The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 rebounded on Tuesday as it gained 414 points ahead of the monetary policy announcement.
In line with expectations, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) later kept the key policy rate unchanged at 22%.
At the bourse, a positive trend was witnessed in index heavy sectors including cement, fertiliser, oil and gas exploration companies, OMCs, refinery and power generation, while a mixed trend was seen in automobile and commercial bank sectors.
The benchmark index closed the session at 66,426.78, up by 414.46 points or 0.63%.
On Monday, the KSE-100 had snapped its 7-session rally as it closed 211 points lower on profit-taking, especially in the banking, OMC, and power sectors, to settle at 66,012.33.
Experts said today’s bullish momentum came as overall economic indicators remain positive while investors have set their eyes on the International Monetary Fund’s (IMF) executive board meeting on Jan 11, 2024.
In a related development, Aramco, one of the world’s leading integrated energy and chemicals companies, on Tuesday signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”), the Saudi oil giant said in a statement posted on its website.
The transaction is subject to certain customary conditions, including regulatory approvals.
On the political front, the Islamabad High Court (IHC) acquitted former prime minister and Pakistan Muslim League - Nawaz (PML-N) supremo Nawaz Sharif in the Al-Azizia reference, clearing another hurdle in way of Nawaz from contesting in the general elections that are scheduled to take place on February 8th.
Meanwhile, the rupee registered gains against the US dollar as it appreciated 0.04% in the inter-bank market on Tuesday. As per the State Bank of Pakistan, the currency settled at 283.78 after an increase of Re0.12.
Volume on the all-share index decreased to 969.6 million from 1,216 million a session before.
The value of shares also declined to Rs26.9 billion from Rs33.4 billion in the previous session.
WorldCall Telecom remained the volume leader with 98.8 million shares, followed by P.T.C.L. with 79.2 million shares and K-Electric Ltd with 66.7 million shares.
Shares of 385 companies were traded on Tuesday of which 244 registered an increase, 127 recorded a fall, while 14 remained unchanged.
Comments