Karachi, June 02, 2023 (PPI-OT): KSE-100 gains momentum, up 1% WoW
KSE-100 started the week on a positive note followed by partial correction settling in at 41,353 points, up 0.9% WoW. Sectorwise, Cements (up 3.8% WoW) and Engineering (up 3.2% WoW) were the major out performers while Pharma (down 1.3% WoW) and Power (down 0.7% WoW) were key under performers. Foreigners turned net buyers this week with net buying of US$3.6mn with the highest buying witnessed in the Food Sector while major selling was witnessed in the Tech sector. On the news front, the IMF program continues to hang in the balance as both sides indicate talks being underway.
During the week, prices for petrol and diesel were cut by Rs8/ltr and Rs5/ltr, respectively. Inflation for May-23 hit record high levels at 38% YoY with urban inflation at 35% YoY and rural inflation at 42% YoY. SBP reserves during the week fell by US$102mn to US$4.1bn due to external debt payments. Cement sales during May-23 witnessed an uptick of 34% MoM indicating pick up in construction activity while OMC sales during May-23 witnessed an uptick of 11% MoM to 1.30mn tons as compared to 1.17 mn tons last month.