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Stocks rally as KSE-100 crosses 62,000 milestone

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KARACHI: The Pakistan Stock Exchange (PSX) maintained a bullish run on the opening day of the week as it breached the 62,000 milestone, with hopes of the market continuing the positive momentum.

The benchmark KSE-100 index reached 62,912.61 points during the intraday trading. However, it closed lower at 62,493.05 points after gaining 801.80 points or 1.30%, up from yesterday’s close of 61,691.25 points.

Raza Jafri, head of equity at Intermarket Securities, said that despite the Consumer Price Index (CPI) for November showing high inlfation, some market participants expect a rate cut in next week’s Monetary Policy Committee’s (MPC) meeting.

He added that cheap energy stocks were also attracting interest in hopes of improvement in circular debt, adding that there is “still a lot of room for money to rotate from fixed income into equities and it may have started to happen”.

Stocks ended last week on a triumphant note, with the benchmark index clinching a fresh all-time high on Friday, buoyed by a surge in foreign portfolio investment and a series of encouraging economic indicators, including a strengthened rupee following the rollover of a $3 billion deposit by Saudi Arabia.

“Stocks closed a new all-time high amid rupee stability after Saudi deposit rollover, strong key economic data and surging foreign portfolio investment,” said analyst Ahsan Mehanti at Arif Habib Limited.

“The reports of $30 million net FIPI over 6 year high during November 2023, and government deliberations over privatisation of ailing SOEs played a catalytic role in the record close.”

Overall trading volumes reached 734.2 million shares compared with Friday’s tally of 531.3 million. The value of shares traded during the day was Rs31.6 billion.

Shares of 390 companies were traded. Of these, 249 stocks closed higher, 122 fell, and 19 remained unchanged.

WorldCall Telecom was the volume leader trading in 57.07 million shares, gaining Rs0.03 to close at Rs1.57. It was followed by Fauji Cement with 41.9 million shares, gaining Rs1.21 to close at Rs20.07, and Oil & Gas Dev with 23.8 million shares, gaining Rs5.20 to close at Rs115.39.

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

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

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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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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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