PakStox Outlook

The stock market saw a significant shift in buying and selling patterns yesterday. Yesterday 'Insurance Companies' made a huge amount of net selling of $8.3 million. While the 'mutual funds' were net buyers of $2.03 million.  For both, this is a major shift from their recent trend. Funds had been consistently selling in the market while insurance sector was buying in small amounts in last thirty days. The foreign corporates in last 30 trading sessions have kept on the sidelines except that one day net buying of over $4 million five days ago. See the charts here . Dawood Hercules (DAWH) declared a cash dividend of Rs 3 per share and EPS of Rs 7.96 (last year same quarter Rs 12.93) for Q2-Jun2024. See Note. Soneri Bank Limited (SNBL) declared a cash dividend of Rs 1.25 and earnings per share (EPS) of Rs 1.3 for the second quarter ending June 30, 2024. See note .

Pharmaceutical sector was mostly upper limit on Friday.

Brent crude oil futures set to close the week at approximately $77.3 per barrel on Friday, facing downward pressure due to persistent worries about demand in major oil-consuming regions.

6 Month Kibor now below 18%. Keep your hopes up for a rate cut in the next MPC meeting.

The DXY (USD Index) at 101.96 reached its lowest point in seven months against a group of major currencies. This decline was driven by increasing expectations that the Federal Reserve will lower interest rates multiple times this year as signs of inflation easing in the U.S. economy become more apparent.