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

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  • 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. 

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An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

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The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

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Weekly inflation in Pakistan increased by 0.17 percent.

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The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

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The price of gold has drastically dropped in Pakistan.

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As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.

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