PSO is exploring a USD10bn partnership with the Bank of China

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According to Spectrum Research, good momentum is maintained at PSX. KSE100 gained over 2,000pts, closing at 49,493 level, mainly underpinned by the PKR appreciation as it gained PKR5/USD and closed at PKR277.6/USD. The upswing in the market was further fueled by UAE’s plan to invest USD200mn in the establishment of a Pakistan cloud service, PSO exploring a USD10bn partnership with Bank of China, Symmetry group securing 4th crucial contract showing a possibility of higher profitability in the quarter and, PRL receiving all-time high production in Sep’23.

Moreover, the SBP governor’s statement regarding real interest turning positive on a forward-looking basis as the interest rate is to come down in 2HFY23, remittances increasing by 5% in Sep’23 and expected ease in inflation further supported the positive market rally. Additionally, the government approval of brownfield refinery policy, DISCOS to be offered to private firms through long-term concession, Mari group successfully testing appraisal well and PSMC shareholders likely to receive PKR222/share dividend in delisting offer and Pak China agreement to reduce ML1 project cost USD6.678bn and PSO receiving PKR625mn in two days had positive impact on the market.

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