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%.
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.
According to Shaza Fatima Khawaja, Minister of State for IT and Telecommunication, there are numerous investment prospects in Pakistan’s IT and telecom sectors.
She noted that the current administration is dedicated to fostering foreign investment in the nation, in line with the Prime Minister’s goal.
According to a news release, CEOs Wateen Adil Rashid and Muhammad Shahbaz Khan of Taavun (Pvt) Limited, who paid her a visit on Tuesday, spoke with Minister of State for IT and Telecommunication Shaza Fatima Khawaja.
She declared that the private sector would receive complete support because it is essential to growing our exports.
Regarding youngsters, she stated that they are our greatest asset and that efforts are being made to further their growth.
Sheikh Nahyan bin Mubarak Al Nahyan of the United Arab Emirates was thanked by Shaza Fatima for his particular interest in promoting additional investment in Pakistan’s telecom industry.
Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President of the World Bank Group, Ajay Banga, according to a press release from the ministry of finance here. During the meeting, the minister discussed Pakistan’s progress under the nine-month Standby Arrangement (SBA) program as well as ongoing reforms in priority areas of taxation, energy, and privatization.
According to the statement, the minister also extended an invitation to the president to visit Pakistan, and both parties acknowledged the necessity of a rolling 10-year country framework plan.
The minister also talked on safeguarding Pakistan’s eligibility for concessional funding and future project pipeline during a meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB).
The chief executive officer of the US International Development Finance Corporation (DFC), Scott Nathan, also met with the minister of finance.
They discussed during the conference how DFC may increase its investments in Pakistan after resolving unresolved conflicts in a cooperative manner.
According to the minister, the government is supporting creative financing strategies to maximize PPP potential and private sector participation.
According to the statement, he gave his word that the government will do everything in its power to assist investment projects by both foreign and local businesses in Pakistan.
Prices for gasoline and high-speed diesel were raised by the government on Monday by Rs4.53 and Rs8.14, respectively, for the upcoming two weeks.
In relation to this, the ministry of finance released a notice.
Diesel now costs Rs 290.38 per litre, while petrol is now priced at Rs 293.94 per liter following the most recent increase.
Additionally, light diesel cost Rs6.54 more per litre, to Rs174.34. A 6.69% increase in price to Rs193.8 per liter was made for kerosene oil.
The impact of the developing Middle East situation and the expanding global market are the main factors contributing to the transformation.
Before the most recent spike, the price of gasoline and HSD had risen by almost $4 and $4.50 per barrel, respectively, on the global market during the previous two weeks.