The market also welcomed $1 billion proceeds from the issuance of international Sukuk bonds in the midweek. Meanwhile, oil prices, which are hovering at their seven-year high, kept the buyers’ interest alive in the exploration and production sector throughout the week.
The positive momentum during the week was mainly driven by investors’ anticipation of approval of $1 billion disbursements by the IMF executive board under Extended Fund Facility (EFF).
Unfortunately, bears were seen breaking the three-day positive streak of the bourse on the second last day of the week owing to general profit-taking as investors opted for the “buy the rumour, sell the news” strategy.
Bullish momentum expedited further owing to investors’ optimism concerning forthcoming healthy corporate results.
The market also welcomed $1 billion proceeds from the issuance of international Sukuk bonds in the midweek.
Meanwhile, oil prices, which are hovering at their seven-year high, kept the buyers’ interest alive in the exploration and production sector throughout the week.
Unfortunately, bears were seen breaking the three-day positive streak of the bourse on the second last day of the week owing to general profit-taking as investors opted for the “buy the rumour, sell the news” strategy.
However, the bulls once again staged the comeback and closed the week on a positive note.
Other major developments during the week were: PM Imran Khan reached Beijing, petroleum products’ prices remain unchanged, GST on petroleum products was abolished, petroleum levy was revised downward, IMF forecast real growth at 4% at factor cost, Drug Regulatory Authority of Pakistan agreed to raise the price of paracetamol to end shortage, the US reaffirmed that Pakistan is still a strategic partner, and auto industry decried imposition of taxes.
