RE-COMPOSITION OF JS MOMENTUM FACTOR INDEX (JSMFI) The constituents of JSMFI along with their weights in the index as of March 27, 2025 are as under:

The Indian central bank cut its key repo rate by 25 basis points to 6.00% for the second time in a row. Also signaled a shift in its monetary policy stance from "neutral" to "accommodative." Decision mad on rising uncertainty from new 26% U.S. tariffs on Indian imports. Aimed at reviving a slowing economy, follows a similar rate cut in February—the first since May 2020.

India's benchmark 10-year bond yield was marginally lower at 6.50% after the announcement, against 6.51% before, while the rupee was little changed at 86.57. The benchmark equity indexes extended their losses and were down around 0.6% each.

PSX: Remain Invested

Yesterday's 3.3% decline at the PSX—which at one point forced a trading halt after falling as much as 7.3%—was by no means warranted. But for a small market like ours, any big move on either side is often meaningless and typically reflects our wild mood swings—hardly noteworthy.

Shaken, Not Stirred

The world has been shaken to its core, and the global trade order—painstakingly established through years of negotiation—now stands disrupted by the unilateral imposition of retaliatory tariffs by the United States of America.

Recall the tremendous wealth that was created and distributed globally following the establishment of the WTO and China’s integration into the global economic system at the turn of the century—alongside a record-breaking run in stock markets around the world.

Avenceon (PSXZ:AVN): For the year ending December 2024, AVN posted a net income of Rs 539 million (EPS: Rs 1.3), a significant decline from the previous year's net income of Rs 1,625 million. No cash dividend has been declared in the past 12 months.

Similar to last year, nearly all of AVN’s income came from 'other income'. Without the Rs 584 million from this category, AVN would have reported a loss in the fourth quarter as well as for the full year.

Lalpir Power (PSX:LPL) terminated its agreement with the Pakistan government in October 2024 and plans to enter the electricity market (CTBCM) to sell power as a merchant plant. With Rs. 9,774 million in surplus funds, it aims to explore new business opportunities, subject to board and shareholder approval.

TLP Properties site being developed near Korangi Creek, encountered a pocket of underground gas that as per initial investigations will dissipate if allowed to burn.

PSX Strongly Rebounds

The Pakistan Stock Exchange (PSX) reacted positively to the conclusion of the IMF staff-level agreement and has now recovered a substantial part of the losses sustained on Monday. Today, out of the 1,139-point gain in the KSE-100 Index, around 800 points were contributed by UBL, OGDC, PPL, and Meezan Bank.

IMF Pakistan Staff Level Agreement

The IMF has reached a staff-level agreement with Pakistan for the first review of its 37-month Extended Fund Facility (EFF) and a new 28-month Resilience and Sustainability Facility (RSF), granting a total of $1.3 billion. The agreement, following discussions in February–March 2025 in Karachi and Islamabad, is subject to IMF Executive Board approval. If approved, Pakistan will receive $1 billion under the EFF, increasing total disbursements to $2 billion.

Packages Ltd (PSX: PKGS) Reports Financial Results for Year Ending December 2024. The company announced a profit after tax of Rs. 1,912 million (Earnings Per Share of Rs. 20.7), representing a decline of 32% compared to the previous year.