- 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%.
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.
PKR on track to become top-performing currency this month: Bloomberg
- Pakistani currency rose around 6% this month against dollar.
- Authorities curb leakages happening through illegal channels.
- Crackdown on illegal dollar traders helps local currency.
The Pakistani rupee is on track to become the top performer globally in September as the caretaker government continues its crackdown on illegal dollar trade, Bloomberg reported Thursday.
The local currency rose around 6% this month against the dollar — an amazing feat despite the Thai baht and South Korean won tumbling against the greenback.
Major currencies lost ground against the dollar on speculations that the US interest rates will stay elevated for longer.
The rupee increased 0.1% to 287.95 per dollar on Thursday, after sliding to a record low of about 307 this month. Pakistan’s currency market will remain closed for the Eid Miladun Nabi holiday on Friday.
“Many leakages were happening through illegal channels of hawala and hundi trade from the open market,” Khurram Schehzad, chief executive officer of Alpha Beta Core Solutions Pvt Ltd, told Bloomberg.
“When the dollar rate reverses everybody, the hoarders, the exporters who are holding their export proceeds, start selling their dollars,” Schehzad said.
The interim rulers have intensified efforts by launching a crackdown on people involved in the illegal dollar trade, allowing the currency to gain some lost ground.
The Federal Investigation Agency, Bloomberg reported, conducted raids across the country and security officials in plainclothes were deployed at money exchanges to monitor dollar sales as part of the crackdown.
Caretaker Prime Minister Anwaar-ul-Haq Kakar this week said the rupee’s gain is “fostering optimism for stability.”
For its part, the State Bank of Pakistan raised the capital requirements of smaller exchange companies and ordered large banks to open their own exchange companies to make the retail foreign exchange market more transparent and easier to monitor.
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inDrive now available in five more Pakistani cities
KARACHI: inDrive, a popular ride-hailing service in Pakistan, has now expanded its network to five more cities across Pakistan including Larkana, Kāmoke, Sheikhupura, Hafizabad, and Okara.
In a statement issued by the transport company, the inclusion of these cities reflects inDrive’s dedication to bringing innovative transportation options to both urban centres and suburban areas.
Speaking about the expansion, Senior Business Representative at inDrive Hasan Qureshi said: “We are excited to extend the convenience and reliability of inDrive to residents of Larkana, Kāmoke, Sheikhupura, Hafizabad, and Okara.”
“Our mission is to redefine transportation by providing safe, affordable, and accessible rides to everyone. With this expansion, we are not only enhancing the commuting experience but also contributing to the economic growth and empowerment of these communities.”
PR Manager Sidra Kiran said that their new service offers city residents the convenience of accessing transport from their homes, eliminating the need to search for it.
“Both drivers and passengers stand to gain significant benefits, including time-saving and the elimination of challenges associated with street hailing. This service addresses issues such as locating rides during odd hours like early mornings or late nights,” she stated.
She further added: “inDrive ride-hailing presents numerous benefits to drivers in small cities, including flexible opportunities, reduced unemployment, supplemental income, enhanced community connection, and positive contributions to the local economy.”
The launch of the company in these cities would benefit both riders and driver-partners.
inDrive further said that it remains committed to upholding the highest standards of safety, affordability, customer service, and technological innovation.
inDrive is Pakistan’s premier ride-hailing service and is revolutionising the way people travel. With a commitment to providing safe, affordable, and reliable transportation.
The company allowed riders to connect with nearby drivers with its app.
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