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PSX climbs on strong results, improved economic outlook

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PSX climbs on strong results, improved economic outlook


Broker is busy in trading at Pakistan Stock Exchange in Karachi on Wednesday, January 1, 2025. — PPI

Stocks moved within a tight band on Friday as mutual fund activity, robust earnings, and optimism over economic prospects kept the equity market steady.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed to an intraday high of 147,534.41, gaining 1,005.11 points, or 0.69%, before retreating to a low of 146,894.62, reflecting a fall of 35.22 points, or 0.02%.

“It’s a range bound activity nowadays led by mutual funds’ liquidity and earnings seasons. Moody’s credit rating is already incorporated,” added AAH Soomro, an independent investment and economic analyst.

“Better results, expectations of further improvement in economic environment are driving the market,” said Samiullah Tariq, Head of Research and Development at Pakistan Kuwait Investment Company.

Moody’s upgraded Pakistan’s credit rating from Caa2 to Caa1, citing an improved external position and progress on reforms under the IMF (International Monetary Fund) Extended Fund Facility (EFF) programme.

The agency noted that foreign exchange reserves are likely to continue improving, though dependent on timely financing from official partners, while fiscal strengthening is supported by a broader tax base. However, it cautioned that debt affordability remains among the weakest globally, with governance and political uncertainty still high.

This marks the third upgrade in four months, following similar moves by S&P Global Ratings and Fitch Ratings, underpinned by Prime Minister Shehbaz Sharif’s government’s commitment to fiscal consolidation and reforms.

On the performance front, Pakistan secured the top global spot for equity returns in USD over FY24–FY25 combined, Bloomberg data showed. In FY25 alone, Pakistan ranked eighth globally but outperformed regional peers, returning far more than India’s BSE Sensex (+3.2%), China (+14.8%) and India’s broader market (+6%), according to AHL data.

The State Bank of Pakistan’s (SBP) latest Monetary Policy Report (MPR) projected GDP growth at 3.25–4.25% in FY26 and a current account deficit between zero and 1.0% of GDP.

With the policy rate maintained at 11% in June and July, the SBP expects the real policy rate to remain positive to stabilise inflation within target. Reserves are forecast to reach $15.5 billion by end-December 2025, supported by projected financial inflows and continued SBP FX purchases.

On Wednesday, the KSE-100 decreased by 476.02 points, or 0.32%, to 146,529.31 points from 147,005.32 points recorded in the last session. The highest index of the day remained at 147,892.25 points, while the lowest level was recorded at 146,417.8 points.





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Here’s what Elon Musk thinks about H-1B visa: ‘Stop the gaming’

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Here’s what Elon Musk thinks about H-1B visa: ‘Stop the gaming’


Here’s what Elon Musk thinks about H-1B visas

Tech billionaire and the world’s richest man, Elon Musk, has expressed concerns about the H-1B visa programme, stating that it is being “gamed” by select outsourcing firms in the US.

The tech tycoon emphasised that authorities should address the misuse of the H-1B visa system rather than dismantling it entirely.

What is H-1B visa?

H-1B visas allow U.S. companies to hire skilled foreign workers, and are mostly used by Indian citizens, particularly in the technology and healthcare sectors.

During a recent podcast with Indian entrepreneur Nikhil Kamath, Musk highlighted that America has “long benefitted” from the contributions of talented Indian migrant workers, while acknowledging the issues around the “misuse” of the H-1B programme.

Manipulation in H-1B visa lottery system 

Outsourcing firms have faced backlash for manipulating the lottery system, including submitting multiple applications for the same worker and hiring low-cost contract employees instead of filling speciality roles, BBC reported.

Musk firmly stated, “We need to stop the gaming of the system,” but he disagreed with those advocating for the complete shutdown of the H-1B system, arguing that such a move would be detrimental to the U.S. economy.

Recent data from the National Foundation for American Policy (NFAP) indicates that approvals for H-1B visas from Indian outsourcing companies have dropped to their lowest level in a decade, with a significant decline in initial employment petitions.

Besides H-1B visas, Musk also commented on former President Trump’s tariff policies, which he believes distort markets, noting that negotiations for a trade deal between the U.S. and India are ongoing, with an agreement expected by year-end.





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Duchess Sophie risks security as she breaks protocol for tragic accident

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Duchess Sophie risks security as she breaks protocol for tragic accident


Duchess Sophie risks security as she breaks protocol for tragic accident

Duchess of Edinburgh was reportedly left in a state of shock as she witnessed a painful accident, nearly breaking royal protocol as it happened.

The 60-year-old royal, who has earned a prominent position with King Charles as his ‘secret weapon’ for the monarchy, has been dragged in an unfortunate court case about an 81-year-old woman, who lost her life in 2023.

A woman named Helen Holland had been crossing the street at Old Bailey when she was hit by the speeding officer, PC Christopher Harrison, part of the motorcycle convoy that was escorting Sophie as she left the Foreign and Commonwealth Development Office.

The officer was given a ‘not guilty’ verdict which garnered an emotional reaction from Helen’s family. One of the family members had yelled, “You ruined our family with no consequences.”

Prince Edward’s wife has remained quiet amid the legal process. She had only released a statement at the time to express her sympathies with the family. She could not comment further due to the ongoing court case.

In a new report by DailyMail, never-before-shared details about Sophie’s reaction were shared in which she nearly broke the protocol for the pedestrian.

For the first time they have detailed the horrific injuries Helen sustained during what Harrison described in court as “a tragic accident”. They also shared that in moments after the collision, the Duchess of Edinburgh tried to leave her vehicle to rush towards Helen.

Meanwhile, Helen’s son Martin and her daughter-in-law, Lisa, are pursuing another legal action not for any compensation but to prove that the beloved great-grandmother “did nothing wrong”.

Duchess of Edinburgh statement via Buckingham Palace

Buckingham Palace released a short statement on Duchess Sophie’s behalf in May 2023.

“The Duchess’s heartfelt thoughts and prayers are with the injured lady and her family,” it read.

“She is grateful for the swift response by the emergency services and will keep abreast of developments. Further comment at this time would not be appropriate while the incident is being investigated.”





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Sadie Sink talks about the future of Max in ‘Stranger Things’

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Sadie Sink talks about the future of Max in ‘Stranger Things’


 ‘Stranger Things’ season 5’s second volume is coming out on December 25

Sadie Sink has opened about her character Max Mayfield in the Stranger Things new season.

In season 4, Max was left in coma after a psychic encounter with Vecna. The first volume of the fifth season has shown that her consciousness is trapped in the upside down.

While talking about her character, Sink said that there always has been something that anchored her to the role like the environment, the bands, the skateboard or the clothes.

“But this season, there was nothing. It was clothes that didn’t feel like Max, crazy hair that was grown out and tangled, and dirt all over my face”, she told The Hollywood Reporter.

She continued, “She’s in a rough, feral state. It was pretty bizarre. It was weird to feel like Max and then look like that and be in that environment.

Stranger things 5 the first volume depicts how Max’s fate has been kept a mystery after Holly Wheeler is taken by Vecna and she crosses paths with a young girl.

Responding to her character’s fate, Sadie added that “Max is a really caring person” and accepts Holly as an ally instead of seeing her as just a small girl.

The Spider-Man actress said, “I feel like we’ve left it all out on the table, and it’s at a good closing point, but I don’t know. I could do it again. Because I love that set so much, and I love the character.”

Stranger Things 5 second volume is set to premiere on December 25. 





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