The KSE-100 index closed at 46,013 points with a gain of
1.55%WoW. Meanwhile, market participation declined by 26%WoW, averaging at 138 million
shares. On the currency front, rupee strengthened against the greenback. Moreover,
administrative measures yielded positive results, taking the gap between
interbank and open market below 1% which was around 5% a week ago.
August trade deficit widened by 29.8%MoM to US$2.126 billion
as compared to US$1.637 billion in July.
The foreign exchange reserves held by the State Bank of
Pakistan (SBP) by US$70 million to US$7.8 billion as of September 01, 2023.
Other major news impacting the market include: 1) August
2023 petroleum sales declined 8%YoY to 1.41 million tons, 2) August cement dispatches
rose by 37%YoY to 4.518 million tons, 3) Pakistan’s public debt surged 22% to PKR61.75
trillion in July and 4) IMF allowed leeway on electric bills, raises gas prices
by 50%.
Sector-wise, Close-End Mutual Fund was the worst performer,
while Transport, Automobile Parts & Accessories & Inv. banks/
Securities cos. were amongst the top performers.
Flow-wise, major net selling was recorded by Mutual Funds
with a net sell of US$2.4 million. Individuals absorbed the selling with a net
buy of US$3.6 million.
Top performing scrips were: GADT, DAWH, ILP, THALL, KAPCO, while
the Laggards included: JWDS, ARPL, BAHL, EFUG and INDU.
Going forward, market is expected to remain range-bound due
to the upcoming Monetary Policy Committee meeting on September 14, 2023.
Furthermore, government’s steps over energy reforms, and
next review with the IMF may improve the market sentiments.
Analysts continue to advise investors to remain cautious
while taking positions and invest in companies with strong fundamentals or high
dividend-yielding scrips.
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