- Investor activity remained slow as they waited for political clarity
The Pakistan Stock Exchange (PSX) saw a topsy-turvy session on Monday and the KSE-100 Index rose 0.56% as investors assumed fresh positions while awaiting political clarity.
The International Monetary Fund’s (IMF) rejection of news report of seeking $8 billion in fresh financing drove buying activity at the stock market.
At close, the KSE-100 Index was up 230.84 points or 0.56% to close at 41,718.42.
Following a downward open, the market traded in a disorderly manner till noon. After midday, the KSE-100 Index began its ascent and erased all losses to close positive.
Automobile, chemical, banking and cement sectors closed upward while oil segment closed in the red.
A report from Capital Stake stated that after swinging between both zones, the PSX ended the session on Monday in green.
“Volumes inched up from last close,” it said. “The news of IMF denying the rumours regarding raising fresh financing of $8 billion from Pakistan acted as a positive trigger for investors.”
A report from Arif Habib Limited stated that to begin the week, the PSX witnessed a range-bound day.
“Following the country’s prevailing political upheaval, the benchmark KSE-100 index opened in the negative zone, but managed to close positive,” it said. “Investor engagement had remained modest in wait for political clarity.”
Volumes on the mainboard remained erratic, with third-tier equities continuing to lead the volume board, the report said.
On the economic front, rupee remained largely stable against the US dollar, appreciating 0.04% or Re0.11 in the inter-bank market to settle at 284.97 against the US dollar.
In addition, the output of Large Scale Manufacturing Industries (LSMI) witnessed a decline of 24.99% year-on-year in March 2023, the largest drop since May 2020 (during the pandemic).
Sectors driving the benchmark KSE-100 index north included, fertiliser (77.41 points), banking (39.39 points) and technology and communication (24.91 points).
Volume on the all-share index rose to 109.2 million from 89.5 million on Friday, while the value of shares traded contracted to Rs3.37 billion from Rs3.4 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 16.9 million shares followed by Telecard Limited with 11.2 million shares and Hum Network with 7.5 million shares.
Shares of 311 companies were traded on Monday, of which 143 registered an increase, 139 recorded a fall and 29 remained unchanged.