On the macroeconomic front, worker remittances for June 2026
increased by 2%YoY to US$3.5 billion, taking FY26 total to a record high of
US$41.6 billion, up 9%YoY.
Foreign exchange reserves held by State Bank of Pakistan (SBP)
were reported at US$18.5 billion, as of July 03, 2026.
Yields during first FY27 T-Bills auction fell by 31-40 bps
across all tenors.
Cement sales rose 18%YoY in June 2026 to 4.3 million tons,
led by domestic dispatches, taking full year FY26 sales to 50.5 million tons, a
4-year high.
Other major news inflow during the week included: 1) Saudi
makes biggest oil price cut in decades, 2) GoP buys more LNG as flows through
Hormuz fail to recover, 3) IMF forecasts 3.5% growth rate for Pakistan’s economy
in FY27, 4) RDA inflows increased to US$2.8 billion in FY26, and 5) Removal of
MDR to provide leverage to banks.
Top performing sectors were: Synthetic & Rayon, Refinery,
and Leasing Companies, while lagged included: Sugar & Allied Industries,
Close-End Mutual Funds, and Transport.
Major buying was recorded by Individuals and Banks
aggregated US$24.5 million. Major sellers were Companies and Mutual Funds with
flows of US$20.9 million and US$11.3 million, respectively.
Top performing scrips were: IBFL, GHNI, CNERGY, PGLC, and
LOTCHEM, while laggards included: MEHT, NPL, TPLRF1, KTML, and SNGP.
According to AKD Securities, going forward, positive
progress on US-Iran conflict, along with moderating international oil prices
towards pre-conflict levels would remain the key focus.
Additionally, favorable financial results for the period
ended June 30, 2026 would support market sentiment in the near term. Market
continues to trade at attractive valuations.
The brokerage house forecasts the benchmark Index to reach
263,800 by end December 2026.
Top picks of the brokerage house include: OGDC, PPL, UBL,
MEBL, HBL, FFC, ENGROH, PSO, LUCK, FCCL, INDU, ILP and SYS.
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