KASB Pakistan Market Review

Dear Clients,

KSE 100 closed mildly positive today as investors express rejoice over improvement in Pakistan-India ties after PM Modi mentions desiring cordial relationship with Pakistan. Although, it’s a long way to go however, any peace signals are assuring for investors. Similarly, market participants remained careful after PM’s Covid news and any speedy recovery on that should guide the market upwards.

KSE-100 closed up by 136.9 points to 45,544.19 levels with 271.9mn volumes. Highest activity was recorded in TRG (+7.50%) with 54.6mn shares traded, PTC (+11.75%) with 37.2mn shares and BYCO (-2.24%) with 29.2mn shares traded.

International oil prices declined in last few days owing to waning demand outlook from IEA & overall stringent lockdowns globally amid third wave. Therefore, EnPs sector today remained depressed. However, technology sector remained bullish as IT exports from Pakistan continue to rise. Refineries continue to maintain positive momentum over new policy incentives as well. Pak Suzuki continued positive run after much better than expected results brining bulls back into Auto sector. Maple Leaf Cement, in its notice to PSX, gave an earlier than expected Operational date for expansion in August 2022 that should keep investors excited.

We believe market would remain choppy to positive over next few days as talks surround Refinery Policy, IMF’s approval & Power sector payments. While further rise in cases or stringent lockdown measures could dampen the sentiment bearish.

KASB Research

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