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ISLAMABAD: Pakistan’s benchmark stock index surged to a record high on Wednesday, driven by a sharp rally in banking stocks and a strengthening currency, as investors bet on continued macroeconomic stability and easing industrial tariffs under the country’s $7 billion IMF program.

The KSE-100 Index gained 2,051 points, or 1.43 percent, to close at 145,088 after rising more than 2,150 points during intraday trade.

“Banking stocks remained the star performers as HBL, NBP, MEBL, and UBL collectively contributed 1,017 points to the benchmark,” said Maaz Mulla, Vice President of Equity Sales at Topline Securities.

“HBL and NBP hit their upper circuits during intraday trade, although mild profit-taking toward the close trimmed some gains.”

Investor appetite remained strong, with traded volume climbing to 784 million shares and turnover reaching Rs 52.7 billion, both notably higher than in recent sessions. Bank of Punjab (BOP) led volumes with 67 million shares traded.

The rally comes as Pakistan shows signs of macroeconomic recovery following the IMF Executive Board’s approval of a new $7 billion loan program in September 2024. The program, which succeeded a short-term Stand-By Arrangement, focuses on structural reforms, energy sector overhauls, and fiscal consolidation.

The country’s rupee has also rebounded sharply in recent weeks, buoyed by steady remittance inflows and an aggressive crackdown on the dollar black market launched in mid-2024. Foreign exchange reserves have crossed $11.3 billion, according to central bank data, their highest level in nearly three years.

“Stocks [reached a] new all-time high amid strong economic outlook,” said Ahsan Mehanti of Arif Habib Corp.

“Surging rupee amid government subsidies for fully funded remittances scheme, surging global crude oil prices and government resolve to settle power sector circular debt easing industrial tariff, financial restructuring played [a] catalyst role in bullish close at PSX.”

Energy reforms, particularly the government’s recent plan to restructure circular debt and reduce industrial power tariffs, have played a central role in restoring investor confidence in manufacturing and large-scale industry.

Improved current account dynamics and a lower inflation trajectory, down to 12.6 percent in July from a high of over 30 percent in 2023, have also helped fuel sentiment.

Analysts say the market is likely to maintain momentum if policy continuity holds and reforms under the IMF program remain on track.

KARACHI: Pakistan’s southern Sindh province is gearing up to deploy its first cohort of female bike ambulance responders, health authorities confirmed on Wednesday. The women will operate as part of a gender-inclusive emergency response team, riding specially equipped motorbikes to reach patients in hard-to-access areas where conventional ambulances often fall short.

The initiative, launched by Sindh Integrated Emergency and Health Services (SIEHS-1122), aims to improve access to pre-hospital care in congested urban neighborhoods where conventional ambulances are often delayed.

It also marks a move toward greater gender representation in emergency services, with female and male responders working in integrated teams across Karachi, Hyderabad and Sukkur.

“By the end of this quarter, 50 trained female responders will be deployed across Sindh — each stationed at designated take-off points to deliver swift care,” SIEHS said in a statement. “They’ll be riding 150cc bikes, not the usual 70cc — purpose-built vehicles fitted with essential life-saving equipment, communication devices, and emergency drugs.”

According to SIEHS, the responders underwent four weeks of field-based training in simulated emergency conditions, including drills and navigation under heat stress, to prepare them for rapid medical intervention in densely populated localities.

Each bike is equipped to function as a mobile unit for stabilizing patients prior to transport, and the service is expected to complement existing ambulance fleets already operating in the province under the 1122 emergency network.

The statement said the initiative will help Sindh join a growing list of jurisdictions worldwide adopting bike-based emergency models to shorten response times and expand coverage in urban and peri-urban areas.

SIEHS said the program builds on earlier initiatives, including the deployment of female ambulance drivers in Sanghar, and reflects ongoing efforts to improve community-level access to emergency care while promoting gender inclusion in public service roles.