*Chase Securities* *What You Should Know Today* *24th February, 2025* *Key Headlines* 1. IMF to send delegation to Pakistan for $7 billion loan review 2. New gas policy eyes $5b investment with SIFC support 3. To resolve Rs2,381bn circular debt issue: Talks on with banks to finalise terms for Rs1,240bn loan 4. Windfall for govt as Rs23bn collected from 16 banks in just one day 5. Ministerial body recommends selling Discos to private sector *Market Outlook: Back in Focus* The Government is once again prioritizing the resolution of circular debt as it explores avenues to clear the existing stock. According to media reports, the Government is considering borrowing PKR 1.2 trillion from banks, leveraging the recent decline in interest rates. This initiative aims to inject much-needed liquidity into the energy sector, with OGDC and PPL being the primary beneficiaries. By settling their receivables, these companies are likely to see a significant improvement in their cash positions, which could serve as a major catalyst for their performance. An IMF delegation is scheduled to visit next week to review two critical programs: the ongoing Extended Fund Facility (EFF) and an additional USD 1 billion funding request for climate resilience. During the upcoming review meeting, the Government is also expected to propose a reduction in electricity tariffs, which would provide relief to consumers and industries and have a positive impact on inflation. The stock market is likely to maintain its positive momentum, driven by investor interest during the ongoing corporate result season. Additionally, positive developments such as the resolution of circular debt are expected to further support market sentiment, contributing to continued upward momentum. *Top Picks* OGDC, PPL, PSO, UBL, MEBL, BAFL, FFC, FATIMA, CHCC, MLCF, DGKC, SAZEW, GHNI, ATLH, AGTL, INDU, ISL, ASL, PSX, LOADS, COLG, GCIL, PAKT, IMAGE, SPEL, HUMNL, TGL, GHGL *Important Board Meetings Today* AKDSL, TPLI, IMAGE, ITTEFAQ, GATM, NATF, ASL, AKBL, SAZEW, GWLC, UNITY, PSX, TATM - Corporate Results IMS- Other Matters *Corporate Briefing* MIRKS, MCB *Start of Ex-Price today* N/A *Last Day of Entitlement* MUREB- 120% Dividend *Other Key Events Today* Start of Futures Rollover Week *Results to be Announced at Market Open* SSGC, BGL, SHFA, ECOP, MACTER, PNSC