Stocks Rise on Budget Relief, Slip on Global Jitters
Staff Report :
Islamabad: KSE 100 Index gained 0.4% WoW basis. KSE 100 Index started the week on a positive note where the budget increased investor optimism as government kept the CGT and dividend rates unchanged and overall theme of the budget was of fiscal consolidation.
However, market came under pressure by the end of the week on news of 50% tariff on steel by US on its trading partners and attack by Israel on Iran in which senior military personnel lost their lives resulting in increase in tension in Middle East.
Other major developments during the outgoing week were: 1) LSM in the month of March 2025 registering a YoY increase of 1.8%, 2) remittance for the month May clocking in at US$3.7bn (up 16% MoM and 14% YoY) 3) In T-Bill auction held during the week government raised Rs853bn as against target of Rs900bn, where yields declined in the range of 1-25bps and 4) car sales number for the month of May coming in at 14,762 units (up by 35% YoY and 39% MoM).
Top Performing Sectors and Stocks in 2024
Average daily traded volume and value for the day stood at 907mn shares (up by 37% WoW) and PKR.37bn (up by 33% WoW)respectively
