KSE-100 ends marginally lower after range-bound session

The KSE-100 closed the first session of the week with a marginal decline of 0.06% after range-bound trading in which the index moved in a band of less than 300 points.

At close on Monday, the benchmark index settled at 45,042.61, a decrease of 25.37 points or 0.06%.

As per a report released by Arif Habib Limited (AHL), the “short-term dip should now be concluding and the upside is likely to resume from above the 44,500 level”.

“Once the low forms we are anticipating moves towards 47,000 points,” AHL said.

Meanwhile, as per AHL Research’s strategy note released on Saturday, the KSE-100 is expected to provide a return of 24% in FY24 as the index celebrates an end to the balance-of-payments-led economic crisis and the index could return to its historic mean multiples.

On the economic front, the Pakistani rupee sustained back-to-back losses against the US dollar, depreciating 0.6% to settle at 279.26 in the inter-bank market on Monday.

On the corporate front, Shell Pakistan Limited shares were up 4.12%, after Air Link Communication Limited and Pakistan Refinery Limited expressed interest in acquiring a majority stake along with control of Shell Pakistan.

Volume on the all-share index increased to 314.8 million from 267.5 million on Friday, however, the value of shares traded declined marginally to Rs6.77 billion from Rs6.8 billion recorded in the previous session.

Bank of Punjab was the volume leader with 49.1 million shares followed by WorldCall Telecom with 45.9 million shares and Telecard Limited with 18.6 million shares.

Shares of 342 companies were traded on Monday, of which 138 registered an increase, 171 recorded a fall and 33 remained unchanged.