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PSX soars to all-time high on positive macros

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KARACHI: The Pakistan Stock Exchange (PSX) Friday soared to an all-time high as it rallied over 400 points — crossing the 53,000 barrier — driven by positive cues including the expectations of clearing the International Monetary Fund (IMF) review. 

Currently, the market stands at 53,111.30 points with a gain of 454.54 or 0.86% points. This is the first time the KSE-100 index has breached the 53,000-mark. 

Benchmark KSE-100 index. — PSX data portal
Benchmark KSE-100 index. — PSX data portal

Arif Habib Limited wrote on X, formerly Twitter, that the market has achieved a remarkable milestone by soaring to unprecedented all-time high levels, surging past previous records and “setting a new era of financial excellence”. 

Capital market expert Saad Ali told Geo.tv that the market was driven by abating political risk, macro indicators moving in the right direction, the expectation of a favourable IMF review and anticipation of rate cuts in the near term. 

“However, the market remains cheap by historical standard at only 4x forward earnings,” he said.

Pakistan-Kuwait Head of Research, Samiullah Tariq, told Geo.tv: “Strong earnings, expectations of clearing IMF review, and expectations of a decline in interest rates in the future are driving the market.”

In October, the KSE-100 index was announced as the world’s third best-performing market as it touched a six-year high level of 51,920 points.

A day earlier, the IMF delegation in Pakistan lauded the steps taken by Pakistan but emphasised that Pakistan has to strictly implement all the targets.

The IMF mission led by Nathan Porter had arrived in Pakistan a day earlier to lead the two-week-long talks on the second tranche under the SBA.

Dr Akhtar assured the IMF that targets are being implemented under the loan programme and that all the conditions of the IMF have been implemented so far.

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April FDI in Pakistan increased to $358.8 million, according to SBP

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The inflow for April was $358.8 million, up 177% from $132 million in April FY23. Still, that was 39% more than the $258 million from March.

China was the largest investor, with $439.3 million in FDI from the nation between July and April of FY24—the greatest amount—as opposed to $604 million during the same period of FY23. In April, China accounted for $177 million of the total investment.

With $51.93 and 51.89 million invested in Pakistan, the United Arab Emirates and Canada came in second and third, respectively.

The power industry was the main draw for foreign investors in FY24, which ran from July to April. This period’s FDI in the power industry was $637.5 million, compared to $776.2 million the previous year. From $338 million to $460 million this year, Hydel Power garnered more attention.

Continue reading: In FY23–24, Pakistan’s per capita income increased to $1680.

According to a separate data released on Wednesday, Pakistanis’ per capita income increased to $1680 in FY2023–2024.

The size of the national economy grew from $341 billion to $375 billion in the current fiscal year, according to figures made public by PBS.

Throughout this fiscal year, Pakistanis’ yearly per capita income increased by Rs 90,534; the monthly rise was Rs 7,544.

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OGRA forbids the purchase or sale of inferior LPG cylinders.

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The 313 LPG marketing and 19 cylinder-producing companies received notices from the OGRA, which described the act of refilling inferior LPGO cylinders as harmful.

Avoid supplying LPG to unlicensed distributors, the OGRA has cautioned LPG marketing companies. Only approved distributors will be able to sell and buy LPG going forward, per the notification, which states that new SOPs have been developed for the LPG industry.

Additionally, the warning said that the decision was made in an effort to preserve both lives and the business in response to an increase in cylinder blast occurrences.

Price reductions of Rs 20 per kilogramme for liquefied petroleum gas (LPG) were implemented in Quetta on May 3.

There is a reduction of Rs 20 on LPG prices, which means that the price per kilogramme drops from Rs 280 to Rs 260.

The costs of LPG were reduced by Rs 20 per kilogramme earlier, bringing the total decrease to Rs 40 per kilogramme over a few weeks. This is something worth noticing.

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PIA announces a significant student discount.

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According to an airline spokesman, the national flag carrier has recently raised the baggage allowance to 60 kg.

Currently, PIA flies one flight per week on Sundays between Islamabad and Beijing.

The discount may be useful to students who intend to spend their summer vacations in Pakistan or who wish to return home after earning their degrees.

Before, students who wanted to visit China could now receive a 27% reduction on their fares through PIA.

On Eid ul Fitr, the national flag airline also reduced the cost of domestic flights by 20% for both economy and executive economy classes.

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