Connect with us

Business

KSE-100 gains over 500 points on hopes of IMF programme revival

Published

on

  • KSE-100 index closes at 41,862.77 points with a gain of 1.25%.
  • Market players assumed fresh positions at the bourse today.
  • Shares of 325 companies were traded during the session.

KARACHI: The Pakistan Stock Exchange (PSX) opened the short trading week — after a five-day-long Eid ul Adha holiday — in the green with a gain of over 500 points.

The market players assumed fresh positions in hopes of revival of the stalled International Monetary Fund (IMF) programme which will provide a much-needed breather to the economic crisis of Pakistan.

Depreciation of the Pakistani rupee against the US dollar coupled with political instability owning to the upcoming by-polls in Punjab failed to impact to the investment climate.

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

At close, the benchmark KSE-100 index closed at 41,862.77 points with a gain of 518.76 points or 1.25%.

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

A report from Arif Habib Limited noted that the bulls triumphed in the trading session at PSX today. The benchmark KSE-100 index traded in the green zone as value buying was witnessed across the board, although the exploration and production sector remained in the limelight.

“Investors gained confidence over expectation of resumption of the IMF programme. Volumes stayed healthy in the main board,” the brokerage house noted.

Sectors contributing to the performance included banks (+140.4 points), exploration and production (+102.6 points), technology (+71.4 points), cement (+65 points) and oil marketing companies (+35.2 points).

Shares of 325 companies were traded during the session. At the close of trading, 212 scrips closed in the green, 90 in the red, and 23 remained unchanged.

Overall trading volumes rose to 164.82 million shares compared with Thursday’s tally of 99.08 million. The value of shares traded during the day was Rs6.48 billion.

TPL Properties was the volume leader with 14.93 million shares traded, gaining Rs0.94 to close at Rs20.62. It was followed by Sui Northern Gas Pipelines with 13.57 million shares traded, gaining Rs2.80 to close at Rs39.75 and Oil and Gas Development Company with 9.97 million shares traded, gaining Rs3.17 to close at Rs83.63. 

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