The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed flat on Wednesday, after witnessing range-bound trading amid lack of fresh triggers.
The KSE-100 started positive, reaching an intra-day high of 47,588.24. However, profit-taking erased the gains.
KSE-100 edges lower in directionless trade
The market witnessed some positivity in late-session after media reports that a formal contact had been made between the caretaker government and the International Monetary Fund (IMF) regarding the circular debt management plan. However, an official announcement has yet to be made.
At close, the benchmark index settled flat at 47,418.63, up by only 0.73 points.
Sector-wise, bank, technology, and cement exerted negative on the index MCB, PSEL, SYS, DAWH, and MLCF collectively lost 90 points. On the other hand, BAHL, HUBC, HBL were positive contributors, brokerage house Topline Securities reported.
BAHL issued its financial statement for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs18.21 billion [EPS: Rs16.39], an increase of 89.84% YoY, compared to Rs9.59bn [EPS: Rs8.63] in the same period last year. The bank announced an interim cash dividend of Rs4.50 per share for the said period.
Meanwhile, PSO’s profit-after-tax (PAT) plunged nearly 90%, clocking in at Rs9.82 billion for the year ended June 30, 2023. In the same period last year, the country’s largest oil marketing company saw PAT of Rs95.72 billion. It announced announced a final cash dividend of Rs7.5 per share.
On the economic front, the ongoing downward momentum pushed the Pakistani rupee to a new record low against the US dollar, as it depreciated 0.21% in the inter-bank market on Wednesday. At close, the rupee settled at 299.64, a decrease of Re0.63, as per the State Bank of Pakistan.
Volume on the all-share index increased to 188.681 million from 185.754 million on Tuesday.
The value of shares rose to Rs8.795 billion from Rs6.224 billion in the previous session.
WorldCall Telecom remained the volume leader with 21 million shares, followed by Oil & Gas Dev. with 16.1 million shares and JS Bank Ltd with 12.26 million shares.
Shares of 324 companies were traded on Wednesday, of which 106 registered an increase, 189 recorded a fall, and 29 remained unchanged.
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