KSE-100 rises 0.45% to highest level since August 2022 – Markets
The Pakistan Stock Exchange (PSX) extended its rally for the fourth consecutive session on Friday and the KSE-100 index crossed the 43,000-point barrier to close at its highest level since August 2022.
Expectations of foreign aid from friendly countries revived investor sentiment and made new investments.
The KSE-100 has gained over 600 points as the market is buoyed by the arrival of the AIIB.
By the end of the session, the KSE-100 index closed up 191.68 points or 0.45 percent at 43,092.95.
The session started with a jump but selling pressure brought the index down and it closed in the negative in the first half. The second half started with range-bound trading, however, buying that emerged towards the end of the session pushed the market higher and helped it close in the green zone.
Index heavy banking and oil space recorded gains while the automobile sector closed on a mixed note. The cement and fertilizer segments ended the day in the red.
A report from Arif Habib Limited said that the PSX saw another positive day.
“The market opened in positive territory although weak activity was witnessed which led the index to close by 96.39 points at the end of the initial trading session,” it said. However, the benchmark KSE-100 rallied after trading resumed following an influx of investors from China and Saudi Arabia following the announcement of a $13 billion package by the finance minister.
“Volumes were stable overall, while oil and exploration companies saw healthy activity,” it said.
A report from Capital Stacks added that the PSX maintained positive momentum for the fourth consecutive session as it ended the week in the green.
“Indices moved in both directions, while volume shrank from the last close,” the report said.
On the economic front, remittance inflows to Pakistan declined by nearly 16 percent to $2.215 billion on an annualized basis in October 2022.
Additionally, foreign exchange reserves held by the State Bank of Pakistan declined by $956 million on a weekly basis to $7.96 billion as of November 4, 2022, according to data released on Thursday.
The rupee depreciated by Rs 0.22 or 0.10 per cent to end the session at Rs 221.64 against the US dollar.
Sectors driving the benchmark KSE-100 index north include the oil and gas exploration sector (129.26 points), the technology and communications sector (99.01 points) and the oil and gas marketing sector (22.78 points).
All-share index volume fell to 232.8 million from 293.9 million on Thursday. The value of traded shares fell to Rs 10.2 billion compared to Rs 5.8 billion in the previous session.
Cnergyico PK was the volume leader with 21.1 million shares, followed by WorldCall Telecom with 17.9 million shares and TPL Properties Limited with 15.1 million shares.
Shares of 341 companies were traded on Friday, out of which 172 rose, 142 fell and 27 remained unchanged.