The KSE100 Index slightly declined by 206pts WoW, closing at 48,218; the market declined as the delay in the formation of a new interim cabinet,  a significant depreciation of PKR against USD by PKR7.29/USD to PKR295.77/USD along with an increase in petrol & diesel prices by around PKR20/litre hurt the stock market. Additionally, the decline in SBP reserves, decrease in LSM production by 14.96%YoY, increase in inflation by 0.78%WoW, and no development regarding the circular debt repayment also impacted the market negatively.

However, the interim Prime Minister met with the Saudi Arabian ambassador to discuss future investment in SIFC and potential investment in energy, infrastructure, agriculture, and IT sector along with the US government extending hands for the corporation with the interim government and the cabinet vows to continue to the economic policies guided by the MF and bring stability to the country had a positive impact on the market.

Moreover, healthy corporate results announcements and the unveiling of an ambitious IPO of PKR3bn by Fast Cables also positively impacted the market.

Courtesy- Spectrum Research: Weekly Market Review