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Pakistan Stock Exchange Sees Some Volatility – Tribune – Eurasia Review
During the week ended July 12, 2024, the Pakistan Stock Exchange remained volatile due to uncertainty over the Supreme Court verdict on reserved seats. The benchmark index closed at 79,944 points on Friday with a loss of 269 points or 0.33 percent year-on-year.
However, despite the verdict announced on Friday in favour of the opposition party, the market managed to hold firm.
During negotiations with the IMF, the lender of last resort demanded the abolition of the sovereign wealth fund (PSWF) and the introduction of a 45% tax on agricultural income.
The Prime Minister's announcement of a PKR 50 billion subsidy for residential consumers up to 200 units has not yet elicited a response from the IMF.
Meanwhile, NEPRA has increased energy tariffs for other consumer categories from PKR 3.9 to PKR 7.1/kWh for FY25, while reducing tariffs for industrial consumers.
On the macroeconomic front, remittances for June 2024 reached $3.16 billion, an increase of 44% year-on-year. This brings total remittances for FY2024 to $30.3 billion (up 11% year-on-year).
At the same time, sales of passenger cars and light commercial vehicles fell to their lowest level in 15 years, with just 104,000 units sold in FY24.
With the overall market volatility, participation also remained down 0.3% WoW, with average daily traded volume remaining at 439 million shares.
On the currency front, the PKR remained largely stable against the greenback, closing the week at PKR 278.4/USD.
Other major news flows during the week included: 1) GoP doubles PSDP spending to PKR 705 billion, 2) GoP debt soars to PKR 67.8 trillion in May, 3) GoP raises PKR 442 billion through T-bills, yields fall by up to 18 basis points, and 4) FY24 tax-to-GDP ratio hovers around 9%.
Automobile assemblers, auto parts and accessories and wool were among the top performers, while miscellaneous industries, Vanaspati and allied and RIET were among the worst performers.
The largest net sales were by individuals and mutual funds, with net sales of $2.58 million and $2.48 million, respectively. Foreigners absorbed the bulk of the sales, with a net purchase of $3.96 million.
The top performing scripts of the week were: NBP, FFBL, UNITY, ABL and PKGP, while the laggards were: SCBPL, TRG, THALL, YOUW and KTML.
According to AKD Securities, the market is expected to maintain a positive outlook, despite the risk of a poor short-term impact due to recent political developments.
The overall rally is expected to continue due to attractive valuations, with forward PE remaining below 4.0x.
Market participants are likely to focus on upcoming inflation figures, the upcoming Monetary Policy Committee meeting (schedule pending announcement) and ongoing negotiations with the IMF on the EFF program.
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