Meeting reviews Red Line project
Sindh Senior Minister Sharjeel Inam Memon on Friday chaired a high-level meeting to review the progress of the Red Line BRT project.
Secretary Transport Asad Zamin, CEO of Trans Karachi Fawad Ghaffar Soomro, representatives of the Asian Development Bank (ADB) mission, contractors of the project, engineers, and senior officers of Trans Karachi attended the meeting.
The meeting reviewed the current status of the Red Line BRT project in detail and thoroughly discussed the challenges faced by the project. Topics such as Lot Three, depot designs, biogas plant, and other related matters also came under discussion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
PSX extends record rally as KSE-100 crosses 122,000 for first time
Listen to article The Pakistan Stock Exchange (PSX) continued its record-breaking momentum on Thursday, as the KSE-100 index surpassed the 122,000-point mark during intra-day trading for the first time in history. The market opened with the index at 121,886.21. During the session, the index reached a high of 122,281.58 before settling at 121,886.21. The lowest point observed during trading was 121,517.90. Trading volume stood at 82,723,154 shares, with a total transaction value of 4,622,969,368. The market's previous close was 121,798.86. Read: PSX extends record run as KSE-100 closes above 121,000 points for first time This follows the historic milestone of the PSX closing above 121,000 points for the first time just the day before. The recent uptick at the Pakistan Stock Exchange (PSX) comes after the Asian Development Bank (ADB) approved an $800 million financial package for Pakistan under its Resource Mobilization Reform Program (Subprogram-II). The package includes a $300 million policy-based loan and a $500 million program-based guarantee, boosting investor confidence. Earlier, ADB had delayed the package's approval by five days at India's request, as New Delhi sought time to review the loan documents—highlighting procedural loopholes in the bank's framework that permit such deferrals. Read more: ADB approves $800m financial package for Pakistan Yesterday, Ahsan Mehanti of Arif Habib Corp, speaking to The Express Tribune said that stocks closed at an all-time high led by scrips across the board after the ADB loan approval, the growth target and PSDP allocation. He added that expectations of budgetary relief for oil refineries, real estate and agriculture, along with the rupee's recent gains, played a key role in driving investor optimism.
Express Tribune
7 hours ago
- Express Tribune
PSX at new peak over budget hopes
Foreign institutional investors were net buyers of Rs37.6 million worth of shares during the trading session. PHOTO: AFP Listen to article The Pakistan Stock Exchange (PSX) continued its record-breaking run on Wednesday as the benchmark KSE-100 index closed at an all-time high at nearly 121,800 points. Investor sentiment remained upbeat ahead of the federal budget, buoyed by expectations of fiscal relief measures and encouraging macroeconomic indicators. The rally was supported by a 10% year-on-year increase in petroleum product sales for May, rising cement exports and the Asian Development Bank's (ADB) approval of a $800 million financing package. Broader market gains were also driven by speculation about tax rationalisation and power tariff adjustments. Arif Habib Corp MD Ahsan Mehanti observed that stocks closed at a new all-time high in a pre-budget rally, led by across-the-board activity, as investors weighed tax relief, power tariff cuts and the prime minister's hint at progress in budget talks with the International Monetary Fund (IMF). "The record bullish close was driven by a 10% surge in petroleum sales for May, rising cement exports and the approval of ADB's $800 million financing that will be supportive for rupee stability," he added. At the end of trading, the benchmark KSE-100 index advanced 1,347.99 points, or 1.12%, and settled at 121,798.87. Topline Securities noted in its review that the bullish momentum from the previous session was carried forward, fuelled by robust buying from local institutions and corporates, as indicated by the National Clearing Company data. The key drivers of the rally included heavyweight stocks such as National Bank, Bank AL Habib, Systems Limited, Lucky Cement and MCB Bank, which contributed 586 points to the index, it said. Arif Habib Limited (AHL) commented in its report that the KSE-100 extended gains after breaching the 120,000 mark, rising 1.7% week-on-week ahead of the final session before Eid holidays. Some 61 shares rose while 37 fell with National Bank (+10%), Bank AL Habib (+3.42%) and Systems Limited (+3.38%) contributing the most to index gains. In contrast, Habib Metropolitan Bank (-2.48%), Pakistan Oilfields (-0.66%) and National Foods (-2.67%) were the biggest drags. Among corporate news, Big Bird Foods (+3.45%) announced direct export access to Alibaba's global B2B platforms while Cherat Cement (+4.49%) expressed interest in acquiring Attock Cement (-0.03%). AHL expects that the 120k level will be built as a support and the index may advance to 130k. KTrade Securities wrote in its market wrap that the KSE-100 index marked another historic session, closing at a new all-time high, driven primarily by strong performances in mainboard stocks, particularly the banking sector. The sectors showing notable strength included commercial banks, technology, oil and gas and cement. Investor sentiment still remains measured amid uncertainty ahead of the federal budget announcement, it said. JS Global analyst Mubashir Anis Naviwala said that the KSE-100 surged at the commencement of trading and maintained a strong momentum, hitting a new intra-day high and settling at a record close at 121,799. With this powerful breakout above previous highs, the index is poised for continued upward momentum, potentially attracting increased institutional flows, he said. He asked investors to capitalise on intra-day dips and accumulate fundamentally strong stocks in fertiliser, cement and banking sectors to benefit from the current upward trend. Overall trading volumes increased to 710.6 million shares compared with Tuesday's tally of 578.2 million. The value of shares traded was Rs35.2 billion. Shares of 475 companies were traded. Of these, 264 stocks closed higher, 170 fell and 41 remained unchanged. Sui Southern Gas Company was the volume leader with trading in 51.6 million shares, rising Rs2.11 to close at Rs38.42. It was followed by Fauji Foods with 51.4 million shares, gaining Rs0.56 to close at Rs16.75 and K-Electric with 41.4 million shares, rising Rs0.09 to close at Rs5.41. Foreign investors sold shares worth Rs946 million, the National Clearing Company reported.
Business Recorder
8 hours ago
- Business Recorder
Pakistan, ADB sign $300m ‘Subprogram II' loan
ISLAMABAD: The government of Pakistan and Asian Development Bank (ADB) on Wednesday signed a $300 million loan agreement for the 'Improved Resource Mobilization and Utilization Reform Programme (Subprogramme-II)'. Dr Kazim Niaz, secretary of the Economic Affairs Division, and Emma Fan, country director Pakistan Resident Mission, ADB signed the loan agreement. The ceremony was attended by senior officials from the government of Pakistan and ADB. The signing of the agreement underscores Pakistan's commitment to prioritise macroeconomic stabilisation and fiscal consolidation through enhanced domestic resource mobilisation, the division said. ADB approves $800m financing for Pakistan This programme is designed in a programmatic mode and aims to introduce structural reforms in trade, revenue generation and capital market development. A Policy Based Guarantee (PBG) of $500 million is also associated with this policy-based loan (PBL), backed by a sovereign counter-guarantee and indemnity to raise commercial financing of $1 billion. The total financing package of $800 million will significantly contribute to Pakistan's ongoing macroeconomic recovery and stabilisation efforts. Copyright Business Recorder, 2025
