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Arab News
2 days ago
- Business
- Arab News
Pakistan shares range bound amid uncertainty over budget announcement
ISLAMABAD: The Pakistan Stock Market witnessed a range-bound session today, Tuesday, with the index fluctuating within a narrow band amid uncertainty surrounding the budget announcement. Pakistan will unveil its annual federal budget for the coming fiscal year on Tuesday evening, seeking to kickstart growth while finding resources for an expected hike in defense expenditure following a military conflict with India last month, the worst between the nuclear-armed neighbors in decades. Islamabad will also have to contend with remaining within the discipline of its International Monetary Fund program and the uncertainty from new trade tariffs being imposed by the United States, its biggest export market. 'The index recorded an intraday high of 970 points and a low of 51 points, eventually closing at 122,024 — gaining 383 points or 0.32 percent,' brokerage house Topline Securities said in its daily market review. 'Market participation remained healthy, with total traded volume reaching 591 million shares and a traded value of PKR 21 billion.' Media reports say the government is likely to present a 17.6 trillion rupee ($62.45 billion) budget for the fiscal year beginning July 1, down 6.7 percent from this fiscal year. It has projected a fiscal deficit of 4.8 percent of GDP, against a targeted 5.9 percent deficit in 2024-25, the reports say. Analysts said they expect an increase of around 20 percent in the defense budget, likely offset by cuts in development spending. Pakistan allocated 2.1 trillion Pakistani rupees($7.45 billion) for defense in the outgoing fiscal year, including $2 billion for equipment and other assets. An additional 563 billion rupees ($1.99 billion) was set aside for military pensions, which are not counted within the official defense budget. The government of Pakistani Prime Minister Shehbaz Sharif has projected 4.2 percent economic growth in 2025-26, saying it has steadied the economy, which had looked at risk of defaulting on its debts as recently as 2023. Growth this fiscal year is likely to be 2.7 percent, against an initial target of 3.6 percent set in the budget last year. Pakistan's growth lags far behind the region. In 2024, South Asian countries grew by an average of 5.8 percent and 6.0 percent growth is expected in 2025, according to the Asian Development Bank. With inputs from Reuters
India.com
01-05-2025
- Business
- India.com
Pakistan in BIG trouble after India implements strong measures to avenge Pahalgam terror attack, country suffers loss of 700000000000 in…, stock exchange to…
India Pakistan New Delhi: The terror attack in Pahalgam, carried out by Pakistan-backed terrorists targeting innocent tourists, has drawn global condemnation. In response to this cowardly act, the Modi government has implemented a slew of measures aimed at holding Pakistan accountable. Without crossing any borders, India has managed to inflict a significant economic blow on the already struggling Pakistani economy. According to the reports, Pakistan's stock market has taken a severe hit due to India's countermeasures. The Pakistani stock market reportedly suffered a loss of nearly Rs 70,000 crore. The Karachi Stock Exchange (KSE) has dropped more than 4.5 percent, and on Tuesday alone, the KSE-100 index fell by over 1,100 points. In contrast, India's stock markets have shown an upward trend, with the Sensex gaining around 1,100 points since the 22nd of the month. Let's take a look at the numbers currently coming out of the Karachi Stock Exchange. Decline for Second Consecutive Day Pakistan's stock market continues to decline for the second consecutive day. The main index of the Pakistan Stock Market, the Karachi Stock Exchange (KSE-100), was trading at 114,007.40 points at 1:40 PM, down by 100 points. Notably, during the trading session, the KSE-100 had dropped as much as 1130.78 points to reach 112,935.57. A day earlier as well, the KSE-100 had seen a decline. At one point, the KSE was trading positively, but after reaching the day's peak, the Karachi Stock Exchange closed with a fall of more than one percent. Experts believe that rising tensions between India and Pakistan are contributing to the decline in Pakistan's stock market. Big Drop After April 22 It is important to note that after April 22, Pakistan's stock market witnessed a steep decline in four out of the last five trading sessions. According to data, the Karachi Stock Exchange (KSE) closed at 118,430.35 points on April 22. Following that, the market declined on April 23 and 24. There was a rise in the KSE-100 index on April 25, but the last two trading days again saw declines. Since April 22, the KSE has fallen by 5,494.78 points — a drop of 4.63 percent. According to experts, Pakistan's stock market may see further decline. Pakistan suffers Rs 70,000 crore blow Over the past week—or more specifically, following the Pahalgam attack—Pakistan's stock market has taken a significant hit. On April 22, the market capitalization of the Karachi Stock Exchange stood at $52.84 billion. However, by April 29, after the KSE-100 index hit a lower level, it had dropped to USD 50.39 billion. This means the Pakistani stock market lost approximately USD 2.45 billion during this period. When converted to Pakistani rupees, this equates to a loss of nearly Rs 70,000 crore.
