The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed higher by over 100 points in a mixed session on Friday.
The KSE-100 started positive on a decision of the State Bank of Pakistan (SBP) maintaining its policy rate at 22%, hitting an intra-day high of 46,093.01. However, profit-taking curbed the gains.
At close, the benchmark index settled at 45,753.52, up by 103.46 points or 0.23%.
“Market largely traded in the positive zone during the trading session, which can be attributed to SBP maintaining its policy rate at 22% against market expectation of hike given high inflationary environment,” brokerage house Topline Securities said.
“However, some profit taking was observed at the end of trading session,” it added.
LUCK, HUBC, PSEL, CHCC, and DGKC cumulatively contributed 161 points to the index. On the flip side UBL, FFC, MEBL, BAFL and HBL lost value to weigh down on the index by 120 points, according to the brokerage house.
On Thursday, the KSE-100 had endured a dull session, gaining only 59 points.
On week-on-week basis, the KSE-100 declined by 0.47%, as the index remained range-bound during the week due to lack of triggers and talks of the Monetary Policy Committee (MPC) meeting.
Contrary to market expectations, the MPC on Thursday kept the key policy rate unchanged at 22%.
Meanwhile, the Pakistani rupee strengthened for the eighth successive session against the US dollar, appreciating 0.37% in the inter-bank market on Friday. As per the SBP, the rupee settled at 296.85 after an increase of Rs1.11 in the inter-bank market.
After weakening earlier in the day, the Pakistani rupee finished marginally stronger against the US dollar in the open market on Friday.
Volume on the all-share index increased to 222.531 million from 138.173 million on Thursday.
The value of shares rose to Rs11.056 billion from Rs2.778 billion in the previous session.
MCB Bank Ltd remained the volume leader with 27.2 million shares, followed by Maple Leaf with 24.656 million shares and Nishat ChunPow with 14 million shares.
Shares of 319 companies were traded on Friday, of which 176 registered an increase, 109 recorded a fall, and 34 remained unchanged.
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