AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: The KSE-100 Index experienced a significant decline, losing 826 points to close at 132,577, with a trading volume of 903 million shares. Top gainers included BNWM, GADT, and YOUW, while PSEL, HGFA, and SCBPL saw the largest losses. Investment companies, textile spinning, and technology sectors saw the most trading activity.
In other economic news, the government is focusing on international and domestic economic initiatives. President has appointed Chief Justices for all four High Courts, while Finance Minister Ishaq Dar announced a Special Economic Zone (SEZ) in Karachi aimed at attracting Turkish entrepreneurs.
The Asian Development Bank (ADB) has highlighted factors threatening the country’s modest recovery, while remittances from overseas workers have reached record levels, offering some economic optimism. The government is considering a review of the Pakistan Remittance Initiative (PRI) to further bolster these inflows.
In trade and finance, Pakistan and Turkiye are working on increasing bilateral trade to $5 billion. The Ministry of Finance is taking steps to pre-market Panda Bonds, and the government has successfully raised Rs1.41 trillion through a Treasury bills auction.
The Federal Board of Revenue has exempted duties on the import of 500,000 metric tons of sugar, aiming to stabilize domestic markets. The State Bank of Pakistan is set to launch a pilot project for digital currency, marking a significant step towards modernizing the financial sector.
On the industrial front, Pakistan has launched a national dredging firm to reduce port costs, and the World Bank is likely to support the Reko Diq mining project. In the energy sector, Nepra has approved adjustments for electricity tariffs, and a utility company seeks approval to use low-BTU gas for power generation.
In regulatory news, the Competition Commission of Pakistan has issued notices to the Pakistan Sugar Mills Association for rehearing in a cartelization case. Meanwhile, UBL has been recognized as the top-performing Primary Dealer for the fiscal year 2025.
Lastly, Image Pakistan has announced plans to acquire a UK luxury brand, signaling a move to expand its portfolio and international reach.