PSX receives good news flow on both economic and political fronts

Expect the market to rally north amid positive news flow on both economic and political fronts, where Saudi Arabia has agreed to provide a US$1.2bn deferred oil facility along with US$3bn deposits in SBP. This latest development will help Pakistan to negotiate better terms with IMF to revive the stalled EFF program.

Moreover, IMF has allowed Pakistan to utilize US$2.78bn Covid support fund for meeting budgetary needs.

On the political front, the Prime Minister has notified the appointment of Lt. General Nadeem Anjum as the new DG Inter-Services Intelligence (ISI).

We would advise buying in Tech (TRG, AVN, SYS), Power (KAPCO), Banks (MEBL, BAFL, UBL), Textiles (ILP, NML) and Chemicals (EPCL).

Courtesy – IMS Research

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