Connect with us

Business

KSE-100 crosses 47,000-mark after 21 months

Published

1 year ago

on

  • Benchmark index moves up by 560 points to 47,242.9 points.
  • KSE-100 is at its highest level since November 8, 2021.
  • International Monetary Fund deal optimism helps in gains.

Pakistan Stock Exchange’s benchmark KSE-100 index jumped past the 47,000 mark on Thursday to a 21-month high, with the market expected to gain further following positive sentiment in the market after the International Monetary Fund (IMF) deal.

The position of the bulls was further strengthened by encouraging corporate results, especially in the index-heavy sectors.

The benchmark index moved up by 560 points to 47,242.9 points at 12:10pm, the highest level since November 8, 2021, according to Arif Habib Limited (AHL).

The brokerage firm mentioned that the market had gained 5,751 points (+13.9%) since the staff-level agreement with the IMF for the $3 billion Standby Agreement (SBA).

“The momentum is positive after the IMF SBA facility because the valuation has increased,” AHL Head of Research Tahir Abbas told Geo.tv.

He said that the KSE-100 is currently trading at a PER of 3.7x as compared to the last financial crisis (2008) when the lowest was 3.9x.

Abbas said the market is still attractive, which is why the positive momentum continues. “It is expected that the market will gain further.”

Capital market expert Saad Ali said IMF optimism and outlook for greater macro stability had complemented good corporate results in the present result season.

“…many banks and companies have surprised with their earnings and payouts despite a tough macro backdrop,” the expert added.

Pakistan’s signed a short-term deal with the IMF late last month, enabling the country to stave off a default and shore up its foreign exchange reserves.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

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

Published

2 days ago

on

By

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.

Continue Reading

Business

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

Published

2 days ago

on

By

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.

Continue Reading

Business

Discos report losses of Rs239 billion.

Published

2 days ago

on

By

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.

Continue Reading

Trending