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Political uncertainty rattles PSX, KSE-100 sheds over 100 points

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  • At close, KSE-100 index sheds 0.23% to settle at 44,337.56 points.
  • Arif Habib Limited notes mainboard activity remained dull.
  • Shares of 354 were traded during the session.

KARACHI: Uncertainty amid noise from the domestic political front kept the Pakistan Stock Exchange (PSX) in the red zone, with the benchmark KSE-100 Index closing the session with a loss of over 100 points.

A record-breaking downward streak of the Pakistani rupee against the US dollar coupled with the ongoing political crisis in the wake of a no-confidence motion kept the investors on the sidelines.

At the close, the KSE-100 Index shed 101.14 points, or 0.23%, to settle at 44,337.56 points.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

A report from Arif Habib Limited noted that the benchmark KSE-100 Index stayed in the red territory during the day due to political unrest and further rupee devaluation against the US dollar.

“Mainboard activity remained dull,” it said, adding that on the flip-side, activity continued to remain side-ways as the market witnessed hefty volumes in the third-tier stocks.

Shares of 354 were traded during the session. At the close of trading, 158 scrips closed in the green, 169 in the red, and 27 remained unchanged.

Overall trading volumes rose to 344.13 million shares compared with Tuesday’s tally of 268.91 million. The value of shares traded during the day was Rs7.8 billion.

K-Electric was the volume leader with 38.41 million shares traded, value remained unchanged to close at Rs3.11. It was followed by Ghani Global Holdings with 31.11 million shares traded, gaining Rs0.34 to close at Rs16.24, and WorldCall Telecom with 19.94 million shares traded, gaining Rs0.03 to close at Rs1.73.

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February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

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KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

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

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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.

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

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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.

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