Karachi, September 30, 2022 (PPI-OT): After a jump start, KSE-100 gains limit to 1.3%

After a positive start to the week, KSE100 witnessed partial correction towards the end, closing up 508 points (+1.3% WoW). Average volumes jumped 20% with 199mn shares traded during the week. Among key performers were Refinery (5.9%) and Power (4.4%) sectors, while banking sector (1.3%) stood out as the key under performer largely driven by HBL’s decline in stock price. HBL’s negative performance was led by news of terror financing allegations on the bank.

On the news front, Ishaq Dar took over as the Finance and Revenue Minister of Pakistan followed by positive movement in PKR against USD that appreciated by 4.7% WoW. SBP reserves dropped by US$341mn WoW to US$8bn which translates to an import cover of less than 6 weeks. ADB during the week announced flood relief loan of US$1.5bn, which is under process and is expected to be received by next month. On the international front, PM plans to visit China where US$10bn is to be sought as support for Balance of Payments (BoP) whereas the Chief of Army Staff General Qamar Javed Bajwa is expected to visit US on 3rd Oct.