Business

PSX hits new milestone as KSE-100 index jumps past 55,000 mark

Published

1 year ago

Farwa

KARACHI: The Pakistan Stock Exchange (PSX) started the day on a positive note as it jumped past the 55,000 barrier during the intraday trading on Friday, setting a new milestone.

The KSE-100 index reached 55,253.19 points, up by 991.77 or 1.83% from the previous close of 54,261.42 at around 10:10am.

According to Arif Habib Limited on X, formerly Twitter, the KSE-100 index crossed the 55,000 level trading to reach at an all time high.

KSE100 crossed 55k level trading at all time high

KSE-100 index went up by 841 points (55,102 pts, +1.55%, on intraday basis) DoD ; crossing 55k level.@Pakstockexgltd #KSE100 #PSX #Equities #Pakistan pic.twitter.com/fipHcVda5d
— Arif Habib Limited (@ArifHabibLtd) November 10, 2023

Speaking to Geo.tv, Arif Habib Limited (AHL) Head of Research Tahir Abbas said that the expectations of getting through with the International Monetary Fund’s (IMF) first review have driven the market.

“Moreover, peaking out inflation and interest rates alongside expected monetary easing, and attractive valuations despite the market being at an all-time high is garnering investors sentiment at the local bourse,” he added.

Head of Equities at Intermarket Securities Raza Jafri said the KSE-100 continues to make new highs on strong domestic institutional buying and reducing Pakistan Investment Bond (PIB) yields.

He also attributed the increase to higher weight for Pakistan in coming review by global index provider MSCI and the high dividend yielding stocks.

“The ongoing IMF review is the next key checkpoint,” he added.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

19 hours ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

20 hours ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.