PSX ranked as one of the world’s top-performing markets in July

• In July 2023, the PSX demonstrated exceptional performance, ranking among the world’s best-performing stock markets.
• The PSX’s remarkable growth of over 16% was driven by several positive developments.
• Average daily volumes reached 384 million shares, a remarkable 127 percent increase compared to the previous month.

In July 2023, the Pakistan Stock Exchange (PSX) showed remarkable performance, ranking among the world’s best-performing stock markets.

Arif Habib Limited (AHL) attributed the PSX’s impressive growth of over 16 percent to several positive developments during the period.

Another exciting day for #PSX today. #Pakistan is one of the best performing markets in the world in July. https://t.co/0f0QWMvWeG pic.twitter.com/N9YXO4hq5Y

— Shahid Ali Habib (@ShahidAliHabib1) July 31, 2023

At the beginning of the month, Pakistan’s government secured a substantial $3 billion Stand-by Arrangement (SBA) facility from the International Monetary Fund (IMF), with $1.2 billion disbursed promptly. This crucial IMF deal resulted in a rating upgrade by Fitch from CCC- to CCC for Pakistan’s sovereign rating.

With the backing of the IMF, the State Bank of Pakistan experienced substantial inflows and rollovers from allied nations, contributing to the country’s forex reserves reaching $8.2 billion by the end of July. Furthermore, Pakistan achieved a fourth consecutive monthly Current Account Surplus of $334 million in June 2023.

A significant Memorandum of Understanding (MoU) was inked between five state-owned Pakistani enterprises and Saudi Arabia, setting the stage for a substantial $10 billion refinery project to be implemented within Pakistan.

Due to these favorable developments and the optimistic prospect of resolving circular debt, market sentiment soared, propelling the local bourse to surpass 48,000 points for the first time since August 23, 2021. The benchmark KSE-100 index showcased remarkable growth, closing at 48,035 points, marking a significant increase of 6,582 points, or 15.9 percent, on a month-on-month (MoM) basis—the highest monthly return since April 20.

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In July 2023, the Pakistan Stock Exchange experienced significant growth, with average daily volumes reaching 384 million shares, a remarkable 127 percent increase compared to the previous month. Additionally, the average daily traded value surged by 149 percent, reaching $41 million. Foreign investors played an active role, purchasing shares worth $14.9 million, mainly in Banks ($8.6 million),

Technology and Communications ($2.9 million), and cement ($2.4 million). However, there was net selling observed in Other sectors ($2.8 million) and Power ($0.9 million).

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