Karachi: The Karachi Stock Exchange (KSE-100) index experienced a significant rise, closing up 760 points at 77,874 with robust trading volumes of 491 million shares yesterday. The market saw a mix of highs and lows across various sectors.
According to Turus Securities Limited, the top performers based on price changes were Mari Petroleum (MARI), Bannu Woollen Mills (BNWM), and Oil and Gas Development Company (OGDC). Conversely, Younis Brothers (YOUW), Fauji Fertilizer Company (FFC), and Ferozsons Laboratories (FHAM) faced declines. The trading activity was predominantly focused in the sectors of Textile Spinning, Technology, and Fertilizer, reflecting a varied investor interest across these areas.
The broader market context included significant developments such as the Prime Minister's approval of a reform program and NEPRA's increase in electricity tariffs by Rs2.6 per unit. Additionally, all Kibor tenors saw a decline in rates, which, coupled with a $51 million rise in reserves, helped the Pakistani rupee make a comeback. Other noteworthy news includes the initiation of a probe into a Rs135 billion fuel scam, ongoing offshore drilling activities, threats to the cotton crop from whiteflies, and demands from auto parts makers for the release of tax refunds. The Pakistan Stock Exchange (PSX) is also set to hold an auction for Rs. 100 billion worth of Sukuk on August 15, and Attock Refinery is seeking a tax change to proceed with an upgrade deal.