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Bulls stage comeback at PSX on Ishaq Dar’s cues

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2 years ago

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  • Investors cheer Dar’s assurance Pakistan will not seek debt restructuring from Paris club.
  • Benchmark KSE-100 index traded between hope and despair.
  • Investors kept a close watch on SBP’s decision on monetary policy.

KARACHI: The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Monday cheering Finance Minister Ishaq Dar’s assurance that Pakistan will not seek debt restructuring from the Paris club.

Constant assurance from the top leadership that Pakistan will not seek debt restructuring from Paris Club creditor nations enticed market participants. 

Moreover, Dar dismissed market rumours that the government might extend maturities for its bonds, saying that the country will fulfil all multilateral, international and bond obligations.

The benchmark KSE-100 index traded between hope and despair, which eventually let loose the bulls, who pulled the bourse into the green.

Investors kept a close watch on the State Bank of Pakistan’s decision on the monetary policy — which was later kept unchanged at 15% for the next seven weeks.

The KSE-100 index gained since the morning bell rang, but some dips were seen at regular intervals. The downtrend turned steeper at midday bulls managed to regain control.

The benchmark KSE-100 index closed at 42,211.64 points with an increase of 126.39 points or 0.30%.

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

Topline Securities in its post-market commentary noted that the KSE-100 index largely traded in the positive zone due to Dar’s statement regarding Pakistan not planning to seek a debt restructuring.

Shares of 336 companies were traded during the session. At the close of trading, 161 scrips closed in the green, 149 in the red, and 26 remained unchanged.

Overall trading volumes declined to 240.19 million shares compared with Friday’s tally of 313.34 million. The value of shares traded during the day was Rs10.53 billion.

Worldcall Telecom was the volume leader with 31.15 million shares traded, gaining Rs0.03 to close at Rs1.63. It was followed by Pak Elektron with 27.14 million shares traded, gaining Rs1.21 to close at Rs17.45 and TRG Pakistan with 26.74 million shares gaining Rs7.29 to close at Rs151.43.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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