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PSX opens week with mixed sentiments amid gas price hike concerns
字号+ Author:Smart News Source:Business 2025-01-08 17:41:44 I want to comment(0)
The stock market lost momentum to kicked off the week on Monday with a volatile start, as investors weighed the optimism of improving economic indicators against looming uncertainties over potential policy measures. The market saw significant selling pressure as concerns over potential gas price hikes weighed heavily on investor sentiment. The Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index closed at 116,255.12, marking a decline of 1,331.86 points, or -1.13%, from the previous session's close of 117,586.98. Market pressures emerged following reports of a potential gas price hike. Ismail Iqbal Securities CEO Ahfaz Mustafa said: “The market is under pressure at midday due to the reports of gas price increase." "IMF has asked Pakistan to increase captive gas prices for industries which can potentially stress the balance sheets of all gas-related utilities and general industries,” he added. The proposed levy on gas supply to industrial captive power plants (CPPs) is part of the IMF’s structural benchmarks under the $7 billion Extended Fund Facility (EFF). Compliance with these measures is critical for Pakistan to secure the next $1 billion tranche in March. Pakistan is set to receive a $20 billion loan from the World Bank over the next decade under the Country Partnership Framework 2025-35. This funding aims to enhance sustainable economic development across key sectors. The loan programme, pending approval on January 14, aligns with the government’s National Economic Transformation Plan, which targets ambitious economic goals, including doubling GDP growth and halving poverty over five years. On the inflation front, short-term inflation, as measured by the Sensitive Price Indicator (SPI), showed a marginal weekly decline of 0.26% for the week ending January 2, 2025, while year-on-year inflation for the same week recorded a 3.97% increase. Meanwhile, textile exports during the first half of FY25 rose by 10% year-on-year to $9.9 billion, reflecting resilience in one of the country’s key sectors. The PSX’s KSE-100 Index demonstrated positive momentum on Friday, reaching an intraday high of 117,891.62 before closing at 117,586.98, up 467.33 points or 0.4% from the previous session’s close.
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