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KSE-100 boosted by upbeat economic data surpasses 42,000 mark

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2 years ago

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  • KSE-100 index settles at 42,001.34 points with an increase of 0.33%.
  • Remittance receipts motivate investors to assume fresh positions.
  • Bullish investor spirits helped the index end the day on a positive note.

KARACHI: The Pakistan Stock Exchange (PSX) resumed its upward march on Tuesday aided by strong economic cues and encouraging remittance data.

Resultantly, the KSE-100 index breached the psychological barrier of 42,000 points.

Investors weighed sentiments on encouraging remittances reading, which clocked-in at $2.7 billion in August 2022. The strong receipts motivated investors to assume fresh positions.

The KSE-100 index spiked as soon as trading began and gained nearly 200 points, however, the momentum was broken as investors resorted to profit-booking that erased a few of the gains by the end of the session. Bullish investor spirits helped the index end the day on a positive note.

At close, the benchmark KSE-100 index settled at 42,001.34 points with an increase of 139.05 points, or 0.33%.

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

Arif Habib Limited in its post-market commentary noted that another range-bound session was witnessed at the PSX today.

“The market opened in a positive zone and continued to trade in a consolidated range as investor’s participation remained dull throughout the day due to weakening Pakistani rupee against the US dollar,” it said.

However, in the last trading hour value buying was noticed.

Sectors contributing to the performance included banks (+75 points), automobile assemblers (+35.7 points), cement (+33.5 points), power (+22 points), and textile (+8.5 points).

Shares of 324 companies were traded during the session. At the close of trading, 145 scrips closed in the green, 151 in the red, and 28 remained unchanged.

Overall trading volumes soared to 118.51 million shares compared with Monday’s tally of 161.42 million. The value of shares traded during the day was Rs3.87 billion.

Hascol Petroleum was the volume leader with 10.21 million shares traded, gaining Rs0.21 to close at Rs6.81. It was followed by K-Electric with 6.92 million shares traded, losing Rs0.01 to close at Rs3.21 and Quice Food Industries with 5.41 million shares traded, gaining Rs0.66 to close at Rs4.53.

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Business

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

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22 hours ago

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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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Business

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

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22 hours ago

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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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23 hours ago

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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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