KSE 100 Index Surges 0.88% on Saudi Investment Prospects
Staff Report
Bulls dominated the day on Saudi Investment Prospects as the KSE 100 Index gained 620 points to close at the 70,910 level (up by 0.88%).
This positivity can be attributed to news that Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp, reiterating recent news flow suggesting Saudi interest in investing in Pakistan.
The increase in SBP’s reserves by $14.4 million to $8.055 billion as of April 12, 2024, despite the repayment of a one billion dollar Eurobond, also boosted investor sentiment.
The major positive contributions to the index came from HUBC, EFERT, MEBL, BAHL, and OGDC, as they cumulatively contributed 329 points to the index.
The traded volume and value for the day stood at 475 million shares and Rs. 23 billion, respectively. PRL was today’s volume leader with 49.5 million shares.
The KSE 100 Index gained 0.85% on a WoW basis. This gain can be largely credited to the Saudi Foreign Minister’s visit to Pakistan along with a delegation, where an understanding was reached to fast-track an initial $5 billion investment tranche under a broader Saudi commitment to invest $25 billion in Pakistan over the next five years.
Other major developments during the outgoing week were an increase in petrol and diesel prices by Rs4.53/liter and Rs8.14/liter respectively.
LSM Index coming in at 0.1% YoY while down 4.1% MoM in Feb-24, 3) Pakistan Car Sales for Mar-24 clocking in at 10.5k units (including Non-PAMA) down by 3% MoM, and 4) the trade deficit for the month of Mar-24 clocking in at $2.3 billion (up by 34% on a MoM basis). KSE-100 Index Surges Amid Saudi Investment Expectations in Rekodiq
Healthy participation was observed in the market during the week as the average daily traded volume and value for the week stood at 492 million shares and Rs. 21.3 billion, respectively.
On the flow’s end, foreign corporate net purchased equities worth $28.91 billion as of yesterday’s close. A large part of this buying can be attributed to the purchase of PSMC (Pakistan Suzuki Motor Company Limited) shares by Suzuki Motor Japan for delisting, which concluded today, as per the communicated timeframe by the company.
