PSX Index on its way to challenge May’17 High!

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· KSE100 Index closed on a positive note, with the index gaining a cumulative of 1,230pts to end at 51,920pts, a gain of 12.3%MoM.

· The KSE-100 is well on its way to challenge its highest level attained in May’17 of 53,127pts.

· The outgoing month saw the overall market capitalization enhancing by 3.0% in PkR terms and 8.9% in US$ terms. This is on the back of healthy quarterly results’ across the board and local currency maintaining its stability against the US$, closing at PkR281.47/US$.

· Close-end mutual funds, automobile assemblers and refinery sector remained in the limelight during the month.

· With regards to the FIPI movement, E&P and Cement remained the favorites of foreigners with net buy of US$2.3/1.4mn, while Others and Banks remained the least favorite with a monthly outflow of US$8.0/5.5mn.

· Going forward, eyes remain on the next IMF review due early Nov’23, and confirmation on the election schedule to maintain stability in investors’ sentiments.

Courtesy – AKD Research

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