Islamabad: The KSE-100 Index witnessed a significant decline yesterday, dropping 620 points to close at 85,585, with a volume of 513 million shares traded. Market activity highlighted fluctuations in various sectors including refinery, foods, and technology, with notable movements in both stock gains and declines.
According to Taurus Securities Limited, the top performers based on price change were PSX, POML, and NPL, whereas PGLC, HUBC, and GLAXO led the decliners. This trading session reflected a broader trend of volatility within the Pakistani stock market, with investor focus dispersed across multiple sectors.
In addition to stock market movements, various economic indicators and government actions also influenced market sentiment. The government has decided to abandon the idea of establishing a constitutional court. Meanwhile, the Large Scale Manufacturing (LSM) output recorded a 4.68% month-on-month increase in August. In international finance, the European Central Bank executed consecutive interest rate cuts in response to falling inflation rates.
Pakistan is gearing up to begin exports of donkey meat and hides to China, which could open new economic channels. Furthermore, the State Bank of Pakistan (SBP) reported reserves totaling $11 billion and projected a GDP growth rate of 2.5% to 3.5% for FY25. These developments come alongside the government’s ongoing review of its commitments under the International Monetary Fund (IMF) program.
Other significant news includes an increase in textile exports by 18% in September and the successful raising of over Rs1 trillion through the issuance of Government of Pakistan ijarah sukuk by the Pakistan Stock Exchange. Concerns were also voiced in the oil industry regarding deviations from the existing pricing formula for petroleum products starting October 16. Additionally, the government has submitted a proposal to the cabinet to disburse Rs72 billion to five independent power producers (IPPs).
In the automotive sector, Mega Motor has finalized an agreement, signaling further developments in Pakistan’s industrial landscape.