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KSE-100 index gains over 250 points on positive cues

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3 years ago

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  • Massive recovery of rupee against US dollar triggered bullish sentiment among market players.
  • Trading session kicked off in green and until midday, KSE-100 continued to fluctuate in a narrow range.
  • At close, KSE-100 index closed at 42,716.97 points after gaining 0.61%.

KARACHI: The bears took a break from the Pakistan Stock Exchange (PSX) on Thursday as it surged into the green territory, with investors taking cues from the agreement between Pakistan and Chinese banks for inflows worth $2.3 billion.

Massive recovery of the rupee against the US dollar by 2.7% day-on-day in the interbank market triggered bullish sentiment among market players.

Moreover, constant assurance from Prime Minister Shehbaz Sharif and Finance Minister Miftah Ismail regarding the revival of the International Monetary Fund (IMF) loan programme sparked optimism among market participants, who resorted to making fresh purchases.

Earlier, the trading session kicked off in the green and until midday, the benchmark KSE-100 index continued to fluctuate in a narrow range.

At close, the benchmark KSE-100 index closed at 42,716.97 points after gaining 258.83 points or 0.61%.

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

Arif Habib Limited in its post-market commentary noted that the benchmark KSE-100 index was dominated by the bulls today.

“Across the board rally was witnessed as Chinese consortium of banks signed an RMB 15 billion ($2.3 billion) loan facility agreement which resulted in the recovery of Pakistani rupee against the US dollar,” it stated.

Meanwhile, volumes also remained healthy across the board. The independent power producers (IPP) sector remained in limelight as the Economic Coordination Committee (ECC) of the cabinet approved Rs149 billion for the power sector to be paid to the IPPs and K-Electric in the current fiscal year.

Sectors contributing to the performance included power (+74.8 points), banks (+52.2 points), technology (+26.4 points), oil marketing companies (+25.9 points) and cement (+15 points).

Shares of 347 companies were traded during the session. At the close of trading, 235 scrips closed in the green, 87 in the red, and 25 remained unchanged.

Overall trading volumes rose to 349.48 million shares compared with Wednesday’s tally of 266.09 million. The value of shares traded during the day was Rs10.13 billion.

Cnergyico PK Limited was the volume leader with 37.4 million shares traded, gaining Rs0.22 to close at Rs5.78. It was followed by Pakistan Refinery with 29.34 million shares traded, gaining Rs0.56 to close at Rs19.54 and K-Electric with 27.96 million shares traded, gaining Rs0.19 to close at Rs2.85.

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Business

In interbank trade, the Pakistani rupee beats the US dollar.

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5 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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6 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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6 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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