Pakistan’s benchmark KSE-100 index saw a 12% growth in the third quarter of 2023 due to positive sentiments influenced by the IMF Stand-By Agreement, stable currency, and the announcement of elections. In USD terms, the index was up 11%. According to Bloomberg, the Pakistani equities market was the sixth best-performing market in the quarter. Key indicators show an increase in traded volumes and values. Foreign interest has also revived with foreign corporates becoming net buyers. Standard Chartered Bank, Unity Foods, and Habib Metropolitan Bank were the best-performing stocks during the quarter. The performance of the government in meeting IMF targets and the movement of the currency will impact the direction of the stock market. The smooth handling of the upcoming elections is expected to restore investors’ confidence. The report also expects a jump in inflation due to recent fuel price hikes but anticipates a decline in inflation from the first quarter of 2024. The trajectory of inflation will be closely watched as it can significantly impact the market direction.
>>Join our Facebook Group be part of community. <<