The Pakistan Stock Exchange (PSX) recorded a topsy-turvy session on Monday as the KSE-100 Index saw a mixture of buying and selling pressure to close 0.2% higher.

Volumes thinned as investors decided to stay on the sidelines. Despite this, the KSE-100 index rose 83.03 points or 0.2% to close at 41,211.7.

KSE-100 rises 0.28% in tumultuous session

Trading began with a spike and the market rose steadily until midday. At noon, the index saw renewed buying interest and hit its intra-day high value. From this point onward, the market traded range-bound until the final hour when it saw selling pressure that erased most of the gains.

Despite the market closing with trimmed gains, the automobile, cement, chemical, banks and fertiliser spaces ended the day in the red while oil sector closed mixed.

A report from Arif Habib Limited stated that PSX experienced a positive day, as investor's accumulated high dividend yield stocks and ongoing strengthening of rupee against the US dollar.

“The benchmark KSE-100 index opened in the green zone and maintained that momentum throughout the majority of the trading session, reaching an intraday high of 275.06 points after HUB power company announced an outstanding payout that boosted investor confidence,” it said.

Capital Stake, in its report, said that PSX closed first trading session of the week flat. “Indices traded in green for most part of the day, while volumes depreciated from last close,” it said.

On the economic front, the Consumer Price Index (CPI)-based inflation retreated slightly in September 2022 and clocked in at 23.2% on a year-on-year basis, primarily due to relief provided by the government in fuel charges adjustment (FCA) in electricity bills.

Rupee maintained the winning spell and closed with a gain of 0.5% or Rs1.16 against dollar at Rs227.29.

Sectors raising the benchmark KSE-100 index higher, included power generation and distribution sector (136.42 points), technology and communication sector (28.13 points) and oil and gas marketing sector (19.92 points).

Volume on the all-share index contracted to 185.4 million from 205.7 million on Friday. On the other hand, the value of shares traded inched down to Rs9.4 billion from Rs9.5 billion recorded in the previous session.

Hub Power Company was the volume leader with 30.8 million shares, followed by TRG Pakistan with 16 million shares and HBL with 13.2 million shares

Shares of 344 companies were traded on Friday, of which 140 registered an increase, 181 recorded a fall, and 23 remained unchanged.

Comments

Comments are closed.