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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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Pakistan’s gold price increases by an additional Rs. 800 per tola.

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The price of yellow metal in the local market hit Rs247,300 on the first working day of the week, following a rise of Rs800 in a single day.

The cost of ten grams of 24-karat gold increased by Rs686 on Monday, making the current price Rs212,020.

In addition, the cost of 10 grams of 22-karat gold increased significantly, trading at Rs194,351.

These fluctuations are strongly correlated with shifts in the US dollar’s value, demonstrating the tight connection between gold prices and exchange rates. This emphasizes how local gold markets are impacted by variables related to the global economy.

The price of the precious metal dropped $16 on the international market on Monday, hitting $2,348 per ounce.

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A delegation from Pakistan travels to the US to bargain with the IMF for a new loan.

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The Pakistani delegation consists of the Governor of the State Bank of Pakistan, the Secretary of Finance, the Additional Secretary, and other individuals.

The Finance Minister was greeted at the airport by Pakistan’s Ambassador to the United States, Masood Khan, and Embassy staff.

The Finance Minister will meet with representatives of the World Bank and IMF while he is in the US.

The IMF and Pakistan are expected to negotiate next week, according to sources.

Sources claim that Islamabad will apply for a new credit package from the IMF.

The Finance Minister’s itinerary also includes meetings with members of think tanks and the world press.

Last month, Pakistan and the IMF came to a staff-level agreement over the third and final review of the $3 billion stand-by arrangement. Should the board of the global lender approve this deal, Pakistan will get approximately $1.1 billion.

Although a specific date has not been determined, the IMF board is anticipated to evaluate the case in late April, according to a spokeswoman.

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Pakistan’s petrol prices are anticipated to rise.

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The Oil and Gas Regulatory Authority (OGRA) will not disclose the anticipated increase in fuel prices until its work is finished, according to sources.

Prime Minister Shehbaz Sharif will receive the summary of the petrol price, and sources further stated that the new pricing will be revealed following his approval today.

Noteworthy to highlight is that Pakistan was previously ordered by the International Monetary Fund (IMF) to impose an 18% General Sales Tax (GST) on gasoline.

Details indicate that Pakistan was requested by the Monetary Fund to stop reducing sales tax on all goods, including gasoline.

To boost tax revenue, Pakistan’s recently elected government should impose a sales tax on petroleum items in addition to a Rs 60 charge.

High-speed diesel (HSD) was reduced by Rs3.32 per litre on March 31 but petrol prices increased by Rs9.66 per litre by the government.

In contrast to the reduction in the price of high-speed diesel (HSD) to Rs282.24 from Rs278.92, the price of gasoline jumped to Rs289.41 per litre.

The adjustments were brought about by a commensurate increase in the price of gasoline and a decline in the price of HSD on the global market, according to a statement released by the Finance Ministry.

According to the statement, the adjustment was made in accordance with government policy, which transfers pricing differences from the foreign market to the home market.

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