Karachi: The Karachi Stock Exchange (KSE-100) index surged by 754 points yesterday, closing at 85,664, as trading volumes reached 501 million shares. The day’s trading was dominated by sectors such as Technology, Power, and Cement, with significant price changes noted in stocks like HBL, LCI, and BAHL, while HUBC, PGLC, and NPL were among the top decliners.

According to Taurus Securities Limited, in broader economic news, Pakistan is poised to sign deals worth $2 billion with a Saudi delegation before the upcoming SCO summit. In other economic forecasts, the inflation rate and policy rates are expected to decline in the coming months, as stated by Aurangzeb. Meanwhile, the country’s economy reportedly loses Rs190 billion a day due to strikes and strife.

Further economic measures and developments include the introduction of two incentives aimed at boosting remittances through banks and Exchange Companies (ECs). The government has also reached a record high with its debt, amounting to Rs70.36 trillion by the end of August. In a move to support the sugar industry, the government has refused to provide subsidies on sugar exports.

On the international aid front, the World Bank has pledged $2 billion to assist the Pakistani government in responding to the devastating 2022 floods. Additionally, the State Bank of Pakistan (SBP) has increased the retail portfolio limit to Rs300 million and enhanced the SME financing exposure cap, indicating a push towards greater economic support and development within the country.

In the automotive sector, Regal Automobiles has received approval to manufacture Pakistan’s first electric SUV, with the price set at Rs8.399 million, marking a significant step towards eco-friendly transportation options in Pakistan.

These announcements reflect a dynamic mix of challenges and advancements in Pakistan’s economic landscape, highlighting key efforts to stabilize the economy and stimulate growth amidst various pressures.