Bulls held their grip over the Pakistan Stock Exchange (PSX) on Friday as investors displayed interest in selected shares over hopes of encouraging announcements in the federal budget for FY24 later in the day.
The market opened in the green but investor participation declined as many stood on sidelines ahead of the release of budget documents. Others added to their portfolios through cherry-picking of stocks.
“Stocks recovered in a pre-budget rally, led by cement and industrial shares, on projection of 3.5% GDP growth in FY24 and proposed allocation of Rs950 billion for the federal development budget,” said Arif Habib Commodities CEO Ahsan Mehanti.
“Expectations of status quo in the SBP’s monetary policy announcement next week and a likely IMF-friendly budget played the role of catalysts in bullish close of the market.”
At close, the benchmark KSE-100 index recorded an increase of 217.75 points, or 0.52%, and settled at 41,904.21.
Topline Securities observed that the KSE-100 index largely traded in the positive zone. “Investor participation declined as they preferred to remain on sidelines before the announcement of FY24 budget,” it said.
Foreign investors were net sellers of Rs64.12 million worth of shares during Friday’s trading session, according to the NCCPL.
Published in The Express Tribune, June 10th, 2023.
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