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Stocks rally as KSE-100 crosses 62,000 milestone

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KARACHI: The Pakistan Stock Exchange (PSX) maintained a bullish run on the opening day of the week as it breached the 62,000 milestone, with hopes of the market continuing the positive momentum.

The benchmark KSE-100 index reached 62,912.61 points during the intraday trading. However, it closed lower at 62,493.05 points after gaining 801.80 points or 1.30%, up from yesterday’s close of 61,691.25 points.

Raza Jafri, head of equity at Intermarket Securities, said that despite the Consumer Price Index (CPI) for November showing high inlfation, some market participants expect a rate cut in next week’s Monetary Policy Committee’s (MPC) meeting.

He added that cheap energy stocks were also attracting interest in hopes of improvement in circular debt, adding that there is “still a lot of room for money to rotate from fixed income into equities and it may have started to happen”.

Stocks ended last week on a triumphant note, with the benchmark index clinching a fresh all-time high on Friday, buoyed by a surge in foreign portfolio investment and a series of encouraging economic indicators, including a strengthened rupee following the rollover of a $3 billion deposit by Saudi Arabia.

“Stocks closed a new all-time high amid rupee stability after Saudi deposit rollover, strong key economic data and surging foreign portfolio investment,” said analyst Ahsan Mehanti at Arif Habib Limited.

“The reports of $30 million net FIPI over 6 year high during November 2023, and government deliberations over privatisation of ailing SOEs played a catalytic role in the record close.”

Overall trading volumes reached 734.2 million shares compared with Friday’s tally of 531.3 million. The value of shares traded during the day was Rs31.6 billion.

Shares of 390 companies were traded. Of these, 249 stocks closed higher, 122 fell, and 19 remained unchanged.

WorldCall Telecom was the volume leader trading in 57.07 million shares, gaining Rs0.03 to close at Rs1.57. It was followed by Fauji Cement with 41.9 million shares, gaining Rs1.21 to close at Rs20.07, and Oil & Gas Dev with 23.8 million shares, gaining Rs5.20 to close at Rs115.39.

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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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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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