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JS Securities Limited – Weekly Review (04-11-2022)

Karachi, November 04, 2022 (PPI-OT): KSE100 rebounds after a tough week, up 1.7%

The market followed an upward trend during the week before closing on a negative note following the attack on ex PM Imran Khan. KSE-100 index closed the week at 41,856 points, up 1.7% WoW. Tech (5%) and OMCs (6%) sectors were among the key outperformers whereas Banks (-1%) and the Food (-2%) sectors remained primary underperformers during the week. On the news front, Finance minister Ishaq Dar held meetings with representatives of Banks in a bid to control manipulation of US$ value against PKR. CPI for Oct-2022 came in at 26.6% YoY as prices for food items continued to increase.

Data for petrol and diesel sales for Oct-2022 showed a recovery of 8% and 37% respectively, on a MoM basis, however, cumulative numbers for 4MFY23 remained in negative territory primarily driven by subdued demand for vehicles. Similarly, according to a press release by APCMA, cement dispatches remained dull during Oct-2022 clocking in at 4.25mn tons down by 19%/0% YoY/MoM. Furthermore, trade deficit for Oct-2022 clocked in at US$2.3bn down 3% MoM driven by 13% MoM decline in imports. SBP reserves increased by US$1.5bn to US$8.9bn as inflows from ADB came in during the week.

js-securities-limited-weekly-review-04-11-2022

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