KARACHI: Pakistan Stock Exchange witnessed bullish trend and the benchmark KSE-100 Index gained 12.3 percent during October 2023.
This gain can be attributed to overall appreciation of PKR against USD, news of gas price hike which garnered investor interest in the E&P and gas utility companies and announcement of earnings by companies for September quarter where earnings and payout were at higher end given absence of super tax impact on the bottom line of companies in the September quarter, an analyst at Topline Securities said.
Major developments during the outgoing month include CPI Inflation for the month of September 2023 clocking in at 31.4 percent YoY as compared to 27.4 percent in August 2023; trade deficit for September 2023 declining by 31 percent MoM and 48 percent YoY to $1.5 billion, which was the lowest level after April-2023; remittances number coming in lower than expected at $2.2 billion (up 5.0 percent MoM, while down by 11 percent YoY; announcement by PSMC of its intention to purchase of its all outstanding shares and to subsequently delist from the exchange and current account deficit for the month of September 2023 coming in at $8.0 million as compared to current account deficit of $164 million in August 2023.
Increased participation was observed by the investors during the month of October 2023 as average daily traded volume and value stood at 360 million shares (up by 125 percent on MoM basis) and Rs 11 billion (up by 100 percent on MoM basis) respectively.
Copyright Business Recorder, 2023
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