Pakistan Stock Exchange continues to rise.

Pakistan Stock Exchange continues to rise.

[2:53 am, 06/08/2023] Abdul Rafay Office: Trading in the stock market commenced on a positive note in the outgoing week as investors welcomed the establishment of the Special Investment Facilitation Council, which is aimed at attracting foreign direct investment from Gulf countries.

Arif Habib Ltd said the bulls charged after the State Bank of Pakistan (SBP) kept the policy rate unchanged at 22 percent. On Wednesday, the stock market reached a six-year high, crossing the 49,000-point level in intraday trading.

Meanwhile, inflation soared to 28.3pc in July versus 24.9pc a year ago. Cement sales jumped 57pc year-on-year in July while urea and DAP volumetric sales swelled up by 36pc and 69pc, respectively. The offtake of petrol and diesel increased year-on-year by 10pc and 11pc, respectively, in July. The rupee closed at 286.97 against the greenback after depreciating 0.18pc on a week-on-week basis.

As a result, the benchmark index of the stock market closed at 48,586 points after gaining 1,509 points or 3.2pc from a week ago. This market recorded a positive return for the sixth consecutive week.

According to AKD Securities, the stock market is likely to stay positive given the strengthening of macros and the receipt of Chinese loan rollovers worth $2.4bn.

“Market participants are advised to implement a cautious approach when investing while focusing on dollar-denominated revenue stream companies like exploration and production and technology to hedge against currency risk or in companies with healthy dividend yields,” it said.
[2:53 am, 06/08/2023] Abdul Rafay Office: Mohammad Haris criticizes India for downplaying Pakistan’s victory in the Emerging Asia Cup.
Mohammad Haris, the victorious captain of Pakistan Shaheens in the recently concluded Emerging Asia Cup 2023, has responded to criticism from Indian cricketers and fans regarding their team’s triumph.

The victory was celebrated by Pakistani fans, but some critics argued that the match was more like a contest between seasoned Pakistani players versus a relatively young Indian team.

The Pakistani side included players with international experience, such as Mohammad Haris, Mohammad Wasim Jr, Shahnawaz Dahani, and Saim Ayub, while India A’s squad consisted mainly of youngsters, led by 20-year-old Yash Dhull. However, Haris vehemently dismissed claims that Pakistan had an unfair advantage due to their “seniority.” He pointed out that even the players with international exposure in the Pakistan team had limited experience, primarily in T20Is. Haris defended his team’s composition and stated in a Podcast that they never asked the Board of Control for Cricket in India (BCCI) to send young players to the tournament.

“People are saying that Pakistan sent a team with many seniors. We did not ask them to send little kids to the tournament. They say that we had international experience in our team. How many international matches have we played? Saim has played 5, I have played 6. Those guys (India players) have played 260 IPL matches. In the final showdown, India A faced a crushing defeat against Pakistan Shaheens, losing by a significant margin of 128 runs. Pakistan Shaheens scored an impressive 352 for 8 in 50 overs, while India A could only manage to reach 224 in 40 overs.