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Pakistani stocks buoyed by US comments

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2 years ago

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  • Positive US statement on Pakistan’s nukes improves sentiment
  • Rupee depreciation remains a worry for investors
  • All-eyes on FATF decision on Pakistan 

KARACHI: Stocks on Tuesday managed to anchor themselves on the edges of green, but could not venture much further owing as caution reigns supreme ahead of the FATF decision on Pakistan amid restive political undercurrents, traders said.

The KSE-100 Shares Index, the main gauge of the country’s apex bourse, the Pakistan Stock Exchange (PSX), gained 84 points or 0.20 percent, to end the day at 41,839 points. The market settled at that number after swinging between a day-high of 42,007.23 and an -low of 41,755.45.

Topline Securities in a post-market note said the US State Department’s positive statement regarding Pakistan’s nuclear programme and the country’s likely whitelisting in the upcoming FATF annual review gave stocks a reason to stay buoyed.

“The official announcement is likely to arrive over the weekend,” the brokerage said.

During the day, technology, E&P, and fertiliser sector stocks supported the index. Scrip-wise, TRG, POL, SNGP, DAWH, and FFC added 89 points, cumulatively, to the index. On the flip side, PSO, NESTLE, and EPCL together lost 25 points.

Out of 90 active companies traded in the session, 49 advanced, 40 retreated and one remained unchanged.

Over 189 million shares were traded, while the total value clocked in at Rs5.8bn. Worldcall Telecom led the volumes chart with 29.8 million traded shares.

The rupee on Tuesday depreciated against the US dollar for the fifth straight session on a spike in demand from importers. The rupee’s downward spiral has been a cause of serious concern over the state of the economy in the near future. 

The foreign exchange reserves are dwindling in the absence of new foreign inflows and a tight dollar supply was also weighing on local currency.

The local unit depreciated by 0.37% (Rs0.82) to reach 219.71 in the interbank market, according to the State Bank of Pakistan (SBP), down in value from the previous close of 218.89.

The dollar also strengthened in the open market as the rupee lost 0.50 to close at 226.20.

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

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6 days ago

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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.

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

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1 week ago

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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.

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The inflation rate in Pakistan dropped to its lowest level.

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1 week ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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