Pakistan Stock exchange showed signs of recovery last week as the week started on a positive note with a sharp drop in commodity prices. The cement sector remained in limelight due to falling coal prices. While the construction sector remained in focus following the announcement of price increases by rebar manufacturers, the index closed at 45,152 points, up 3.7%.
Foreigners continue to sell during the week. Net sales of foreigners were $15.6 million and local investor sentiment improved last week. This can be seen from the increase in volumes which rose 116% last week. Last week, the country’s gold and foreign exchange reserves fell sharply by $3 billion due to repayment of a loan from China.
The Pakistani Rupee hit a record low as PKR/USD in Inter-Bank market closed on Friday at 184.5. In addition, the International Monetary Fund and Pakistani authorities are discussing existing policies and new initiatives to improve them.
Macroeconomic stability amid tensions between Russia and Ukraine. In addition, headline inflation in March-2022 was recorded at 12.72%.
Going ahead, the Political uncertainty related to weekend’s decision of rejecting No-Confidence Movement and Dissolving National Assembly is expected to take a toll on the market. As Pakistan’s Supreme Court has taken Suo Moto notice of the same, the Hearing is scheduled in Afternoon Today. As all eyes will be on the decision, Market activity is expected to be muted, while significant selling pressure may by witnessed.
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