PSX posts second weekly loss

Stock investors opted to book profits in the outgoing week, which resulted in the benchmark index closing in the red. Arif Habib Ltd said market-driving news included the Asian Development Bank announcing a $1.2 billion loan agreement with Pakistan. In addition, the World Bank approved $350 million for economic reforms. After June 2023, Pakistan recorded for the first time a monthly current account surplus of $9m. Additionally, the Economic Coordination Committee (ECC) approved a proposal from the Power Division to settle the dues of government-owned power plants using a supplementary grant of Rs262bn. The ECC also approved the release of an advance subsidy of Rs57bn concerning K-Electric Ltd arrears. In November, Pakistan witnessed a notable year-on-year rise of nearly 20pc in the average power generation cost, which is largely attributed to an increase in generation from expensive fuels. Additionally, foreign exchange reserves of the State Bank of Pakistan declined by $138m to reach $6.9bn.