KARACHI: Pakistan’s benchmark KSE-100 index has increased by 7.0 percent in Pak-rupee terms and 9.0 percent in USD terms in the first quarter of the calendar year 2024.

This was fourth consecutive quarter of positive closing and the Pakistan Stock Market is up 58 percent in the last four quarters.

Successful IMF’s second and final staff-level agreement under Stand By Agreement (SBA), smooth transfer of power to new government, stable currency, and a 45 percent growth in earnings reported by KSE-100 companies in 2023 helped boost sentiments in the outgoing quarter, Muhammad Sohail, leading analyst said.

In the first quarter of 2024, average traded volumes in the Cash and Ready market increased by 131 percent YoY while down 40 percent quarter-on-quarter (QoQ) to 400 million shares/ day. The average traded value also jumped by 122 percent YoY while down 25 percent QoQ to Rs 14.5 billion/day during this quarter.

The average volumes in the Futures market also increased by 113 percent YoY while down 14 percent QoQ to 157 million shares/ day. The average traded value of the same increased by 89 percent YoY while down 10 percent QoQ to Rs 6.4 billion/ day.

Foreign interest in Pakistan equities was seen with Foreign Corporate buyers in the market during the first quarter of 2024 with net buying of $7.5 million.

On local side, Insurance Companies were major buyers with net buying of $58 million. However, local Companies and Banks remained major seller of $19.8 million and $18.4 million, respectively, in the first quarter of 2024.

Key stocks of KSE-100 index that outperformed market in this quarter included Pakistan Telecommunication Company (PTC) up 49 percent, Engro Fertilizers (EFERT) up 38 percent, and Meezan Bank (MEBL) up 37 percent.

Key sectors that outperformed market during the quarter included Transport, Automobile Parts and Fertiliser.

Copyright Business Recorder, 2024