Karachi: The KSE-100 Index recorded a significant gain of 999 points, closing at 173,170 as trading volumes surged to 534 million shares. The top performers, based on price changes, included MLCF, AGP, and PIBTL, while the top decliners were identified as SSOM, TRG, and PGLC. Trading activity was primarily concentrated in the power, technology, and banking sectors.
According to Taurus Securities Limited, other notable news from the region includes the confirmation by Oman of US-Iran talks scheduled to take place in Geneva on Thursday. In political developments, Pakistan and the Muslim bloc have denounced remarks by a US envoy supporting Israeli expansion. In the United States, President Trump announced an immediate increase in the global tariff rate from 10 percent to 15 percent.
In economic news, a Panda bond plan has encountered obstacles, while the government of Pakistan has shared an action plan with the International Monetary Fund (IMF) ahead of an upcoming visit by the IMF team. The United States expressed gratitude to Pakistan for its support of a peace plan, and an IMF official commended Pakistan's fiscal performance amidst reports that claims of Pakistan paying up to 8 percent interest on external loans are misleading.
Government borrowing in Pakistan has increased fivefold, and there is mutual interest between Pakistan and the United States to enhance economic ties. In the industrial sector, profits and dividend outflows have risen by 26 percent, while inflation during Ramadan has impacted household budgets. Additionally, non-textile exports dropped by 17 percent from July to January.
In the energy sector, input is being sought by OGRA on a proposal for dollarized returns on an oil project, and reinterpretation of the Income Tax Ordinance has unsettled Independent Power Producers (IPPs). The oil market is experiencing a downturn due to the Iran nuclear talks and uncertainty over fresh US tariffs. Domestically, the wheat procurement price has been set at Rs3,500, and furnace oil exports have surpassed 1 million tonnes. New oil and gas reserves have been discovered in Kohat, and MG, along with Wafi Energy, has launched a new motor oil.
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