- KSE-100 index closes at 41,211.70 factors with an increase of 0.20%.
- Uptrend fuelled by steady appreciation of rupee in opposition to greenback.
- Shares of 344 firms have been traded in the course of the session.
KARACHI: The bulls maintained their grip on the Pakistan Inventory Alternate (PSX) for the second consecutive day because the benchmark KSE-100 index registered nominal positive factors on Monday.
The uptrend was fuelled by the continual appreciation of the Pakistani rupee in opposition to the US greenback, coupled with a restoration in international and Asian markets.
Furthermore, the anticipation of encouraging monetary outcomes for the primary quarter of the fiscal yr 2022-23 strengthened traders’ sentiment.
Nevertheless, the market skilled strain throughout intra-day buying and selling and in the direction of the tip. The federal government’s resolution to slash petrol costs by Rs12.63 has raised considerations concerning the continuing Worldwide Financial Fund (IMF) programme.
The benchmark KSE-100 index closed at 41,211.70 factors with a rise of 83.03 factors or 0.20%.
Shares of 344 firms have been traded in the course of the session. On the shut of buying and selling, 140 scrips closed within the inexperienced, 181 within the pink, and 23 remained unchanged.
Total buying and selling volumes rose to 185.36 million shares in contrast with Friday’s tally of 205.69 million. The worth of shares traded in the course of the day was Rs9.38 billion.
Hubco was the amount chief with 30.84 million shares traded, gaining Rs5.24 to shut at Rs75.15. It was adopted by TRG Pakistan with 15.99 million shares traded, gaining Rs0.72 to shut at Rs129.58 and HBL with 13.16 million shares shedding Rs1.52 to shut at Rs68.19.
A glance again at September’s efficiency
AHL in its month-to-month commentary stated that the return of the KSE-100 index turned destructive throughout September, with the bourse closing shedding 1,222 factors or 2.9%.
Traders continued to take account of the destruction from floods, whereas the sentiment on the index additionally remained frail initially on account of continued weak point within the Pakistani rupee which just about touched its all-time low stage of 239 in opposition to the US greenback by mid-month.
Furthermore, the announcement of client worth index-based inflation information for the month of August (a 47-year excessive), added to the strain. As well as, overseas reserves held by the State Financial institution of Pakistan (SBP) confirmed additional erosion regardless of the disbursement of $1.17 billion tranche by the IMF.
Albeit, the rupee displayed a restoration to 228.45 in opposition to the buck with the brand new Finance Minister Ishaq Dar taking oath within the final week of the outgoing month and expectations of flows of $1.5 billion, $0.5 billion and $0.2 billion from the Asian Improvement Financial institution, Asian Infrastructure Funding Financial institution, and the Japanese authorities, respectively.
Furthermore, the World Financial institution can be anticipated to supply flood-related help of $1.7 billion. Nevertheless, enchancment available in the market trajectory remained short-lived as one of many largest personal banks in Pakistan as soon as once more got here below worldwide scrutiny.
With that stated, the incumbent authorities accomplished its second quarter in Parliament. The KSE-100 index posted a return of -1.0% in the course of the third quarter of the calendar yr 2022 in opposition to -7.5% within the prior quarter whereby political uncertainty and delay within the IMF programme hammered the market returns.
Key occasions this quarter included: devastating floods impacting lives, livestock and infrastructure hit Pakistan, the federal government reached a staff-level settlement with the IMF which paved the best way for the disbursement of its tranche, and credit standing businesses (Fitch and S&P International) downgraded Pakistan’s outlook from impartial to destructive, and Monetary Motion Process Pressure accomplished its onsite go to to Pakistan.
