The Pakistan Stock Exchange (PSX) benchmark KSE-100 Index closed the first week of 2024 with a 3.3% increase, reaching 64,515 points on Friday.
The index had a strong start on Monday, gaining 2,211 points, but faced some resistance from the polls uncertainty in the country.
According to a note by AKD Securities, the economic indicators, however, remained positive throughout the week. The State Bank of Pakistan (SBP) reported a 23-week high in its foreign exchange reserves, which rose by $1.3 billion in the last two weeks of December 2023.
The reserves stood at $8.22 billion as of December 29, 2023, and are expected to increase further with the anticipated $700 million second tranche from the International Monetary Fund (IMF) in January 2024.
The exports also reached an 18-month high of $2.8 billion in December 2023, reducing the trade deficit by 40% year-on-year.
The current account deficit remained under control, despite the surge in inflation, which reached 29.7% in December 2023, mainly due to the fuel price adjustments.
The market participation also improved slightly, with the average daily traded volumes rising by 5.4% week-on-week to 687 million shares.
The Pakistani Rupee also appreciated by 0.16% week-on-week against the US dollar, closing at PkR281.4 at the end of the week.
Pakistan’s dollar bonds gained 93% in 2023, outperforming most of the emerging markets, according to Bloomberg data.
According to the brokerage note, on the sectorial front, automobile parts & accessories, sugar and allied industries, and oil and gas exploration companies were the best performers, with a growth of 13.69%, 8.69%, and 7.93% week-on-week, respectively.
On the other hand, modarabas, cable and electrical goods, and miscellaneous sectors were the worst performers, with a decline of 3.00%, 2.55%, and 2.52% week-on-week, respectively.
The flow wise analysis showed that the individuals were the major net sellers, with a net sell of $10.63 million, while the other organizations were the major net buyers, with a net buy of $5.49 million.
The company wise analysis revealed that the top performers during the week were Pak Suzuki Motor Company (PSMC), K-Electric (KEL), Honda Atlas Cars (HCAR), The Searle Company (SEARL), and Oil and Gas Development Company (OGDC), with a gain of 20.5%, 16.3%, 14.1%, 12.8%, and 11.2% week-on-week, respectively. The top laggards were Pakistan Services (PSEL), Aisha Steel Mills (ASL), Pakistan Tobacco Company (PAKT), Pakistan Stock Exchange (PSX), and Lotte Chemical Pakistan (LCI), with a loss of 5.5%, 2.9%, 2.7%, 2.7%, and 1.9% week-on-week, respectively.
The brokerage firm said that the outlook for the next week is bullish, as the market expects the disbursement of the IMF’s second tranche, which would boost the foreign exchange reserves and the confidence of the investors. The upcoming elections, however, could pose a challenge for the market, as the political situation remains volatile.
Wow, the Pakistan Stock Exchange had a rollercoaster week, like a thrilling financial drama! With a 3.3% increase, it’s like the stock market had its morning coffee and decided to conquer the week. The only uncertainty I have now is whether to invest in stocks or popcorn for the next episode of this economic sitcom!
Hello
zohaib
URGENT EFFECTIVE LOVE SPELL DR. TEBE TO GET YOUR EX BACK FAST TO SAVE AND RESTORE YOUR MARRIAGE! +1(661)525 4146
HELLO, I’ve been searching for help on how to get my ex-lover back who broke up with me 9 months ago… I was traumatized by the breakup and nearly wanted to commit suicide but I thank God that I got the contact with Dr Tebe the spiritual father who helped me to get back my ex-lover after much searching for help from different places. When I got in touch with Dr Tebe, I explained everything to him so he gave me his words of encouragement and told me that he was going to prepare a spell for me that would help me get back my ex-lover within 12hours and I believed in his words for I was referred to him by a friend who he helped and right now, my ex-lover is back and we are living happily together to get married next month. If you need any assistance whatsoever like getting a lover back, lottery winning spell, black magic spell E.T.C. Then, I suggest that you get in touch with Dr Tebe now through his contact (+1 661 525 4146) or Email: Drtebespelltemple@gmail. com.