLC, and BNWM were among the top decliners. Sector-wise, trading activity was primarily concentrated in Technology, Banks, and Investment Companies.

According to Turus Securities Limited, the market dynamics reflected broader economic indicators and policy shifts detailed in their latest roundup. Other highlights included the Treasury bills attracting the highest inflows in four years and the Federal Board of Revenue hiking regulatory duties on the import of 657 luxury items, ranging from 5% to 55%. Inflation continued to challenge economic management, remaining elevated at 23.41%.

Furthermore, efforts to boost tax revenue are underway, with Aurangzeb committing to significant reforms. The Oil and Gas Regulatory Authority has updated gas tariffs specifically for captive power plants. The Small and Medium Enterprises Development Authority has launched an ambitious 10-year development plan aimed at bolstering the sector.

In the energy sector, the government has sought the World Bank’s assistance for the privatization of Distribution Companies (Discos), and the Cabinet Committee on Energy is slated to decide on the establishment of the DISCO Support Unit. Sales of Oil Marketing Companies have hit an 18-year low in FY24, while the Oil and Gas Development Company Limited has optimized production at its Nashpa-4 well in Karak. Moreover, Mari Petroleum is progressing with its fourth appraisal well testing in Sindh.

In the automotive sector, Lucky Motor has increased the price of its Stonic model by Rs733,000. Meanwhile, Pakistan Hotels Developers Limited has received the necessary approvals to proceed with the sale of Regent Plaza Hotel to the SIUT Trust.