- Political uncertainty and pressure on rupee keep gains in check
The KSE-100 began the week with a mere 39-point increase as the market witnessed another lackluster session before the three-day Eid-ul-Azha break.
The benchmark-100 index traded in a tight range, breaching the 48,000 level briefly before settling at 47,873.26, up 0.08% or 38.93 points.
Uncertainty regarding Pak-Afghan relations coupled with a depreciating rupee kept market gains in check, said Topline Securities in its post-market comment. The Pakistani rupee declined to its lowest value in almost nine months in inter-bank trading on Monday.
However, Pakistan’s gas companies including SSGC and SNGPL closed the day at their respective upper circuits as reports suggested that the multi-billion dollar North-South Gas Pipleline Project between Pakistan and Russia would benefit these companies, said Topline Securities.
Volume on the all-share index decreased from 348.57 million shares on Friday to 320.97 million on Monday. The value of shares traded during the session amounted to Rs11.89 billion, a significant decline from Rs14.59 billion on Friday.
Byco Petroleum was the volume leader with 24.34 million shares, followed by Dandot (R) with 23.19 million shares, and Sui North Gas at 18.52 million shares.
Shares of 416 companies were traded on Monday, of which 226 registered an increase, 174 recorded a fall, while 16 remained unchanged.