KSE-100 snaps 5-session losing streak, gains 310 points

The Pakistan Stock Exchange (PSX)‘s benchmark KSE-100 Index rebounded on Friday, gaining 310 points on the back of the State Bank of Pakistan’s (SBP) clarification about an emergent Monetary Policy Committee (MPC) meeting.

The KSE-100 started range-bound, hitting an intra-day low of 44,795.82. However, it witnessed a late-session comeback after a statement from the SBP that refuted reports of an emergency MPC meeting.

At close, the benchmark index settled at 45,312.66, up by 310.24 points or 0.69%.

On Thursday, losses had continued to mount at the PSX as its benchmark index dropped by 2.69% or 1,242.14 points.

The KSE-100 saw 5% week-on-week (WoW) decline, which can be attributed to policy rate fears, rupee’s depreciation, and inflation concerns.

“KSE-100 witnessed the highest weekly decline (in points) after Nov 26, 2021. The index went down by 4.95% WoW (2,358pts), closing at 45,313. On a WoW basis, it is the highest decline (in points) after Nov 26 (-5.11%, -2,375pts), according to brokerage house Arif Habib Limited.

On Friday, major contribution to the index came from HUBC, POL, UBL, PPL and OGDC, as they cumulatively contributed 181 points to the index, brokerage house Topline Securities stated in its daily market report.

The Pakistani rupee ended its 10-session depreciation run against the US dollar, and recorded a marginal gain to settle at 305.47 on Friday. At close, the rupee was up Re0.07 or 0.02%, as per the State Bank of Pakistan.

Volume on the all-share index decreased to 161.82 million from 287.35 million on Thursday.

The value of shares fell to Rs4.465 billion from Rs12.303 billion in the previous session.

Nishat Chunian Power remained the volume leader with 14.18 million shares, followed by WorldCall Telecom with 12.7 million shares and Al-Shaheer Corp with 12.15 million shares.

Shares of 294 companies were traded on Friday, of which 197 registered an increase, 81 recorded a fall, and 16 remained unchanged.