Karachi, April 28, 2023 (PPI-OT): KSE100 closes on a positive note, up 1.4% WoW

Market sentiments improved during the week as Finance Minister assured that all prior conditions of the IMF including financial guarantees from Saudi Arabia and UAE had been met. Consequently, KSE-100 index gained 573 points during the week to close at 41,581, up 1.4% WoW. Sector wise, Refinery (up 5.0% WoW) and Pharma Sector (up 3.1% WoW) remained top gainers whereas Fertilizer was the key underperformer. Foreigners remained sellers this week offloading US$14mn worth of equities while volumes in the local market witnessed an uptick of 98% WoW.

On the news front, COAS Gen Asim Munir embarked on a four-day visit to China to enhance military ties whereas PM Shehbaz Sharif secured a trust vote in the National Assembly. SBP reserves increased marginally by US$30mn to US$4.46bn, still at critically low levels. ADB in its report on Pakistan, highlighted key challenges for the country urging focus on economic management, boosting competitiveness and private sector development as the way forward. As per the Pak China Joint Chamber of Commerce and Industry, CPEC after completing its early harvesting phase has now entered its second phase which will focus on industrial cooperation, trade, agriculture and socio economic development.