Late recovery at PSX pushes KSE-100 close to 44,000

The KSE-100 Index inched closer to the 44,000-point level after settling 0.88% higher on the opening day of the week, but volumes continued to remain low at the Pakistan Stock Exchange (PSX).

In the previous week, the KSE-100 recorded a gain of 521.17 points or 1.21% on a week-on-week basis, but total weekly market volume went down to 575 million shares, showing a decline of almost 295 million shares.

During the session on Monday, the benchmark index started negative, falling below the 43,300 level before positivity prevailed in the second-half of the session.

At close, the KSE-100 ended with a gain of 382.41 points, or 0.88%, to settle at 43,933.56.

Stocks have remained under pressure for several weeks now with the opposition’s planned no-confidence motion against Prime Minister Imran Khan keeping participation thin.

“Index stayed in the red territory during the first trading hour due to political unrest and further PKR devaluation against the dollar,” said Arif Habib Limited (AHL) in its post-market note.

“On the flip-side, activity continued to remain side-ways as the market witnessed hefty volumes in 3rd tier stocks. In the last trading hour, value buying was witnessed which led the index to close in the green zone,” AHL said.

Domestic political noise has played on the minds of investors as a crucial session of the National Assembly was set to resume on Monday. The session was adjourned after the opposition tabled the resolution. It will now resume on Thursday.

On the economic front, rupee ended at an all-time low of 182.19 against the US dollar in the inter-bank market.

On the corporate front, Mari Petroleum Company Limited (MPCL) announced the commencement of the first gas from the Tipu compartment of “Goru B” reservoir of the Mari gas field.

KSE-100 ends week marginally positive

Sectors driving the benchmark index upward included cement (113.01 points), automobile assembling (55.62 points) and banking (37.80 points).

Volume on the all-share index decreased to 132.64 million from 161.94 million on Friday. The value of shares traded marginally improved to Rs4.8 billion from Rs4.15 billion recorded in the previous session.

Telecard Limited was the volume leader with 13.11 million shares, followed by WorldCall Telecom with 6.66 million shares, and K-Electric Limited with 6.61 million shares.

Shares of 328 companies were traded on Monday, of which 216 registered an increase, 87 recorded a fall, and 25 remained unchanged.