Karachi: The KSE-100 index experienced a notable increase, gaining 669 points to close at 90,864, with active trading across multiple sectors. The trading session saw 602 million shares exchanged, highlighting significant market activity.
According to Taurus Securities Limited, the top performers in terms of price change were GlaxoSmithKline (GLAXO), Pakgen Power Ltd (PGLC), and Cherat Cement Company (CHCC), while the top decliners included Pioneer Cement (PIOC), Air Link Communication Ltd (AIRLINK), and AGP Ltd (AGP). Notably, the most active sectors were technology, cements, and banks, indicating a broad interest in these industries from investors.
In other news affecting the market, Prime Minister Shahbaz Sharif and Crown Prince Mohammed bin Salman (MbS) of Saudi Arabia held discussions on enhancing bilateral trade and investment. The Ministry of Planning, Development, and Special Initiatives (MoPD and SI) authorized 14% of the budgeted allocation for development projects in the first quarter. Meanwhile, Pakistan borrowed $1.3 billion from multiple financing sources during the same period.
Exporters have raised concerns, claiming the government owes them a backlog of Rs329 billion. Progress on the Tarbela 5th Extension, a key hydroelectric project, was also reviewed. The Federal Board of Revenue (FBR) expressed concerns that the Khyber Pakhtunkhwa government's levy of a 2% Infrastructure Development Cess (IDC) could negatively impact exports.
Additionally, the government's dealings with Independent Power Producers (IPPs) have led to backlash from foreign governments. A notable statement from the energy sector highlighted that utilizing Thar coal could reduce gas costs by 60%. In aviation news, Pakistan received only one bid from its shortlist for the sale of a stake in its national airline.
Refineries were recently barred from adjusting tax, and the Sui Southern Gas Company (SSGC) has filed a plea for a rate hike, further indicating a dynamic and evolving regulatory environment.
These developments reflect the multifaceted challenges and opportunities facing Pakistan's economy and stock market, with impacts spanning governmental fiscal strategies, international trade relations, and domestic energy policies.