KSE – 100 finished on a jubilant note as IMF Executive Board approved Pakistan’s reviews to pave way for disbursement of $500m. IMF’s nod comes in at a time when country plans to raise $ from international bonds. These measures shall continue to boost investor confidence as India-Pakistan’s improving ties improve sentiments.
TRG continued to march upwards owing to strong growth portfolio while PTC continued positive streak for second day as investors value the worth of Ufone after VEON purchased it’s minority stake of 15% in Jazz for $273m. Positivity was noticed in Auto Assemblers today as investor view rising Gross Margins amid higher sales and strong currency appreciation.
Highest activity was recorded in PTC (+6.2%) with 61.4mn shares traded, TRG (+6.3%) with 39mn shares and BYCO (+1.01%) with 38.4mn shares traded. Correction was visible in HASCOL (-2.6%) and MEBL (-2.5%), while ANL (+7.3%) and TRG (+6.3%) closed in the positive territory among the KSE-100 constituents.
We expect positive to continue over next few days as IMF’s approval re-rates the market and next week investors spell our earnings expectations and March’s number show YoY consumption growth. However, rising cases could keep a lid on sharp upside.