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PSX hails govt’s clarification on economic emergency with 280-point rise

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  • Bullish sentiment prevailed throughout the day.
  • KSE-100 index closes at 41,819.29 points with an increase of 0.67%.
  • Shares of 334 companies were traded during the session. 

The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Wednesday marking an end to the three-day-long losing streak as the benchmark KSE-100 index registered a decent rally.

The bullish sentiment prevailed throughout the day that kept the KSE-100 index in the positive territory.

The trading activity received a major boost on clarification from the Finance Division regarding economic emergency and the International Monetary Fund (IMF) ninth review.

A day earlier, the Finance Division rebutted reports of an “economic emergency” being imposed in Pakistan. 

“Finance Division not only strongly rebuts the assertions made in the said message, but also categorically denies it and that there is no planning to impose economic emergency,” a statement from the division read.

Moreover, it stated that with the efforts of the current government, the IMF programme has come back on track and negotiations leading to the ninth review are now at an “advanced stage”.

Earlier, the trading session started on a positive note and the KSE-100 index continued its upward march with minor oscillations.

The benchmark KSE-100 index closed at 41,819.29 points with an increase of 279.35 points or 0.67%.

Arif Habib Limited, in its post-market commentary, noted that the benchmark KSE-100 index finally ended its losing streak and traded in the green all day.

“Following a clarification by the Finance Division regarding the ninth review of the IMF programme, the market opened in the green and maintained its positive trend throughout the day,” it stated.

Investors gained confidence as mainboard volumes gained momentum and participation remained healthy, with third-tier stocks leading in terms of volume.

Sectors contributing to the performance included cement (+54.1 points), commercial banks (+48.5 points), technology and communication (+48.4 points), miscellaneous (+37.3 points), oil marketing companies (+26.4 points).

Shares of 334 companies were traded during the session. At the close of trading, 196 scrips closed in the green, 111 in the red, and 27 remained unchanged.

Overall trading volumes rose to 221.48 million shares compared with Tuesday’s tally of 131.69 million. The value of shares traded during the day was Rs5.86 billion.

Dewan Cement was the volume leader with 29.55 million shares traded, gaining Rs0.50 to close at Rs6.04. It was followed by WorldCall Telecom Limited with 21.47 million shares traded, losing Rs0.01 to close at Rs1.36 and Kohinoor Spinning Mills with 13.6 million shares gaining Rs0.41 to close at Rs3.15.

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The KSE-100 Index rises following a sharp decline in the previous session.

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The government is considering filing a treason case under Article 6 against PTI founder Imran Khan, former president Arif Alvi, and former deputy speaker Qasim Suri. On Tuesday, the KSE-100 Index was up more than 1.3% during early trading, following a day of roughly a 2 percent loss due to growing political unrest and the potential banning of the party.

However, the benchmark index of the Pakistan Stock Exchange was trading at 79,074.63 by 11:49 a.m., having gained 535.45 points, or 0.68 percent, after reaching an intraday high of 79,578.04.

Market analysts said that political tensions were the primary cause of the KSE-100’s earlier Monday decline of 1578.71 points, or 1.97 percent.

They did point out, though, that a correction was a reasonable reaction to the protracted upswing that allowed the benchmark mark index to reach 81,839.86 on July 18.

As a result of interest rate cuts and the possibility of another IMF program, the Pakistan Stock Exchange has gained 22.97 percent so far this year. The cycle began on June 10 with a 1.5 percent decrease in borrowing costs.

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

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During interbank trade on Tuesday, the US dollar’s value increased by 15 paisas, reaching Rs 278.45.

It is important to remember that Fitch Business Monitor International expressed concern about the possibility that Pakistan’s economic stability may be jeopardized by the ongoing political unrest.

The fragile situation of Pakistan’s economic recovery was emphasized by Fitch in its most recent Pakistan Country Risk Report, which also noted that economic activity has been impeded by urban protests.

(PTI),In spite of multiple successful judicial appeals, the founder of Pakistan Tehreek-e-Insaaf (PTI) is expected to stay behind bars, the article notes, underscoring the fragile political environment.

With no urgent plans for new elections, this scenario suggests that the coalition administration will remain in office for the next 18 months.

Fitch also described an eventuality in which the government could change and be replaced by a technocratic administration. This suggests that the government of Pakistan would carry out the reforms demanded by the IMF, contributing to the 3.2% GDP growth expected in 2024–2025.

The policy rate has stabilized above projections, while the research predicted it may reach 16 percent this fiscal year and 14 percent the following year.

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Pakistan’s gold prices per kilogram dropped.

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When 24-karat gold dropped by Rs. 500 to Rs. 250,500 per tola on Tuesday, the price of gold fell once again on both the local and international gold markets.

By Rs429 to Rs214,763, 10 grams of gold cost less, according to the Gold Sellers Association.

Gold’s price per ounce dropped to $2391 on the international market by $11.

At Rs2920 per tola, the price of silver did not change.

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