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PSX rings in budget week on positive note

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  • Traders believe market is expected to remain range-bound till budget announcement.
  • At close, it records an increase of 0.63% to settle at 41,577.21 points.
  • Shares of 342 companies were traded during the session.

KARACHI: The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Monday following a bloodbath last week as the benchmark KSE-100 began the week with a gain of over 250 points.

Initially, the positivity came from the cement sector as prices in the south region have increased by Rs25 per bag (effective from June 6, 2022) where Lucky Cement, Maple Leaf Cement Factory, DG Khan Cement, and Kohat Cement closed higher.

Furthermore, investors’ interest also witnessed exploration and production where Pakistan Petroleum Limited, Oil and Gas Development Company, and Sui Northern Gas Pipelines (SNGPL) closed higher as Oil and Gas Regulatory Authority (OGRA) raised gas prices for SNGPL and Sui Southern Gas Company by 45% and 44%.

Traders believe the market is expected to remain range-bound until the announcement of the federal budget 2022-23, scheduled for June 10. The outcome of the budget presented will determine the market direction in the future.

The benchmark KSE-100 index opened at 41,577.21 points and at close, it recorded an increase of 262.33 points, or 0.635, to settle at 41,577.21 points.

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

Shares of 342 companies were traded during the session. At the close of trading, 193 scrips closed in the green, 126 in the red, and 23 remained unchanged.

Overall trading volumes dropped to 189.24 million shares compared with Friday’s tally of 225.39 million. The value of shares traded during the day was Rs4.9 billion.

Unity Foods was the volume leader with 33.13 million shares traded, losing Rs0.21 to close at Rs21.07. It was followed by Pakistan Refinery with 16.29 million shares traded, gaining Rs0.09 to close at Rs17.46 and TPL Properties with 11.66 million shares traded, gaining Rs1.29 to close at Rs18.55.

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Prior to the budget address, the PSX-100 index rebounds following a continuous fall for 7 straight days.

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The Pakistan Stock Exchange rebounded after a continuous decrease of 7 days and surpassed the threshold of 73,000 points, experiencing a surge of more than 500 points in the benchmark.

The PSX Tuesday experienced a decline of more than 650 points, potentially due to tax measures being considered in the federal budget for the fiscal year 2024-25.

The investors are concerned about the State Bank of Pakistan (SBP) reducing the interest rate, as well as the unresolved circular debt, which has increased to over Rs5.3 trillion.

The KSE-100 index concluded the day with significant losses, at its lowest point.

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Pakistan experiences substantial expansion in the information technology sector.

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Pakistan experienced significant development in the exports of its IT sector, reaching a total of $2.283 billion, as stated in a recent Economic Survey Report.

The increase in exports emphasized the rising global demand for IT services from Pakistan and the sector’s impact on the national economy.

The survey demonstrated that IT freelancers contributed $35 million in remittances, highlighting their significance in the IT industry.

The study data indicates a significant rise in the number of broadband and telecom customers nationwide, with broadband users reaching 135 million and telecom users growing to 194 million.

Earlier this week, the federal government has suggested a substantial 357 percent rise in the budget for the IT sector for the fiscal year 2024-25.

As to reliable sources, the Ministry of IT has been granted a budget of Rs 27.43 billion in the development budget, out of which Rs 6.28 billion has been allotted for the implementation of 15 new projects.

The government has additionally suggested allotting Rs 21.15 billion for projects that are currently in progress, as well as Rs 3.5 billion for the Digital Economy initiative.

Additional noteworthy allocations consist of Rs 1 billion for fostering innovation in the IT sector, Rs 50 million for the digitalization of the national assembly, and Rs 300 million for the implementation of smart office projects in government ministries.

The government has additionally suggested investing Rs 9.92 billion for the Islamabad Technology Development Park and Rs 6.78 billion for the creation of an IT park in Karachi. The budget additionally comprises a proposition for an allocation of Rs 1 billion for the Cybersecurity Fund for the Digital Pakistan initiative.

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Pakistan will unveil its Rs18 trillion budget today.

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The budget will be presented by Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, on the floor of the National Assembly.

The government sources stated that the budget will focus on alleviating the hardships faced by the people, revitalizing the agriculture sector, advancing information technology (IT), and enhancing exports.

The administration asserted that the budget will encompass not only fiscal management and revenue mobilization, but also measures for economic stabilization and growth, reduction in non-development spending, job creation, and people-friendly policies aimed at achieving socioeconomic prosperity for the country.

The preparations for the announcement of the federal budget for fiscal year 2024-25 are progressing actively and in accordance with the specified dates.

The budget is being formulated through extensive collaboration among all the departments and ministries responsible for budget-related activities, encompassing the presentation of the budget before Parliament and the initiation of the Economic Survey.

It is important to note that the budget is being presented while Pakistan is in discussions with the International Monetary Fund (IMF) for a potential package of up to $8 billion.

Finance Minister Muhammad Aurangzeb presented the Economic Survey of Pakistan 2023-24 on Tuesday. According to the survey, the country’s gross domestic product (GDP) grew by 2.38 percent, surpassing the projected objective of 2 percent.

During the launch event of the Economic Survey of Pakistan 2023-24, Federal Minister for Finance Senator Muhammad Aurangzeb stated that despite difficulties, the country has made substantial advancements in attaining macroeconomic stability. Notably, there has been a remarkable 30 percent increase in revenue collection, a decrease in the current account deficit, a reduction in inflation, and a stable currency.

The finance minister stated that this position demonstrated a significant reversal from a fragile economic state, marked by a 0.2% fall in GDP, a 29% devaluation of the rupee, and a reduction in foreign exchange reserves, which had decreased to a level sufficient to cover only two weeks of imports.

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