Pakistan stock exchange posts third largest single-day gain, settling at 108,239 points

A stockbroker monitors the share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on May 16, 2022. (AFP/File)
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Updated 05 December 2024
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Pakistan stock exchange posts third largest single-day gain, settling at 108,239 points

  • Stocks have consistently rallied this week on expectations of significant interest rate cut at monetary policy meeting on Dec. 16
  • State Bank of Pakistan has already slashed interest rates by 700 basis points in four consecutive meetings since June this year

KARACHI: The Pakistan Stock Exchange (PSX) posted its third largest single-day gain on Thursday, adding 3,135 points or 2.98 percent to the index to close at 108,239, with analysts attributing the rally to positive macroeconomic indicators.

The previous close on Wednesday was 105,104.33 points after several days of rallying on the back of investor expectations of a significant interest rate cut by the central bank at the next monetary policy meeting on Dec. 16. Market analysts also credit the rally to improving macroeconomic indicators, strong trade performance, and the anticipation of further monetary easing. 

The State Bank has already slashed interest rates by 700 basis points (bps) in four consecutive meetings since June, bringing the rate to 15 percent.

According to a poll conducted by Topline Securities, 71 percent of participants expect the central bank will announce a minimum rate cut of 200bps later this month.

“The benchmark KSE-100 index surged to an intraday high of 3,241 points, fueled by heightened investor confidence and robust market sentiment surrounding expectations of a substantial rate cut in the upcoming monetary policy meeting, scheduled for December 16, 2024,” Topline Securities said in a market review.

“The day concluded with the index at an impressive 108,239 level, marking a significant gain of 3,134 points or 2.98 percent.”

Record-breaking volumes underscored the day’s intense trading activity, reflecting broad-based participation across sectors. The rally was predominantly driven by relentless buying from local mutual funds, which acted as the primary catalyst for sustaining the bull run, Topline added:

“Trading activity was exceptionally vibrant, with a total volume of 1,645 million shares and a turnover of Rs63billion. The Bank of Punjab (BOP) led the volume charts, recording an extraordinary 163 million shares traded during the session.”

Pakistan’s annual consumer inflation slowed to 4.9 percent in November, lower than the government’s forecast and the lowest in nearly six years. This is down from 38 percent last year.

Trade data released by the Pakistan Bureau of Statistics also supports positive investor sentiment as the trade deficit narrowed by 7.39 percent during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.

Exports rose by 12.57 percent to hit $13.69 billion, while imports increased by 3.90 percent to $22.342 billion during this period. November’s trade deficit narrowed even further, dropping by 18.60 percent year-on-year to $1.589 billion compared to $1.952 billion in November 2023.


US freezes visa processing for 75 countries, media reports Pakistan included

Updated 14 January 2026
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US freezes visa processing for 75 countries, media reports Pakistan included

  • State Department announces indefinite pause on immigrant visas starting Jan 21
  • Move underscores Trump’s hard-line immigration push despite close Pakistan-US ties

ISLAMABAD: The United States will pause immigrant visa processing for applicants from 75 countries starting Jan. 21, the State Department said on Wednesday, with Fox News and other media outlets reporting that Pakistan is among the countries affected by the indefinite suspension.

The move comes as the Trump administration presses ahead with a broad immigration crackdown, with Pakistan included among the affected countries despite strong ongoing diplomatic engagement between Islamabad and Washington on economic cooperation, regional diplomacy and security matters.

Fox News, citing an internal State Department memo, said US embassies had been instructed to refuse immigrant visas under existing law while Washington reassesses screening and vetting procedures. The report said the pause would apply indefinitely and covers countries across Asia, Africa, the Middle East, Europe and Latin America.

“The State Department will pause immigrant visa processing from 75 countries whose migrants take welfare from the American people at unacceptable rates. The freeze will remain active until the US can ensure that new immigrants will not extract wealth from the American people,” the Department of State said in a post on X.

According to Fox News and Pakistan news outlets like Dawn, the list of affected countries includes Pakistan, Afghanistan, Bangladesh, Iran, Iraq, Egypt, Nigeria, Russia, Somalia, Brazil and Thailand, among others. 

“The suspension could delay travel, study, and work plans for thousands of Pakistanis who annually seek US visas. Pakistani consulates in the US are expected to provide guidance to affected applicants in the coming days,” Dawn reported.

A State Department spokesman declined comment when Arab News reached out via email to confirm if Pakistan was on the list. 

The Department has not publicly released the full list of countries or clarified which visa categories would be affected, nor has it provided a timeline for when processing could resume.

Trump has made immigration enforcement a central pillar of his agenda since returning to office last year, reviving and expanding the use of the “public charge” provision of US immigration law to restrict entry by migrants deemed likely to rely on public benefits.

During his previous term as president, Trump imposed sweeping travel restrictions on several Muslim-majority countries, a policy widely referred to as a “Muslim ban,” which was challenged in US courts before a revised version was upheld by the Supreme Court. That policy was later rescinded under the President Joe Biden administration.

The latest visa freeze marks a renewed hardening of US immigration policy, raising uncertainty for migrants from affected countries as Washington reassesses its screening and vetting procedures. 

The freeze on visas comes amid an intensifying crackdown on immigration enforcement by the Trump administration. In Minneapolis last week, a US Immigration and Customs Enforcement (ICE) agent shot and killed 37-year-old Renee Good, a US citizen, during a federal operation, an incident that has drawn nationwide protests and scrutiny of ICE tactics. Family members and local officials have challenged the federal account of the shooting, even as Department of Homeland Security officials defended the agent’s actions. The case has prompted resignations by federal prosecutors and heightened debate over the conduct of immigration enforcement under the current administration.