ISLAMABAD: Pakistan’s stock market recorded more than 2 percent weekly gains as it closed the weekend trading session gains on Friday, a Karachi-based securities firm said, attributing it to positive developments regarding Pakistan’s $7 billion International Monetary Fund (IMF) program.
While the benchmark KSE-100 index shed 327 points on Friday to close at 119,405 points, it witnessed a 2.5 percent growth in its volume during the week.
“This gain can be attributed to buying by mutual funds on favorable IMF program review, government’s efforts to resolve circular debt, lower electricity prices and rebound in cement prices,” Topline Securities said in its weekly review.
The Washington-based lender put all speculation about its negotiations with Islamabad to an end, when its mission chief, Nathan Porter, said last week the two sides had made “significant progress” toward reaching an accord.
The South Asian country, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating an economic recovery path.
Other developments during the outgoing week were Pakistan’s current account deficit for Feb. coming in at $12 million and the T-Bill where participation of Rs1,575 billion was seen, with government raising Rs392 billion as against target of Rs800 billion.
“Increase in investor participation was observed during the week as average daily traded volume and value stood at 508 million shares (up by 51% WoW) and Rs31.5 billion (up by 43% WoW) respectively.
Pakistan stocks record 2.5% weekly gains on hopes of favorable IMF review
https://arab.news/835f5
Pakistan stocks record 2.5% weekly gains on hopes of favorable IMF review
- Pakistan, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating an economic recovery path
- The country’s current account deficit for Feb. coming in at $12 million and T-Bill where participation of Rs1,575 billion was seen
Pakistan mulls 'Super App' for public services, document verification in major technology push
- Pakistan has been urging technology adoption in public, private sectors as it seeks to become a key tech player globally
- The country this month launched the Indus AI Week to harness technology for productivity, skills development and innovation
KARACHI: Pakistan is planning to launch a “Super App” to deliver public services and enable digital document verification, the country's information technology (IT) minister said on Sunday, amid a major push for technology adoption in public and private sectors.
Pakistan, a country of 240 million people, seeks to become a key participant in the global tech economy, amid growing interest from governments in the Global South to harness advanced technologies for productivity, skills development and innovation.
The country's information and communications technology (ICT) exports hit a record $437 million in Dec. last year, according to IT Minister Shaza Fatima Khawaja. This constituted a 23% increase month on month and a 26% increase year on year.
Pakistan's technology sector is also advancing in artificial intelligence (AI) and cloud computing, marked by the launch of Pakistan’s first sovereign AI cloud in November, designed to keep sensitive data domestic and support growth in the broader digital ecosystem.
“In developed countries, citizens can access all government services from a mobile phone,” Fatima said, announcing plans for the Super App at an event in Karachi where more than 7,000 students had gathered for an AI training entrance test as part of the ‘Indus AI Week.’
“We will strive to provide similar facilities in the coming years.”
Khawaja said the app will reduce the need for in-person visits to government offices such as the National Database and Registration Authority (NADRA) and the Higher Education Commission (HEC).
The Indus AI Week initiative, which ran from Feb. 9 till Feb. 15. was aimed at positioning Pakistan as a key future participant in the global AI revolution, according to the IT minister.
At the opening of the weeklong initiative, Prime Minister Shehbaz Sharif announced that Pakistan would invest $1 billion in AI by 2030 to modernize the South Asian nation’s digital economy.
“These initiatives aim to strengthen national AI infrastructure and make the best use of our human resource,” Khawaja said, urging young Pakistanis to become creators, inventors and innovators rather than just being the consumers of technology.
