KSE-100 extends gains ahead of monetary policy announcement

The Pakistan Stock Exchange (PSX) extended gains on Thursday with the benchmark KSE-100 index registering a 0.45% gain as investors weighed sentiment on the monetary policy announcement that took place after the session.

The market witnessed a dull session ahead of the Eid-ul-Adha holidays and traded in a narrow range. The market closed with a gain of 184.22 points or 0.45% at 41,344.01 level.

Trading began with minor fluctuations, however, the market declined after an initial surge and fell to intra-day low by noon.

At this point, a buying spell rescued the index and the resulting rally propped it upwards. Final hours of the session saw the index remain flat but a fresh buying spree in final minutes elevated the gains.

KSE-100 ends with marginal gain in lacklustre session

Automobile, cement, banks, fertiliser and oil sectors registered modest buying activity and closed in the green.

A report from Topline Securities stated lacklustre activity was observed at the stock market as the index traded between an intra-day high of +237 points and intra-day low of -150 points to finally close at 41,344 level.

Investor interest was observed in gas distribution companies (SNGPL and SSGC) and exploration and production companies (OGDC and Pakistan Petroleum) on news that Petroleum Division has reportedly proposed a massive increase in price of natural gas, which, when implemented, will stop further increase in gas circular debt, it said.

A report from Arif Habib Limited stated bulls and bears continued to fight the battle throughout the day ahead of monetary policy announcement. The KSE-100 index opened in the green zone as investors opted for value buying in the exploration and production sector.

Main board volumes remained dull, it said.

On the economic front, rupee registered a marginal gain against the US dollar, closing near the 208 level in the inter-bank market on Thursday.

Rupee registers marginal gain against US dollar

As per the State Bank of Pakistan (SBP), the local currency settled at 207.91, an appreciation of eight paisas or 0.04%, against the greenback.

Volume on the all-share index inched up to 99.1 million from 98.25 million on Wednesday. The value of shares traded jumped to Rs4.04 billion from Rs2.7 billion recorded in the previous session.

Lotte Chemical was the volume leader with 7.3 million shares, followed by Oil and Gas Development Company with 5.8 million shares, and Sui Northern Gas Pipeline with 5.3 million shares.

Shares of 310 companies were traded on Thursday, of which 162 registered an increase, 126 recorded a fall, and 22 remained unchanged.