Karachi, November 15, 2019 (PPI-OT): KSE-100 gains 4.5%, steams well past the 37,000 mark
Pakistan equities continued the relentless bull rally for the third consecutive week as the benchmark index gained another 4.5% over the previous week to close at the 37,584 level. Market participation continued to rise as average daily volumes increased by 21% WoW to 311mn shares while value traded per day averaged at US$64mn, up 17% WoW. Foreign investors continued their selling in the cement sector while increasing exposure in Fertilizers and Banks. Overall, foreign investors remained net buyers during the week. Conversely, on the domestic side, Insurance Companies and Banks/DFIs remained major net sellers. In the latest review, Pakistan managed to remain on the MSCI EM index with a weight of 0.03%. On the political landscape, Maulana Fazlur Rehman announced that the Azadi March would enter Plan-B following which major highways across the country have been blocked by protestors. Furthermore, the PML-N has approached the courts regarding the matter of ex-Prime Minister Nawaz Sharif’s name on the Exit Control List. In the latest PIB auction, the SBP raised Rs188.43bn in fixed and floating bonds. Foreign exchange reserves with the SBP remained flattish around the US$8.4bn mark, up by US$40mn WoW.