PSX weekly review: KSE-100 index posts highest weekly gain in two years

PSX weekly review: KSE-100 index posts highest weekly gain in two years

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Karachi: The upcoming week is proving to be an excellent one for the stock market as it records stunning gains against a clear backdrop of political aspects.

The KSE-100 index soared 4.9 percent, its best weekly gain in two years, to close at 46,601. The last time a weekly rally of similar magnitude was seen was in April 2020.

In the following week, the market recovered after political clarity emerged. Following the swearing-in ceremony of Prime Minister Sheikh Baz Sharif, the new coalition government began to tackle economic problems.

In addition, the rupee recovered quickly against the US dollar, appreciating 3.6%. Also, due to Ramadan and Eid al-Fitr, the country received a record $28.3 billion in remittances this month, up 28% month-on-month.

Other major developments this week include: SBP’s reserves fall below $11 billion, banks approve Rs 18,000 crore home loans, Pakistan Telecommunications Authority (PTA) renews mobile operator licenses for $486 million, car sales in Surging 53.78% in nine months, 1 billion rupees of Islamic financing for renewable energy power plants saw weekly inflation see its biggest rise since November.

Meanwhile, the week saw foreign purchases of $1.29 million, while last week saw net sales of $3.78 million. Witnessed purchases of technology ($2.21 million) and fertilizers ($1.16 million).

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