Islamabad: The KSE-100 index saw a significant jump of 292 points yesterday, closing at 158,237 with a trading volume of 1,780 million shares. A potential meeting between former US President Donald Trump and Prime Minister Shehbaz Sharif is also expected today. Adding to the day's significant developments, the Pakistani government has officially authorized cryptocurrency operations by issuing licenses.
KEL, PPL, and BWCL led the market's upward movement, while TPLRF1, HGFA, and TGL experienced declines. Trading activity was primarily focused on the power, refinery, and technology sectors.
In other financial developments, Power Holding Ltd has given the go-ahead for the early repayment of Rs400 billion worth of Pakistan Energy Sukuk, and the government has unveiled a program to encourage affordable housing finance. Furthermore, a subsidy of Rs5 billion has been sanctioned for Raast Person-to-Merchant QR payments.
On the international front, Prime Minister Sharif held meetings with the Chinese premier and the UN Secretary-General. The State Bank of Pakistan has released updated guidelines regarding the Basel Committee on Banking Supervision (BCBS) phase II reforms. Banks have recorded a substantial increase in remittance fees, accumulating Rs130 billion, a fourfold rise.
The Economic Coordination Committee (ECC) has given its approval for the commercial importation of pre-owned vehicles. The government has set an ambitious target of $30 billion in pharmaceutical exports within the next five years. A substantial agreement worth Rs225 trillion has been finalized to address the circular debt issue in the power sector. Meanwhile, Pakistan State Oil (PSO) has issued a warning about potential disruptions to the supply chain due to increased diesel allocations. Cnergyico has placed an order for a second oil shipment from the US and is considering further purchases. Finally, Amreli Steel’s board has endorsed a debt restructuring plan amounting to Rs22.6 billion. Rice production in Punjab has experienced a 9% decrease following recent floods, and Pakistan is in discussions with the International Monetary Fund (IMF) seeking more flexible terms for its bailout package. Private sector initiatives are strengthening Pakistan-Saudi Arabia relations.