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A broker is seen speaking to someone on phone at the Pakistan Stock Exchange (PSX) in Karachi on Thursday, October 17, 2024. — PPI
#Stocks #stay #positive #IMF #optimism
KARACHI: Stocks closed the new record altitude during the outgoing week. It is expected that the progress of the International Monetary Fund (IMF) and the Pakistan government on the staff level agreement with the government will remain a positive pace.
“We expect the market to be positive next week,” said Arif Habib Limited.
According to AKD Securities Limited’s stock market report, the market is expected to remain positive in the coming weeks, which will work as a key stimulus for speeding with a possible announcement of a staff -level contract in the near future. He said, “The KSE -100 is expected to keep the pace above it, with a target of 165,215 points by December 25, mainly to improve fertilizer strong income, permanent income in banks, and improve interest rates by improving the cash flow of E and PS and OMCS.”
Crossing 119K levels during intravena on Thursday, the KSE -100 index was happy during the week. The first review of the EFF program supported the market sentiment between Pakistan and the IMF, with a staff -level agreement, which is the way to provide a second installment of $ 1.1 billion. In addition, the IMF shared a draft memory of economic and financial policies with the government, which indicated progress.
The market closed at the highest level of 118,442 points, showing 2,906 points or a 2.5 percent increase at the end of the week. The average volume reached 508 million shares (51 % Wah), while the average price was fixed at 112 million (43 % Wah).
Foreign sales continued this week and last week increased by $ 9.96 million compared to net sales of 61 2.61 million. Large sales were observed in commercial banks (9 2.9 million), followed by E&P (3 2.3 million). On the local front, banks/DFIs (6 176.4 million) and other organizations ($ 1.5 million) reported.
Sector War positive contributions have been achieved by E & PS (1,086 points), technology (416 points), power (273 points), OMCS (213 points) and cement (202 points). The script war was positive partnership (696 points), SYS (328 points), Hub C (251 points), OGDC (186 points) and Luck (184 points).
In the fields that negatively contributed fertilizers (105 points), and insurance (6 points). The script -war negative contributions have been achieved by Effect (124 points), UBL (60 points), Fatima (29 points), Kolg (18 points) and HBL (16 points).
Topline Securities analyst Nabil Aaron said the advantage in the market can be attributed to buying through mutual funds in accordance with the IMF program, the government’s efforts to solve circular debt, reduce electricity prices and return to cement prices.
JS Research Analysts Abdul -Asset said that Pakistan is also in relation to the Flexibility and Stability Facility (RSF) with the IMF for additional financing to remove the effects of climate change.
On the external front, the current account was recorded for the second consecutive month, worth $ 12 million in February -2025, mainly eliminating the increase in remittances in more imports. Nevertheless, the balance was over 1 691 million during 8mfy25.
Meanwhile, the government is planning to reduce electricity prices by up to 8/kW, which is primarily driven by revising the IPP contracts. In addition, the government did not make any changes to petroleum prices, which met the effects of lower refinery prices, while the Petroleum Development Levy (PDL) was increased to Rs 10/liter to 70/liter.
At the recently held T -Bill auction, the government collected Rs 392 billion against the target of Rs 800 billion, where the production of 12 million production was largely flat with a slight increase in production of 12 million. SBP reserves are stable for $ 11.15 billion.
