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Pakistan Stock Exchange Closes at Highest Level on Record – OpEd – Eurasia Review
At the Pakistan Stock Exchange, the trading session for the week ended April 19, 2024 remained erratic. However, Friday ended on a more positive note, with the benchmark index closing its highest ever at 70,909 points, a gain of 0.85% on WoW.
Overall, the average trading volume was 492.37 million shares, up 43.51% on WOW, settling at 2.46 billion shares, up from 1.72 billion stocks traded the previous week.
The volatility can be attributed to general uncertainty surrounding international crude prices, mainly due to continued divisions in the Middle East, with tensions largely driven by the tussle between Iran and Israel. The highlight of the week was the successful visit of the Saudi delegation to Pakistan, promising major investments in various sectors. Additionally, KSA's acquisition of a 25% minority stake in the Reqo Diq Mining project for $1.0 billion appears to be progressing well, with the deal expected to be finalized soon.
As for FIPI flows, net foreign investment remained stable throughout the outgoing week, peaking at $33.86 million as of Friday's close.
Ultimately, the authorities repaid the $1.0 billion Eurobond maturing on April 12, allowing the SBP's foreign exchange reserves to end the week at $8.0 billion.
As for fuel prices, the prices of motor petrol and diesel have been increased, due to the rise in crude oil prices.
Other major news feeds during the week include: 1) GDP sell-off fails, yields fall on shorter maturities, 2) Pakistan claims to complete gas pipeline project with Iran, 3) L The wheat production target of 32.2 million tonnes set for the current season is at high risk due to rainfall, 4) The government does not anticipate significant currency devaluation.
Sugar and allied industries, refineries, synthetic and rayon industries, Vanaspati and allied industries, textile weaving were among the best performing sectors, while lagging sectors included miscellaneous sectors, wool and paper and board .
Significant net sales were recorded by individuals ($14.43 million) and banks ($10.97 million). Brokers absorbed the majority of local sales with a net purchase of US$1.23 million.
The top performing scripts of the week were: PSX, FABL, FATIMA, AKBL, NRL, while the top laggards were: PTC, ISL, KTML, SEARL and MUGHAL.
Going forward, the market's focus is expected to return to negotiations with the IMF regarding the EFF program, the upcoming monetary policy announcement, and corporate results expected to be announced over the next two weeks.
Although the market has reached its new high, the forward P/E continues to remain below 5.0x, sparking positivity about market fundamentals.
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