KSE-100 index posts largest weekly gain in last 2 years

The outgoing week proved to be an excellent one for the stock market as it recorded phenomenal profits on the again of clarity on the political front.

The KSE-a hundred index surged 4.9%, marking the best week-on-week increase in two years, to settle at 40-6,601 points. A weekly rally of a similar quantity changed into closing witnessed in April 2020.

In the outgoing week, the marketplace roared again after political readability emerged. Following Prime Minister Shehbaz Sharif’s oath-taking ceremony, the brand new coalition authorities commenced paintings to tackle the financial system.

Moreover, the rupee recovered towards the dollar at a speedy tempo, marking a 3.6% appreciation. Additionally, the united states of America obtained report-excessive remittances this month clocking in at $28.3 billion, showing a 28% growth month-on-month, due to Ramadan and Eid.

Other most important tendencies at some stage in the week had been: SBP’s reserves slip underneath $eleven billion, banks permitted Rs180 billion in housing loans, Pakistan Telecommunication Authority (PTA) renewed mobile operator license for $486 million, vehicles’ income surged 53.78% in nine months, Rs1 billion Islamic finance facility for renewable electricity strength plant life, weekly inflation witnessed the most important rise since November.

Meanwhile, overseas shopping became witnessed this week, clocking in at $1.29 million against a net sell of $3.78 million recorded closing week. Buying becomes witnessed in technology ($2.21 million), and fertilizer ($1.16 million).