Karachi: The KSE-100 Index experienced a significant downturn, losing 1,415 points to close at 137,965. A total of 604 million shares were traded. GHGL, BWCL, and ILP emerged as top performers in terms of price change, while JVDC, PSEL, and HGFA saw notable declines. The trading activity was primarily concentrated in the Technology, Banking, and Engineering sectors.
In additional economic developments, the Monetary Policy Committee (MPC) is slated to meet today, as the International Monetary Fund (IMF) projects Pakistan's GDP growth at 3.6% for FY26, which falls short of the government's target of 4.2%.
Pakistan is also contemplating tax exemptions for U.S. tech firms as part of its strategy to secure a trade deal. The State Bank of Pakistan (SBP) plans to purchase $7.2 billion from the local foreign exchange market between June 2024 and April 2025.
The first half of calendar year 2025 saw a $1 billion year-on-year decline in agro exports, according to the President of Pakistan Kissan Ittehad (PKI).
Efforts to bolster the economy include a projected expansion of Pakistan's shipping fleet by 600% and the completion of projects aimed at attracting investment from the United Arab Emirates.
In a bid to support consumers, fuel prices are expected to decrease over the next fortnight, and power consumers are set to receive a Rs53 billion refund. Meanwhile, the government is cracking down on the black market dollar trade, resulting in more online transactions.
On the trade front, Pakistan and Kyrgyzstan are working to expand their bilateral trade to $100 million. The government is also holding discussions with banks and exchange firms to facilitate the adoption of virtual assets.
The government has lifted the ban on new sugar mill licenses, signaling a move towards deregulation of the sugar industry. Additionally, yarn, grey cloth, and raw cotton have been removed from the Export Finance Scheme (EFS) purview.
In the automotive sector, the Federal Board of Revenue's (FBR) Anti-Benami Zone has initiated a major crackdown on old car importers.