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PSX sinks below 41,000 amid political uncertainty

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  • KSE-100 sheds over 300 points as bears resort to stock selling.
  • Depreciation of rupee further dented investor interest.
  • Decent volumes were observed on the mainboard.

Pakistan Stock Exchange (PSX) on Monday lost ground in the face of political uncertainty that grew with the Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s announcement to dissolve Punjab and Khyber Pakhtunkhwa assemblies on December 23.

The benchmark KSE-100 index shed over 300 points as bears resorted to stock selling due to emerging political developments.

The market came under selling pressure, which persisted throughout the trading session, dragging the index below the 41,000- point mark. Depreciation of the rupee against the US dollar further dented investor interest.

Earlier, the session kicked off on a positive note, however, the market dipped within an hour of trade. It remained under selling pressure, touching an intra-day low of 40,814.95 points.

At close, the benchmark KSE-100 index recorded a decrease of 330.66 points, or 0.80%, to settle at 40,970.82.

Arif Habib Limited, in its post-market commentary, noted that the week started on a negative note at the PSX due to the ongoing political uncertainty, which kept investors squaring up their position in the market, with the index shedding 486.53 points during the intraday.

Decent volumes were observed on the mainboard although third-tier stocks remained in the spotlight.

Sectors contributing to the performance included power generation and distribution (-53.5 points), fertiliser (-51.5 points), technology and communication (-51.5 points), exploration and production (-47.1 points), automobile assembler (-33.7 points).

Shares of 317 companies were traded during the session. At the close of trading, 82 scrips closed in the green, 220 in the red, and 15 remained unchanged.

Overall trading volumes rose to 142.57 million shares compared with Friday’s tally of 139.65 million. The value of shares traded during the day was Rs3.81 billion.

Bank AlFalah was the volume leader with 29.01 million shares traded, losing Rs0.07 to close at Rs30.68. It was followed by WorldCall Telecom Limited with 12.44 million shares traded, losing Rs0.04 to close at Rs1.23 and Hascol Petrol with 9.45 million shares losing Rs0.71 to close at Rs6.09.

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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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