Karachi, 13 Oct 2023: The KSE-100 index vaulted to its most elevated level in six years, culminating at a week-closing of 49,493, which translates to an uplifting surge of 4.2% week-on-week, according to the weekly review by JS Securities Limited. A 29% week-on-week escalation was also noted in the average daily turnover. This rebound was chiefly propelled by the recovery observed in key macroeconomic indicators, thus sparking renewed interest among stakeholders. The Rupee portrayed unwavering upward mobility, settling at Rs278 in the open market compared to Rs300/US$ just a month prior, courtesy of the State Bank of Pakistan (SBP) implementing strategic measures to supervise the Forex market and imposing regulations on unauthorized currency operators.
Data from the SBP illustrated a surge in remittances for September 2023, where workers’ remittances scaled up to US$2.21 billion, signifying a month-on-month increment of 5.3%. Concurrently, discussions about the keenly anticipated gas price spike circulated throughout the week. According to the most recent data from the Pakistan Automotive Manufacturers Association (PAMA), September 2023 witnessed sales volumes for Passenger cars and Light Commercial Vehicles peaking at a 6-month high, with 8.3k units and a month-on-month elevation of 10%. This boost is attributable to automakers experiencing eased raw material procurement, despite sales continuing a year-on-year descent, documenting a 26% dip. Noteworthy activity in the stock was triggered during the week when Pak Suzuki Motor Company (PSMC) sponsors unveiled a voluntary delisting of the stock from the Pakistan Stock Exchange (PSX).