The market remained ranged bound ahead of the monetary policy announcement due tomorrow. After hefty advancement in the early trading hour, profit taking amidst dearth of investor participation instigated the downspin at local bourse. Gains were curtailed to 15 points by the end of the trading day with 70.5 million shares traded during the day.
KSE 100 index closed at 11853.84 levels with the gain of 14.84 points, while KSE 30 index secured 19.66 points to close at 11366.73 levels. All Share index closed at 8216.80 levels after gaining 10.40 points. Total 139 scrips advanced 118 declined and 110 remain unchanged out of total 367 scrips traded.
PTCL led the volume leader’s board whilst fertiliser sector stocks complemented the recovery at KSE with ADR in excess of 1. Investors are eagerly waiting for the MPS to be announced over the weekend by SBP as all arrows point towards an imminent rate cut.
Some interest was witnessed in cement stocks over the expectation of announcement of Bhasha Dam over the weekend. Foreigners were rumored buyers in PTCL which stood as the volume leader and saw activity of around 18.2 million shares.
We wouldn’t be surprised of a precipitous rate cut under political duress, which could bring the bull out of the barn, said Salman Vidhani, Senior Investment Analyst at HMFS.
KSE Market Capitalisation stood at Rs3,126.00 billion, that is $ 35.82 billion, while total ready market value was Rs2.65 billion, which was $30.36 million. KSE Future volume stood at 9.04 million shares, and its future value stood at Rs488.97 million. KSE future spread was 1.95 per cent.
Market recovers from downspin to post negligible gain
