KARACHI: The Pakistan Stock Exchange (PSX) endured a tumultuous session on Thursday and the benchmark KSE-100 index recorded multiple ups and downs as investors awaited the announcement of the monetary policy statement after the market’s close.
The bulls managed to overpower bears as the bourse finally closed with a gain of over 180 points.
However, volumes remained low as cautious investors opted to stay on the sidelines ahead of the policy rate announcement, while a number of positive indicators including the widening trade deficit and depleting foreign exchange reserves prevented them from taking fresh positions.
The Monetary Policy Committee (MPC) raised the benchmark interest rate by a massive 125 basis points to 15% — the highest since November 2008.
In early trading at the bourse, the KSE-100 index registered a steep fall as jittery investors resorted to profit-taking owing to the negative triggers. However, the bulls managed to wipe off some of the losses soon after.
Later, bears and bulls locked horns with the index showing minor ups and downs throughout the day.
Before the close of the market, bulls managed to win the battle, pushing the index into positive territory.
At close, the benchmark KSE-100 index closed at 41,344.01 points with a gain of 184.22 points or 0.45%.
A report from Arif Habib noted that the bulls and bears continued to fight the battle throughout the day ahead of MPC.
“The benchmark KSE-100 index opened in the green zone as investors opted for value buying in the exploration and production sector. Main board volumes remained dull,” it stated.
Sectors contributing to the performance included exploration and production (+73.9 points), fertiliser (+41.3 points), banks (+25.8 points), oil marketing companies (+21 points) and technology (+12 points).
Shares of 310 companies were traded during the session. At the close of trading, 162 scrips closed in the green, 126 in the red, and 22 remained unchanged.
Overall trading volumes rose to 99.08 million shares compared with Wednesday’s tally of 98.24 million. The value of shares traded during the day was Rs4.04 billion.
Lotte Chemical was the volume leader with 7.32 million shares traded, losing Rs0.21 to close at Rs25.02. It was followed by Oil and Gas Development Company with 5.79 million shares traded, gaining Rs3.08 to close at Rs80.46 and Sui Northern Gas Pipelines with 5.32 million shares traded, gaining Rs0.75 to close at Rs37.37.