AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: The Pakistan Stock Exchange (PSX) experienced a significant drop yesterday, with the KSE-100 index plummeting 678 points to close at 148,815. Trading volume reached 692 million shares. GADT, YOUW, and PABC led gains while AIRLINK, BNWM, and EFUG saw the largest declines. Trading concentrated primarily in the textile, food, and technology sectors. In other financial news, the government has repaid Rs100 billion in debt to China ahead of the Prime Minister’s upcoming visit.
The State Bank of Pakistan (SBP) has acquired $7.76 billion from the foreign exchange market over the past year. Pakistan plans to present four proposals to Qatari officials, aiming to attract $5 billion in investments at the Pakistan-China business-to-business conference. The nation also secured $694.53 million in international aid during July.
Looking at the broader economy, special incentives are being sought for sectors impacted by US tariffs. The Prime Minister has initiated a program distributing 10 million digital wallets through the Benazir Income Support Program (BISP). The administration is preparing a Rs27 billion rescue package for Utility Stores Corporation (USC). Concerns are rising about the country’s reliance on water-intensive agriculture and its potential threat to food security. Industries are expressing opposition to a proposed 50% increase in gas tariffs.
In trade developments, Pakistan is promoting rice exports through a roadshow targeting West African markets. The government has imposed a 40% tariff on used vehicle imports. There are also calls for the Prime Minister to expedite the spectrum auction. Finally, Pakistan State Oil (PSO) has received authorization to import 45,000 tonnes of diesel for September.