KARACHI
\nExpected increase in consumer gas prices weighed on Pakistan Stock Exchange (PSX) last week, making it dull and lacklustre, despite it emerged as the sixth best-performing market globally during the third quarter with a gain of 12 percent.
\nThe benchmark KSE-100 Index shed 188.56 points (-0.41 percent) on a week-on-week basis to close at 46,232.59 points from 46,421.15 points. However, the index has gained 4,778.61 points since the Staff Level Agreement (SLA) was signed with the International Monetary Fund (IMF) on June 30. The market received a boost in the last quarter due to a better-than-expected International Monetary Fund (IMD) standby agreement (SBA), a stable currency, and the announcement of the upcoming elections.
\nAccording to Bloomberg data, Pakistan\u2019s market ranked sixth among the best-performing markets, following Turkey (37pc growth), Romania (27pc growth), Sri Lanka (15pc growth), Egypt (14pc growth), and Ghana (12pc growth) in the same quarter. After eleven quarters, the benchmark KSE-100 Index has experienced double-digit growth. In terms of US dollars, the index also saw an 11 percent increase during the third quarter of 2023.
\nThe market edged lower last week despite positive developments on the economic and political scene. The Pakistani rupee extended gains against the US dollar for the fourth consecutive week and appreciated by 1.38 percent in the interbank market and 2.4 percent in the open market.
\nIn the preceding three weeks, the rupee surged by 1.71 percent, 2.01 percent and 0.82 percent against the US dollar in the interbank market, while it has appreciated by Rs43 (+13 percent) in the open market in the previous four weeks.
\nThe Economic Affairs Division (EAD) disclosed that the country obtained loans totalling $3.21 billion from multiple sources during 2MFY24. This represents a significant increase compared to $439 million borrowed in the same period of last year.
\nThe Federal Board of Revenue (FBR) exceeded its tax collection target for the first quarter of fiscal year 2023-24 and collected Rs2.041 trillion during this period against the assigned target of Rs1.978 trillion. The FBR demonstrated exceptional performance by achieving over 24 percent growth in tax collection for the quarter compared to the Rs1.644 trillion collected during the corresponding quarter of the previous fiscal year.
\nOn the other hand, foreign investors remitted $49.2 million in profits and dividends during the first two months (July and August) of the current fiscal year, showing a 45 percent year-on-year jump due to relaxed capital controls.
\nOn the political front, the Election Commission released the constituency delimitation lists, which was seen as a major step towards general elections expected early next year.
\nThe caretaker government slashed the petrol and high-speed diesel (HSD) prices by Rs8 and Rs11 per litre to Rs323.38 and Rs318.18 per litre, respectively, according to the notification issued by the Ministry of Finance on Saturday last. The new prices of petroleum products for the fortnight started from Sunday and are expected to have a positive impact on the bourse.
\nThe sectors taking the index towards south were technology and communication (-176 points), commercial banks (-170 points), automobile assemblers (-59 points), fertilizers (-34 points) and investment banks\/ investment companies\/ securities companies (-30 points). The sectors taking the index towards north remained cement (+85 points), oil and gas exploration companies (+52 points) and power generation and distribution (+46 points). The foreign buying during the week remained $0.19 million as compared to net buying of $0.29 million in the preceding week.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Expected increase in consumer gas prices weighed on Pakistan Stock Exchange (PSX) last week, making it dull and lacklustre, despite it emerged as the sixth best-performing market globally during the third quarter with a gain of 12 percent. The benchmark KSE-100 Index shed 188.56 points (-0.41 percent) on a week-on-week basis to close at […]<\/p>\n","protected":false},"author":2,"featured_media":312795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-359401","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n