Stocks whipsaw on Friday on the hopes that the government will introduce fresh economic incentives in the upcoming budget. Benchmark index Kse-100 recovered yesterday’s losses after a day of consolidation, and gained 231 points to finish at 34,350-level i.e. 0.68% higher than the previous closing. For the week, foreign investors were net sellers with net outflow of $ 15.3million shares whereas among domestic participants, companies and mutual funds were major buyers with inflows of $7.3 million and $6.6 million shares. Irfan Saeed senior vice president of BMA capital said Investors sentiments will remain positive throughout the next week as Government is hinting upon fresh incentives, for instance a proposed reduction in Value added tax (VAT) to support export industry and a possible reduction in Capital gain tax (CGT). Mr Saeed market sentiments were also lifted after, Pakistan Bureau of Statistics (PBS) released trade deficit in May barrowed by 35% to $1.46 billion, compared to the 12-month high deficit of $2.25 billion in the previous month, giving market participants hope for recovery. Mr saeed said Pharmaceuticals and Cements will remain the top performers in the following weeks. The benchmark KSE-100 Index remained in the green zone for the most part of the session, recording its intraday high at 34,367.74 after gaining 248.35 points, and intraday low at 34,081.00.The total volume traded for the index was 53.70 million shares. The index remained range-bound for nearly the entire session, but witnessed a surge in the volumes before the closing. However, the overall market volumes plunged from 143.59 million shares in the previous session to 89.07 million shares. While, average traded value also declined by 29%, from $33.9 million to $24.3 million. The volume chart was led by Maple Leaf Cement Factory Limited, followed by Jahangir Siddiqui & Company Limited and TRG Pakistan Limited. The scrips exchanged 6.64 million, 5.21 million and 4.35 million shares, respectively. Sectors that propped up the index were cement with 54.36 points, oil & gas exploration with 48.57 points and fertiliser with 45.43 points. Among the scrips, Engro Corporation Limited led the gains adding 39.92 points, followed by Pakistan Oilfields Limited adding 20.62 points and Lucky Cement Limited with 16.30 points. The pharmaceutical sector emerged as the top gainer of the session, with GlaxoSmithKline (Pakistan) Limited gaining 2.93%, Ferozsons Laboratories Limited gaining 7.50%, The Searle Company Limited gaining 3.34% and Abbot Laboratories (Pakistan) Limited gaining 4.61%. Among the Sectors, the index was let down by Commercial Banks with 13 points, Automobile Assembler with 3 points, Oil & Gas Marketing Companies with 3 points, Miscellaneous with 1 point and Transport with 1 points. Among the companies, the most points taken off the index were by Muslim Commercial Bank which stripped the index of 12 points followed by Bank Alfalah Limited with 5 points, Pakistan State Oil with 3 points, Sui North Gas Pipeline limited with 3 points. Meanwhile, the net foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by a massive $1.712 billion to $10.362 billion, during the week ending May 29, 2020. It brings the SBP net reserves down to the lowest level since the week ending December 6, 2019. Global Markets Global stocks rally over the hopes of easing economic pressure as a result of covid-19 lockdown. The sentiments were cemented after fter the latest U.S. jobs report revealed the country defied projections to add 2.5 million jobs in May, the largest monthly increase ever. U.S Bureau of Labor Statistics announced The unemployment rate declined to 13.3% in May from 14.7%, despite forecasts that saw the metric reaching 19%. U.S employers added 2.5 million payrolls through the month while economists anticipated 7.5 million lost jobs. The report gives investors hoping for a rapid labor-market recovery their most optimistic sign yet. In Europe, Britain’s FTSE 100 climbed 2.06%, Germany’s DAX gained 2.9o% and CAC 40 in France jumped 3.21%, as most major bourses held in positive territory. The European bourses were mainly picked by U.S job data and European Central Bank’s announcement of $ 672 billion expansion of its Pandemic Emergency Purchase Programme (PEPP), bringing the total stimulus package to a massive $1.52 trillion. Sentiments were also lifted in Asia as Hong Kong’s Hang Seng index also jumped 1.66%, as of its final hour of trading, with shares of HSBC jumping about 3.2%, while South Korea’s Kospi jumped 1.43% to close at 2,181.87 as shares of LG Chem surged 3.95%. In Japan, Nikkei 225 in japan rose 0.74% to close at 22,863.73. Chinese stocks also posted gains on the day, as Shanghai composite rose 0.40% to about 2,930.80. Regional airline stocks picked up the index as in Japan, Japan Airlines stocks skyrocketed 9.74% while ANA Holdings jumped 7.06%. Similar gains were seen in South Korea, where Korean Air Lines soared 7.57% while Asiana Airlines gained 4.87%. Meanwhile in U.S, stocks rallied at Wall street after a historic and surprising gain in U.S. jobs raised hope the economy is starting to recover from the covid-19 pandemic. The Dow Jones Industrial Average jumped 1,030 points, or 3.9%.