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Site update: January 27 2023, at 18:15 PKST
Stock update: January 27 2023.

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Friday, January 27 2023

Stocks add 729 points to overnight gains
Bulls extended their gains on Wednesday as a wave of optimism swept up the trading floor on positive news triggers. Arif Habib Ltd said the index of representative shares opened at a higher level as bulls pushed up the benchmark to an intraday high of 889.97 points. Investors took stock of the recent developments on the economic front that have paved the way for the revival of a loan programme with the International Monetary Fund (IMF). The government appears to be taking all possible measures to revive the IMF programme, the brokerage said. Another positive trigger came from news reports suggesting that gas tariffs will be raised in the next meeting of the Economic Coordination Committee to help resolve the gas sector’s circular debt issue in line with the IMF requirements. As a result, the KSE-100 index settled at 39,784.90 points, up 729.25 points or 1.87 per cent from the preceding session.
Related news categories: business economic-indicators psx stock-exchanges

AKD looks to acquire another brokerage
AKD Group Holdings Ltd of stockbroker Aqeel Karim Dhedhi said on Wednesday it intends to buy a majority shareholding and control in EFG Hermes Pakistan Ltd, a brokerage house listed on the Pakistan Stock Exchange. The regulatory filing offered few details about the expected price or the exact shareholding that the potential acquirer is looking for, except that it should be at least 51pc of the company’s total paid-up capital. EFG-Hermes Frontiers Holdings LLC controls a 51pc stake in EFG Hermes Pakistan. Other shareholders include Khalid Riaz (9.9pc) and Sadaf Khalil (5.4pc) while the general public owns the remaining shareholding. Going by the share price of Rs14 on Wednesday, the total value of EFG Hermes Pakistan is Rs280.2 million. This means the 51pc stake of the foreign sponsor is currently worth Rs142.9m.
Related news categories: business economic-indicators investment-copr psx stock-exchanges
Related symbols: efgh (news stock)

Pakistan suffered a ‘big loss’ due to Dar’s anti-IMF approach: Miftah
PML-N leader Miftah Ismail said on Thursday that Pakistan suffered “a big loss” due to Finance Minister Ishaq Dar’s approach of “giving a cold shoulder” to the International Monetary Fund (IMF). “All of our experts knew this approach was bound to fail and we have seen its result,” the former finance czar said on Geo News programme ‘Geo Pakistan’. This is not the first time that Ismail, who says he was removed at Dar’s behest, went public with his displeasure at the sitting finance minister’s ascension to the position and his criticism of the policies of his successor. Earlier this month, the ex-minister had blamed Dar for orchestrating a campaign to undermine him. “Dar used to appear on TV and say he will bring the dollar down,” Ismail had said, adding, “he used to make anchors do programmes against me”. During the interview today, Ismail said he had the right to defend himself. “I felt it was necessary to respond to comments made against my competence and my policies. And my party has not taken any action against me.”
Related news categories: business economic-indicators misc

Gold price hits all-time high of Rs 195,500 per tola
As the Pakistani rupee plunged to a record low against the dollar, domestic gold prices hit an all-time high of Rs195,500 per tola after gaining Rs4,900 on Thursday. According to the All Sindh Sarafa Jewellers Association (ASSJA), the 10-gram rate of the yellow metal jumped Rs4,201 to Rs167,610. Further, the rate in the international market jumped to $1,936 after an increase of $11. The development comes as the rupee plunged to a record low of Rs255.43 against the dollar in the interbank market today, sliding Rs24.54 or 9.61 per cent from yesterday’s close, after the removal of an unofficial price cap on the exchange rate. Ismail Iqbal Securities’ Head of Research Fahad Rauf said it was the largest single-day decline in both absolute and percentage terms since the introduction of the new exchange rate system in 1999. ASSJA Chairman Haji Haroon Rasheed Chand said gold prices were seeing the effects of the increase in the dollar rate.
Related news categories: business misc

Unpegged dollar jumps by 10pc to shatter all records
The forewarning of a meltdown as soon as the ‘unannounced’ peg on the dollar rate would be lifted materialised on Thursday when the USD value shot up by a record Rs24.54 in the interbank market. The government’s move to remove ‘the cap’ and to allow market factors to determine the exchange rate came at the back of the International Monetary Fund’s demand to revive the stalled loan programme. The USD closed in the interbank at Rs255.43, after an increase of 10.6 per cent, while the rate in the open market fluctuated between Rs257 and Rs260. On Wednesday, the dollar closed at Rs230.89 in the interbank market. The government’s move to take the reins off the interbank market came a day after exchange companies removed a self-imposed cap on the dollar rate. The move, as expected, shot the open market value of the dollar to Rs252.5 but the State Bank intervened to bring it down to Rs243. Thursday’s move took the currency market by a surprise and resulted in extreme volatility. The trading remained thin in the interbank as currency dealers were cautious in watching the dollar movement.
Related news categories: business economic-indicators misc

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