KARACHI: The Pakistan Inventory Alternate (PSX) crossed one other milestone of 75,000 as jubilant traders continued value-hunting within the outgoing week amid an improved financial outlook.
Arif Habib Ltd (AHL) mentioned the market carried out robustly in all 5 classes of the week, closing at an all-time excessive of 75,342 factors. The bullish market sentiment was fuelled by optimism surrounding the potential negotiation of a brand new IMF bundle.
On the financial entrance, Massive-Scale Manufacturing (LSM) output elevated by two per cent year-on-year and contracted 9.35pc on month-on-month for March.
Moreover, the nation posted a present account surplus of $491m in April. Additionally, yields within the secondary market witnessed a decline throughout all of the tenors, with a distinguished decline of 62bps in 12-month T-bills, in anticipation of a chance of a price lower within the June financial coverage committee assembly.
The rupee depreciated by Rs0.09 or 0.03pc to Rs278.21 towards the US greenback week-on-week. Along with this, the SBP reserves rose $15m to $9.1bn within the week ending on Might 10.
Consequently, the benchmark KSE-100 index gained 2,257 factors or 3.09pc to shut at 75,342.35 factors week-on-week.
Sector-wise optimistic contributions got here from business banks (1,076 factors), E&Ps (396 factors), fertiliser (196 factors), vehicle elements & equipment (102 factors), and engineering (72 factors).
Foreigner shopping for continued through the week, clocking in at $14.94m in comparison with a internet purchase of $2.73m final week. Main shopping for was witnessed in banks ($6.54m) and E&P ($4.52m).
The common buying and selling quantity plunged 23pc to 555m shares whereas the common worth traded fell 10pc to $79m week-on-week.
The market’s focus within the upcoming week could be on developments associated to the upcoming federal finances 2024-25, new IMF programme and potential investments from pleasant international locations.
Printed in Daybreak, Might nineteenth, 2024