The benchmark KSE-100 index closed Thursday’s trading session at 63,567.34, marking a substantial decrease of 364.93 points or 0.57%. The drop was associated with the latest conflict between Pakistan-Iran. This doesn’t just end here as the tightening political pressure and uncertainty regarding the general elections is also playing its role as a catalyst for Pakistan Stock Market’s Benchmark KSE-100 Index.

Despite the setback, the central bank released positive external data, revealing a $387 million current account surplus in December that ended a five-month deficit run.

In December, the nation also received significant foreign investments totalling $243 million, which was a 56% increase from the previous month and the highest amount in a year.

KSE100 PAKISTAN STOCK MARKET SUMMARY 2024-01-18 at 5.13.17 PM
KSE100 PAKISTAN STOCK MARKET SUMMARY 2024-01-18 at 5.13.17 PM

KEY MARKET INDICATORS:

In today’s trading session, the KSE-100 index exhibited volatility, trading within a range of 1,051.41 points. Of the 100 index companies, 25 closed up, 64 closed down, 5 remained unchanged, and 6 remained untraded.

Major contributors to the index decline were Power Generation & Distribution, Oil & Gas Exploration Companies, Automobile Assembler, Commercial Banks, and Cement sectors. Conversely, the index found support from Food & Personal Care Products, Paper & Board, Real Estate Investment Trust, and Leasing Companies.

PAKISTAN STOCK MARKET TOP POINTS CONTRIBUTOR SECTORS 2024-01-18 at 5.13.57 PM
PAKISTAN STOCK MARKET TOP POINTS CONTRIBUTOR SECTORS 2024-01-18 at 5.13.57 PM
PAKISTAN STOCK MARKET TOP POINTS CONTRIBUTOR COMPANIES 2024-01-18 at 5.13.36 PM
PAKISTAN STOCK MARKET TOP POINTS CONTRIBUTOR COMPANIES 2024-01-18 at 5.13.36 PM

Companies Performance: Top contributors to the index decline were MTL (-42.35 points), OGDC (-42.71 points), and HUBC (-37.23 points), while ENGRO (79.94 points), EFERT (59.13 points), and MEBL (58.48 points) led the index increase.

MARKET OVERVIEW:

Despite the recent downturn, the KSE-100 has witnessed significant gains during the fiscal year, accumulating 21,750 points or 52.47%. In the ongoing calendar year, the index has seen a cumulative increase of 751 points, equivalent to 1.2%.

MARKET ANALYSIS: KSE-100 WEEKLY TECHNICAL ANALYSIS

MARKET NEWS

In Thursday’s interbank session, the Pakistani rupee (PKR) continued its upward trajectory, appreciating by 12.16 paisa against the US dollar. The closing rate for the day settled at PKR 279.98 per USD

Gold Price Pakistan market today: the price of 24-karat gold in Pakistan experienced a significant drop, plummeting by Rs1,600 per tola to reach Rs213,700.

In a swift response to the recent violation of its airspace by Iran (Pakistan Iran Conflict), Pakistan carried out a targeted military operation on Thursday morning in Siestan-o-Baluchistan province. The operation, codenamed ‘Marg Bar Sarmachar,’ resulted in the elimination of several terrorists, as confirmed by Pakistan’s Foreign Office (FO).

Pakistan’s Real Effective Exchange Rate (REER), a vital indicator of a currency’s value against a weighted average of various foreign currencies, has experienced a slight increase. Data released by the State Bank of Pakistan (SBP) on Wednesday revealed a REER of 98.86 in December 2023, up from 98.27 in November 2023.

Pakistan’s current account has posted a substantial surplus of $397 million in December 2023, a stark contrast to the $15 million deficit recorded in November. This positive shift is attributed to increased exports and remittances, coupled with a marginal decline in imports.

The United Arab Emirates (UAE) has officially confirmed the extension of its two deposits, each amounting to US$1.0 billion, placed with the State Bank of Pakistan. These deposits, originally set to mature in January 2024, will now undergo a rollover for another one year.

State Bank of Pakistan (SBP) has formally acknowledged the second installment of SDR 528 million, or a substantial $705.6 million, from the International Monetary Fund (IMF).

 

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