Connect with us

Business

Bulls stage comeback at PSX on Ishaq Dar’s cues

Published

on

  • Investors cheer Dar’s assurance Pakistan will not seek debt restructuring from Paris club.
  • Benchmark KSE-100 index traded between hope and despair.
  • Investors kept a close watch on SBP’s decision on monetary policy.

KARACHI: The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Monday cheering Finance Minister Ishaq Dar’s assurance that Pakistan will not seek debt restructuring from the Paris club.

Constant assurance from the top leadership that Pakistan will not seek debt restructuring from Paris Club creditor nations enticed market participants. 

Moreover, Dar dismissed market rumours that the government might extend maturities for its bonds, saying that the country will fulfil all multilateral, international and bond obligations.

The benchmark KSE-100 index traded between hope and despair, which eventually let loose the bulls, who pulled the bourse into the green.

Investors kept a close watch on the State Bank of Pakistan’s decision on the monetary policy — which was later kept unchanged at 15% for the next seven weeks.

The KSE-100 index gained since the morning bell rang, but some dips were seen at regular intervals. The downtrend turned steeper at midday bulls managed to regain control.

The benchmark KSE-100 index closed at 42,211.64 points with an increase of 126.39 points or 0.30%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

Topline Securities in its post-market commentary noted that the KSE-100 index largely traded in the positive zone due to Dar’s statement regarding Pakistan not planning to seek a debt restructuring.

Shares of 336 companies were traded during the session. At the close of trading, 161 scrips closed in the green, 149 in the red, and 26 remained unchanged.

Overall trading volumes declined to 240.19 million shares compared with Friday’s tally of 313.34 million. The value of shares traded during the day was Rs10.53 billion.

Worldcall Telecom was the volume leader with 31.15 million shares traded, gaining Rs0.03 to close at Rs1.63. It was followed by Pak Elektron with 27.14 million shares traded, gaining Rs1.21 to close at Rs17.45 and TRG Pakistan with 26.74 million shares gaining Rs7.29 to close at Rs151.43.

Business

Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

Published

on

By

There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

Continue Reading

Business

SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

Published

on

By

Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

Continue Reading

Business

July 2024 export data from Pakistan shows a significant rise.

Published

on

By

The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

Continue Reading

Trending