KSE100 Index closed at 44,929 up 1.33% adding 591 points.
Another day of strong performance by PSX as the change of Government within sight. Today's increase has taken index in positive territory YTD recouping all losses sustained in March. Today market went straight up with low volatility and closed at its highest for the day. This rally is fairly broad based.
Index is still 2.6% down from the level it had reached on 2nd Feb. For the month of March the gain is over 1%. Lets be content with that for the time being considering turbulent political situation.
'Foreigners' kept selling in 'Banks'. Today net selling around $2.5mn.
There is no selling pressure from any other local market participants. Mutual Funds however have not come back to the market yet in a way to affect the trend.
Good market volume today of 415mn shares up almost 20%.
More erosion of Foreign Reserves with SBP. Now down 19% in a week. Rupee down to 183.4 to a dollar. See data in this tweet of topline.
The Government has again kept petroleum prices unchanged till 15th April and has not passed on burden to consumers.
Brent trading down 4.9% at $107 after news of release from US strategic reserve.
PSX oil stocks have not reacted at all to rupee depreciation or higher oil prices. One thing is the circular debt issue that limits cash flow of these companies, secondly the foreign selling onslaught that was absorbed by HNI still has to find way out of their portfolios.