PSX dives 284 points on expected interest rate hike


The benchmark KSE-100 Index close at 45,249.41 points
Pakistan Stock Exchange (PSX) remained bearish for the third consecutive day on Thursday, with the benchmark KSE-100 Index shedding -283.89 points (-0.62 percent) to close at 45,249.41 points.
The market opened on a negative note and remained in red territory throughout the session, as investors preferred selling in the last trading session before Eid-ul-Fitr. The PSX will remain closed from Friday (April 29) till May 5 (Thursday) on account of Eid holidays and will reopen on May 6 (Friday).
The market also witnessed selling pressure due to 22-year high cut-off yields, increasing by up to 129 basis points in the auction conducted by the State Bank of Pakistan (SBP) on Wednesday which has created the room for the next rate hike in the upcoming Monetary Policy Committee meeting.
Moreover, the investors remained cautious on rumours that Pakistan has decided to seek an additional package of $3.2 billion from Saudi Arabia for jacking up the total facility to $7.4 billion from the existing $4.2 billion to save the dwindling foreign reserves.
The KSE-100 Index moved in a range of 876.34 points, showing an intraday high of 45,533.30 and a low of 44,656.96 points. Among other indices, the KSE All Share Index shed 225.34 points (-0.73 percent) to close at 30,774.66 points, while KMI All Share Islamic Index shed 130.66 points (-0.58 percent) to close at 22,327.78 points.
A total of 346 companies traded shares in the stock exchange compared to 347 a day earlier. Out of traded companies, shares of 96 closed up, shares of 235 closed down while shares of 15 companies remained unchanged. Out of 95 traded companies in the KSE-100 Index, 26 closed up, 68 closed down and one remained unchanged.
The overall market volumes increased by 101.64 million to 325.47 million shares. Total volumes traded for the KSE-100 Index increased by 32.36 million to 155.37 million shares. The number of total trades increased by 23,944 to 111,042, while the value traded increased by Rs3.71 billion to Rs9.29 billion. Overall market capitalisation decreased by Rs55.71 billion.
Among scrips, WTL topped the volumes with 37.5 million shares, followed by CNERGY (34.66 million) and HUMNL (27.43 million). Stocks that contributed significantly to the volumes included WTL, CNERGY, HUMNL, PAEL and PRL, which formed around 39 percent of total volumes.
In terms of rupee, NESTLE remained the top gainer and witnessed an increase of Rs74.99 (+1.29 percent) per share, closing at Rs5,875. The runner-up remained SFL, the share price of which climbed up by Rs65.9 (+6.63 percent) to Rs1,059.5. PAKT remained the top loser in terms of rupee and witnessed a decrease of Rs51.99 (-4.95 percent) per share, closing at Rs998.01, followed by RMPL, the share price of which fell by Rs50 (-0.43 percent) to close at Rs11,600 per share.
The sectors taking the index towards the south were technology & communication (57 points), fertilizer (50 points), power generation & distribution (46 points), oil & gas exploration companies (44 points), and cement (41 points). The most points taken off the index were by HUBC (40 points), FFC (33 points), TRG (28 points), SYS (25 points), and PPL (20 points).
The sectors taking the index towards the north were chemical (28 points), automobile assembler (26 points), investment banks/ investment companies/ securities companies and pharmaceuticals (12 points each), and cable & electrical goods (2 points). The most points added to the index were by EPCL (25 points), MTL (21 points), DAWH (18 points), and MEBL and LOTCHEM (15 points each).