A volatile session was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index oscillating both ways before closing flat on Wednesday.
The market began trading on a positive note with the KSE-100 hitting an intra-day high of 157,196.58. However, profit-taking was observed during the day, dragging the index to an intra-day low of 155,960.35.
At close, the benchmark index settled at 156,177.81, a slight decrease of 3.13 points.
Positive performances by SYS, LUCK, and BOP contributed a combined 322 points to the benchmark. However, these gains were largely offset by significant declines in HUBC, MEBL, OGDC, PPL, and UBL, which collectively dragged the index down by 278 points, brokerage house Topline Securities said in its post-market report.
In a statement, the Ministry of Finance reiterated that Pakistan’s debt trajectory “is more sustainable today than suggested by headline rupee figures”, citing improvements in the debt-to-GDP ratio, early repayments of loans, lower interest costs, and a stronger external account.
On Tuesday, PSX extended its winning streak, buoyed by investor optimism after the State Bank’s reassuring remarks on the economy despite flood devastation in Eastern Punjab.
Internationally, shares edged lower on Wednesday as global markets counted down to an anticipated rate cut by the Federal Reserve later in the day and waited on signals around the extent of future easing.
The Fed is expected to cut its benchmark interest rate by a quarter of a percentage point to the 4.00%-4.25% range at the end of its monetary policy meeting later in the global day. The main focus beyond the rate decision will be on Chair Jerome Powell’s comments on the outlook for US monetary policy.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2%, after Wall Street closed lower.
Japan’s Nikkei stock index slid 0.1% after a record close on Tuesday.
European and US stock futures were firmer after a largely soft cash session overnight. The pan-region Euro Stoxx 50 futures were up 0.35%, German DAX futures gained 0.4% and FTSE futures added 0.2%. US stock futures, the S&P 500 e-minis, crept up 0.1%.
The Bank of Canada is also expected to cut rates on Wednesday to contend with a flagging labour market and trade frictions.
The Pakistani rupee maintained its positive momentum against the US dollar, appreciating marginally in the inter-bank market on Wednesday. At close, the rupee settled at 281.50, a gain of Re0.01 against the greenback.
Volume on the all-share index increased to 1,499 million from 1,356 million recorded in the previous close. The value of shares rose to Rs48.85 billion from Rs43.28 billion in the previous session.
WorldCall Telecom was the volume leader with 137.77 million shares, followed by Media Times Ltd with 94.00 million shares, and B.O.PunjabXD with 84.07 million shares.
Shares of 485 companies were traded on Wednesday, of which 235 registered an increase, 219 recorded a fall, while 31 remained unchanged.
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