KSE 100 Index Surges by 747 Points, Closing at 65,326 Level
Continuing its momentum, the KSE 100 Index surges by 747 points to close at the 65,326 level (up by 1.16%).
This positivity in the market can be attributed to continuous buying by foreign corporates and mutual funds during the week, amidst a decline in political noise as elected representatives took their oath in the first National Assembly session yesterday after the general election.
Mr. Ayaz Sadiq of PML-N was appointed as the speaker of the National Assembly after securing a majority of votes from coalition partners, which improved investor sentiment.
It indicated that the new incumbent government has the desired numbers in the assembly if there is support from all coalition parties to take tough, unpopular decisions to put the economy on the right track.
Traded volume and value for the day stood at 344 million shares and Rs. 13.37 billion respectively. KOSM was today’s volume leader with approximately 71.4 million shares.
The KSE 100 Index increased by 4% on a WoW basis as investors rejoiced in political parties coming together to form the government.
After the formation of provincial assemblies, elected representatives from the National Assembly took their pledge in the maiden session of the 16th National Assembly yesterday.
Major numbers that came in during the outgoing week were CPI inflation for Feb 2024, clocking in at 23.06% YoY (compared to 28.34% in Jan-2024), and Pakistan’s trade deficit for Feb 2024, coming in at US$1.7 billion (down 2% YoY and 13% MoM). Pakistani Stocks Plunged as Political Turmoil Continues
The average daily traded volume and value during the week stood at 418 million shares and 15.5 billion respectively.
On the flows end during the week, foreign corporates and mutual funds net purchased equities worth $10.83 million and $3.3 million respectively as of Thursday’s close.
On the other hand, companies, insurance, and banks net sold equities worth $3.73 million, $3.56 million, and $3.51 million respectively as of yesterday’s close.
