KSE-100 reports meagre gain owing to absence of positive triggers
- Investors stay on sidelines as they wait for developments related to resumption of IMF programme
The Pakistan Stock Exchange (PSX) on Friday saw a lacklustre session and the KSE-100 Index ended with a mere gain of 0.1% owing to absence of positive triggers.
Investors stayed on the sidelines as they waited for developments related to resumption of International Monetary Fund (IMF) programme.
By the end of the trading session, the benchmark index was up 39.96 points or 0.1% to close at 41,118.61.
KSE-100 falls 0.6% amid rumours of interest-rate hike
The first session began positively but volatility emerged and made the market oscillate between red and green zones. Range-bound trading continued in the second half and the market ended on a mixed note.
Automobile banking and fertiliser spaces closed in the green while cements ended the day on a mixed note. On the other hand, chemical sector saw modest losses.
A report from Capital Stake stated that investors at the PSX endured a range-bound session on Friday.
“Indices swayed in both directions while volumes contracted from last close,” it said.
Sectors that rescued the benchmark KSE-100 index from negative zone included technology and communications sector (35.90 points), fertilizer sector (29.89 points) and banking sector (15.44 points).
A report from Arif Habib Limited stated the PSX concluded the week with a mixed session.
The benchmark KSE-100 Index traded in a narrow range in both sessions as investor involvement remained sluggish.
“Volume remained dry across the board.”
On the economic front, foreign exchange reserves held by the State Bank of Pakistan (SBP) increased $276 million to $3.19 billion, data released on Thursday showed.
Moreover, rupee maintained its upward trajectory against the US dollar for the fourth successive session, appreciating Rs1.56 or 0.59% in the inter-bank market to 262.82,
Volume on the all-share index fell to 110.4 million from 141.9 million on Thursday. The value of shares plunged to Rs4.7 billion from Rs7.4 billion recorded in the previous session.
Bank of Punjab was the volume leader with 12.2 million shares followed by WorldCall Telecom with 12.1 million shares and BankIslami with 7.4 million shares.
Shares of 317 companies were traded on Friday, of which 133 registered an increase, 157 recorded a fall and 27 remained unchanged.
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