Business

Bulls return to PSX after IMF greenlights govt’s circular debt plan

Published

1 year ago

Farwa

The bulls returned to the Pakistan Stock Exchange on Wednesday after the International Monetary Fund (IMF) approved the government’s plans to reduce the circular debt balance.

The benchmark KSE-100 Index closed the day on a positive note with gain of 797.78 points or 1.68% to settle at 48,227.60.

Bulls return to PSX after IMF greenlights govts circular debt plan

Arif Habib Limited’s Head of Research Tahir Abbas stated that for the last two days, bears were dominating the market as there was “selling pressure”.

Abbas said that the “selling pressure” was there as the investors were busy in profit taking and there was uncertainty with regard to the caretaker prime minister and who will take over from Finance Minister Ishaq Dar in the interim setup.

“Apart from that, there were question marks on circular debt due to which we saw selling in two days. This has reversed today and the market saw positive momentum,” he added.

Another reason for the bulls’ domination of the marker as per the expert was the finalisation of a caretaker setup. “Apart from that there was news that the IMF has given the go-ahead on the circular debt resolution due to which we saw across-the-board positive momentum.”

On the other hand, capital market expert Saad Ali said that the market rejuvenated after yesterday’s correction following the new development related to the energy sector.

“There was news that the IMF has approved the government’s plans to reduce the circular debt balance in the gas chain through the dividends of state-owned E&Ps,” said Ali.

A day earlier, the Cabinet Committee on Energy (CCOE) approved the revised Circular Debt Management Plan (CDMP).

It has been envisaged under the revised the CDMP that the quarterly tariff adjustments and fuel adjustments would be charged from consumers in a timely manner after raising the baseline tariff. There would be no untargeted subsidy for any sector.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

3 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

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

Published

1 week ago

Farwa

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.

Business

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

Published

2 weeks ago

Farwa

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.