Business

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

Published

2 years ago

Farwa

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.

Business

China Contributes 43 New Foreign Firms to the 6% Growth in SECP Registrations

Published

23 hours ago

Farwa

The Securities and Exchange Commission of Pakistan has registered 2,617 new firms this year, a 6% increase from 2023, with assistance from the Special Investment Facilitation Council. This increases the overall number of businesses that are registered to 231,111.

Non-profits, trade associations, and public unlisted firms make up 4% of these, while private limited corporations make up 55% and single-member companies 41%. It is noteworthy that 99.8% of the registrations were done online, demonstrating SECP’s attempts to digitise.

Real estate has 237 new businesses, services has 306, and trade has 377 new businesses. These are the main sectors exhibiting growth. While the healthcare and textile industries each had 49 new businesses, the education sector saw 101.

China contributed the most, adding 43 new companies, out of the 61 new companies that were registered as a result of foreign investment.

These recently registered businesses are anticipated to decrease imports, increase domestic production, and contribute to closing the trade deficit.

Business

PSX reaches an all-time high as the KSE-100 Index surpasses 86,000 points.

Published

23 hours ago

Farwa

The Pakistan Stock Exchange (PSX) has achieved a significant milestone, as the benchmark KSE-100 Index has attained an unprecedented peak.

On Tuesday at midday, the index ascended by 788 points, attaining a record high of 86,846 points. Following the ratification of the constitutional amendments, the stock market has increased by 1500 points over a span of two days.

Earlier today, the KSE-100 Index increased by 683 points, attaining a value of 86,741 points, before concluding at this new apex.

The bullish trend was apparent from the commencement of the trading session, with the index rising an additional 555 points to reach 86,612 points throughout the day. The reinstatement of the 86,500-point threshold signifies robust market performance.

Business

In three months, Pakistan’s IT exports increased by 33.54 percent.

Published

23 hours ago

Farwa

During the first three months of FY 2024-25 (July to September), Pakistan’s IT export remittances hit US$ 876 million, a notable 33.54 percent rise from US$ 656 million during the same period previous year (FY 2023-24).

In a statement, Minister of State for IT and Telecommunication Shaza Fatima Khawaja stated that the amount of money sent home by the export of ICT services was US$ 292 million in September 2024, a 41.7% increase from US$ 206 million in the same month the previous year.

She stated that efforts to make it easier for businesses to conduct business in the nation are the reason why IT exports are rising and that actions are being taken to increase them.

In response to the Prime Minister’s directions, Shaza Fatima stated that the Ministry of IT and Telecommunication, the Pakistan Software Export Board, and the IT industry are dedicated to boosting IT exports with the full assistance of the Special Investment Facilitation Council (SIFC).

A trade surplus of US$ 764 million was recorded by the IT & ITeS sector in the first three months of FY 2024–25, accounting for 87.21 percent of all ICT export remittances.

Over the same period last year, this surplus represents a 36.67 percent gain over US$ 559 million. The services industry as a whole, however, experienced a trade deficit of US$ 699 million during this period.

The largest of all service sectors, ICT export remittances from July to September 2024, were US$ 656 million, followed by “other business services” at US$ 374 million.