By: Furqan Ayub,
+ 9221 111-574-111Ext 3103
JS Global Capital Ltd
After the bullish momentum of last two weeks the market took a breather this week with the KSE-100 index staying flat (-0.1%WoW) to close at 30,016. Prevailing political impasse, mixed corporate results and wait and see approach of the investor community ahead of State Bank of Pakistan’s (SBP) Monetary Policy Statement (MPS) resulted in the benchmark Index staying in a tight range. However, average traded volumes at the KSE surged by 25%WoW to 164mn shares. Other news on domestic shores was underwhelming where (1) Finance Minster hinted at delay in fourth IMF installment, (2) cotton arrivals reached 2.75mn bales till Sep 15, 2014, up 4.73%YoY, (3) CCoP approving OGDC transaction structure and (4) Foreign exchange reserves rising by US$110mn from last week to US$13.525bn.
Finance Minster hinted at delay in fourth IMF installment
Finance Minister Ishaq Dar hinted at delays in the next installment of International Monetary Fund (IMF), due to ongoing political crisis in the country. He stated that Pakistan’s image has been badly affected due to protests and sitins in the capital, causing national exchequer a loss of US$2.4bn. Moreover, ADB President said that the bank will lend only US$1bn to Pakistan for development projects; and was cautious on committing financial assistance for the Diamer-Bhasha Dam.