Boosted by record remittances, KSE-100 ends week on a high

Record-high monthly remittance figure for April somewhat marked a return of investor interest at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 index closed the final session of the week 1.37% higher but volume and value of shares traded declined.

The benchmark index “opened on a lacklustre note as it traded sideways with low volume,” said Topline Securities in its post-market comment.

However, positivity returned in the second half of the trading session, as remittances from overseas workers crossed $3 billion for the first time in the country’s history, a major development for an otherwise deteriorating local economy, driving investor interest and moving index upwards to an intra-day high of 43,505.75.

At close on Friday, the KSE-100 ended with a gain of 588.02 points, up 1.37%, to finish at 43,486.46. On a weekly basis, the index registered a net fall of 1,354 points or 3.02%, owing to decline in foreign exchange reserves and clarity around revival of the International Monetary Fund (IMF) programme.

On the economic front, MSCI in its semi-annual index review announced the addition of Oil & Gas Development (OGDC) and deletion of Habib Bank Limited (HBL) from the constituent list of MSCI Frontier Market Index (FM).

On the corporate front, Arif Habib Limited (AHL), on behalf of the acquirers, submitted a Public Announcement of Offer (PAO) to acquire up to 1,967,700 ordinary shares of Karam Ceramics Limited, representing 13.52% of the total issued paid-up capital of the target company, the notice sent to PSX showed.

KSE-100 records marginal gain in roller-coaster session

Sectors driving the benchmark KSE-100 index upward included cement (39.24 points), chemical (19.77 points) and pharmaceutical (17.10 points).

Volume on the all-share index dropped to 208.1 million from 284.5 million on Thursday. The value of shares traded fell to Rs6.9 billion from Rs7.8 billion recorded in the previous session.

Treet Corporation was the volume leader with 20.9 million shares, followed by Cnergyico PK with 20.9 million shares, and Pak Refinery with 14.95 million shares.

Shares of 343 companies were traded on Friday, of which 236 registered an increase, 87 recorded a fall, and 20 remained unchanged.