Quoted by Dawn News
The stock market is expected to perform well in the next short week, boosted by Pakistan’s recent staff-level deal with the International Monetary Fund (IMF).
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CEO of Topline Securities, Mohammed Sohail commented,
“The IMF staff has approved a long-term Extended Fund Facility (EFF) for Pakistan, marking the fourth such program since 2000. Historical precedents show positive economic growth following the completion of EFFs in 2001-2004 and 2013-2016. Although the 2019-2022 EFF was not completed, leading to economic difficulties, there is hope that compliance with the new EFF (2024-2027) will facilitate moderate economic recovery after prolonged slowdown and high inflation.”
Brokerage Arif Habib Limited stated that the market will be open for only three trading days this week due to holidays, which is expected to result in lesser activity.
The market began the week on a high note, maintaining the rising trend established last year. It hit an all-time high of 80,672 points, with an intra-day high of 81,087 points on Tuesday. However, corrections occurred on Wednesday in response to emerging IMF criteria, such as the abolition of the Pakistan Sovereign Wealth Fund and a projected 45% tax on agricultural income.
Weekly Market Summary is this:
The KSE-100 Index closed at 79,944 points, down 269 points or 0.33% week on week.
Average volume was 439 million shares, representing a 0.3% decline from the previous week.
The average traded value was $75 million, up 13.6% WoW
Foreign investment continued to come, totaling $4 million this week vs $7.7 million the previous week. Banks ($2.1 million) and technology ($1.7 million) were the most heavily purchased sectors. On the local front, individuals sold $2.6 million in shares, followed by mutual funds with $2.5 million.
Sector Performance that has been observed is given below:
Negative Contributions:
Exploration & Production (154 points)
Commercial Banks (136 points)
Auto Assemblers (61 points)
Power (48 points)
Oil Marketing Companies (34 points)
Top Negative Scrip Contributors:
MCB (102 points)
HUBC (100 points)
UBL (93 points)
PPL (77 points)
TRG (57 points)
Positive Contributions:
Fertilizer (106 points)
Food & Personal Care Products (71 points)
Textile Composite (47 points)
Technology (32 points)
Pharmaceuticals (17 points)
Top Positive Scrip Contributors:
HBL (143 points)
NBP (104 points)
FFC (82 points)
SYS (73 points)
FFBL (63 points)
