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

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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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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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