Staff Report
KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index gained nearly 600 points on Thursday morning, buoyed by buying in the oil and gas exploration sector.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained nearly 600 points on Thursday morning, boosted by buying in the oil and gas exploration sector.
Furthermore, he stated that additional financial assistance pledges could be made following Prime Minister Shehbaz Sharif’s visit to Egypt. “It appears that China will also make additional pledges.”
moreover, he said that a refinery policy was due and that gas prices were expected to rise. “This is why we’re seeing more buying in the oil sector,” he said.
Raza Jafri, Head of Equities at Intermarket Securities, agreed that there was value in investing in the oil and gas exploration sector, but added that investors were also interested in Islamic bank shares after the finance minister indicated “support for full Shariah conversion of the banking system.”
Finance Minister Ishaq Dar announced on Wednesday that the State Bank of Pakistan and the National Bank of Pakistan would withdraw their appeals against the Federal Shariat Court’s (FSC) April decision, which gave the government five years to phase out Riba (interest-based) banking in the country.
In April, the government filed an appeal against the FSC decision.
