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Energy sector drives PSX above record high of 84,500 points by midday

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A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023.— Reuters 

Stocks on Monday breached the 84,000-points mark resistance level, mainly fuelled by energy sector as investors hope that central bank was primed for another rate cut in its next monetary policy meeting, traders said.

Pakistan Stock Exchange’s (PSX) benchmark the KSE-100 Index surged to an intraday high of 84,656.90, up 1120.05 points, or 1.34%, by 01:41pm.

Analysts, including Samiullah Tariq, pointed to rising expectations of a rate cut as the primary driver, citing a continuous drop in the consumer price index (CPI) inflation to single digits touching 6.9% in September.

Key sectors fueling the gains included automobile assemblers, cement, commercial banks, fertilizers, oil and gas exploration companies, and oil marketing companies (OMCs).

Ahsan Mehanti, analyst at Arif Habib Corp said stocks were hovering around all-times highs led by blue chip oil scrips amid speculations in earnings season.

“Surging global crude oil prices, slump in banking lending rates and Govt deliberation on privatisation of SOEs played a catalyst role in bullish activity in PSX,” Mehanti added.

Heavyweights such as National Bank of Pakistan (NBP), Meezan Bank (MEBL), Fauji Fertilizer Bin Qasim (FFBL), Pakistan Petroleum (PPL), Oil and Gas Development Company (OGDC), Sui Northern Gas Pipelines (SNGP), and Pakistan State Oil (PSO) were all in the green.

On Friday, the benchmark index jumped by 810.19 points or 0.98% to 83,531.96 points, hitting an intraday high of 83,605.73 points and a low of 82,594.80 points.

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Pakistan

Two percent cess halts KP exports: President SCCI – Pakistan Observer

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Sarhad Chamber of Commerce and Industry president Fazal Moqeem Khan said that export from Khyber Pakhtunkhwa had halted after imposition of two percent cess and feared of shifting of export to other provinces from KP if the cess was not withdrawn immediately.

Fazal Moqeem said that the provincial government move was not only adversely affecting exports but also incurred huge financial loss to exporters. He stated that export is shifting from KP to other provinces owing to negligence of the provincial government.

Fazal Moqeem asked federal and provincial governments to take pragmatic steps for facilitating businesses, trade and export.

The SCCI chief noted the traders have been facing difficulties owing to lack of facilities at Azakhel Dryport.

The issues were taken up by a delegation of Frontier Custom Agents Association (FCAA) Khyber Pakhtunkhwa, Peshawar president, PAJCCI Senior Vice President and executive member of the SCCI Ziaul Haq Sarhadi during a meeting with the SCCI chief Fazal Moqeem Khan held at the chamber house on Saturday.

The association senior vice president Khalid Shahzad, vice president Imtiaz Ahmad Ali, executive members Mansoor Ahmad, Javed Khan, Tariq Afridi, Israr Afridi, Nizam Shah, Arshad Khan, Sher Muhammad, Wahab Khan and Faiz Muhammad were amongst members of the delegation.—APP

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NBP wins ADB Disability Inclusion Champion Award 2024 – Pakistan Observer

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National Bank of Pakistan has won the prestigious Disability Inclusion Award 2024 from the Asian Development Bank (ADB). This is a historic moment, as NBP is the first bank from Pakistan to receive this award, competing against top banks from Asia and the Pacific.

This achievement positions NBP as a leader in disability inclusion, both nationally and internationally.

The commitment from NBP’s BoD, the President, HRMG, and group chiefs is commendable and reflects the organization’s ongoing dedication to fostering an inclusive workplace for all.

Mr. Mirza Muhammad Asim Baig, Group Head HRMG, received this distinguished award on behalf of NBP at a grand ceremony in Singapore. The bank’s exemplary efforts in creating a barrier-free environment, implementing inclusive policies, and empowering employees with disabilities have earned it this significant recognition and are a testament to NBP’s commitment to leading the way in inclusion.

The award acknowledges our efforts in creating an inclusive and accessible environment through employing 169 individuals with disabilities, the highest in Pakistan’s banking sector, establishing model branches with full accessibility features, implementing inclusive policies and training programs, and setting a benchmark for diversity.

These dimensions highlight the bank’s ongoing commitment to being a leader in disability inclusion and its efforts to create meaningful change for employees with disabilities.

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Qaiser for boosting foreign investment in maritime sector – Pakistan Observer

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Federal Minister for Maritime Affairs Qaiser Ahmed Shaikh here on Saturday chaired a meeting with representatives from Malaysian companies, including Felda Global Ventures and KLK Malaysia, as well as the Pakistani Westbury Group to discuss foreign investment in Pakistan’s maritime sector.

According to a statement from the Ministry of Maritime Affairs, the Malaysian companies, including Felda Global Ventures and KLK Malaysia, expressed their commitment to expanding business operations through Pakistan’s ports Pakistani company Westbury Group also participated in this meeting.

All the companies are already engaged with Pakistan’s ports, and the Malaysian companies reaffirmed their commitment to expanding operations through these ports.

Qaiser Ahmed Shaikh assured that full cooperation would be extended to all foreign investors, including those from Malaysia.

Shaikh said that the Port Qasim Authority, Karachi Port Trust, and other institutions under the Ministry of Maritime Affairs are actively addressing the concerns of importers and exporters.

The Federal Minister added that his office is always open to investors, and if foreign investors face any hurdles, they can directly contact him.

Qaiser Ahmed Shaikh further stated in the same week, a Memorandum of Understanding (MoU) was signed with the Danish government, under which Maersk will invest two billion dollars in Pakistan’s maritime sector.

This is proof that foreign investors are showing confidence in Pakistan, the minister said.

He further said that the success of CPEC is also connected with our ports. Upgradation of all ports including Gwadar and Karachi is in progress, he told.

The federal minister assured Malaysian importers and exporters that they will have no reason for complaints regarding the ports.

Federal Minister Qaiser Ahmed thanked the representatives of the multinational companies for their participation in the meeting and expressed satisfaction with the visit of the Prime Minister of Malaysia.

The minister expressed the hope that the two countries would strengthen cooperation in all sectors, including maritime.—APP

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Pistachio export stands at $374m in 6 months – Pakistan Observer

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Iran exported $374 million of pistachios in the first six months of the current Iranian calendar year (March 20-September 21), the Islamic Republic of Iran Customs Administration (IRICA) reported.

As the IRICA has reported, the value of Iran’s agricultural products export increased by 26 percent during the first half of this year, as compared to the same period of time in the past year. According to the IRICA report, the country exported 3.2 million tons of agricultural products worth $1.7 billion in the first half of the current year, also indicating 20 percent rise in terms of weight, year on year.

The value of Iran’s exports of agricultural and foodstuff products increased by 22.5 percent in the previous Iranian calendar year.—Tehran Times

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