LAHORE –
The Karachi Stock Exchange (KSE) continues to trend upwards, as the benchmark KSE-100 closed 4.6 per cent WoW higher at its record-high of 35,456.
Investors’ optimism during the week was driven on (1) IMF clearing US$506mn tranche for Pakistan, (2) CPI inflation clocking in much lower-than-expected at 3.16 per cent YoY and (3) government’s failure to announce increase in gas tariffs from July 1, 2015.
Other key highlights of the week were: (1) Signing of Framework for Asian Infrastructure Investment Bank (AIIB), (2) Government releasing Rs437bn in FY15 under PSDP against the approved Rs525bn, (3) FBR provisionally collecting Rs2.58trn vs. its revised target of Rs2.61trn, (4) Government taking a hit of Rs2.5bn for keeping petroleum products prices intact, (5) China’s firm offering US$50bn for hydro-electric projects and (6) Crescent Steel (CSAP) getting Rs2.5bn contract from SNGP.