Karachi, The Karachi Stock Exchange (KSE-100) experienced a notable gain yesterday, closing at 59,086, a rise of 187 points, with significant trading activity involving 657 million shares.
According to Taurus Securities Limited, top performers in terms of price change were BNWM, PSEL, and MUREB, while PGLC, EFUG, and TRG saw declines. The majority of the trading activity was concentrated in the Technology, Banks, and Transport sectors.
In economic news, the International Monetary Fund (IMF) forecasts an $8 billion decrease in Pakistan’s debt over the next two years. Additionally, investments totaling $10 billion are expected to be made soon. A 7% policy rate cut is projected for the calendar year 2024. The State Bank of Pakistan (SBP) governor is optimistic about maintaining the current account deficit at around 1.5% of the GDP. Former SBP governor Shamshad Akhtar anticipates a gradual decrease in inflation. In response to fluctuating global oil prices, the government has decided to revise domestic oil prices on a weekly basis. Pakistan imported $400 million worth of petroleum products between July and October. The Pakistan Bureau of Statistics (PBS) reports a significant 1,109% increase in gas prices over the past year. Concerns are rising that the new axle load regime could potentially fuel inflation further. Pakistan LNG has received four bids over $18/MMBtu for January's spot cargo. The Economic Coordination Committee (ECC) plans to involve provinces in discussions regarding the revision of drug prices. In a development for the energy sector, Pakistan Petroleum Limited (PPL) has commenced oil and gas production from a new well in Punjab.
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