KARACHI
\nPakistan Stock Exchange (PSX) continued with its bearish trend in a low-volume session on Tuesday ahead of the Monetary Policy Committee (MPC) meeting scheduled for Wednesday, with the KSE-100 Index shedding 357.34 points (-0.78 percent) to close at 45,508.39 points.
\nThe market opened slightly positive due to early buying and that was also the day\u2019s high as this positiveness lasted for a couple of minutes. Later, the indices moved towards red territory and stayed there for the rest of the session.
\nThe Pakistani rupee extended gains against the US dollar in the interbank market by around Rs1.27 but the market remained somewhat unaffected, fearing a hike in interest rate in the MPC week on September 14. In the previous session, the benchmark index shed 147.75 points (-0.32 percent).
\nThe latest treasury-bills auction on Thursday last witnessed a sharp increase in the cut-off yields, reaching 24.5 percent, 24.78 percent, and 25.06percent for three, six, and 12 months respectively. This showed a rise of 162bps for 3 months and 213bps for 12 months as compared to the last auction held on August 23. This indicates that the market is pricing in a higher interest rate scenario in the near future.
\nThe benchmark index traded in a range of 434.45 points, showing an intraday high of 45,902.72 points and an intraday low of 45,468.27 points. Among other indices, the KSE All Share Index shed 243.61 points (-0.80 percent) to close at 30,373.13 points, while KMI All Share Islamic Index shed 179.59 points (-0.82 percent) to close at 22,007.33 points.
\nTotal volumes traded for the KSE-100 Index decreased by 81.78 million shares to 58.40 million shares against 140.18 million shares traded a session earlier. The overall market volumes decreased by 86.86 million shares to 126.34 million shares against 213.20 million shares traded a session earlier.
\nAmong scrips, HUBC topped the volumes with 11.87 million shares, followed by WTL (9.78 million) and TREET (7.14 million). Stocks that contributed significantly to the volumes included HUBC, WTL, TREET, DFML, and PIAA, which formed over 31 percent of total volumes.
\nA total of 293 companies traded shares in the stock exchange against 304 a session earlier, out of which shares of 73 closed up, shares of 195 closed down while shares of 25 companies remained unchanged. A total of 92 companies traded shares in the KSE-100 Index against 91 a session earlier, out of which share price of 18 companies closed up, 68 closed down and six remained unchanged.
\nThe number of total trades decreased by 15,894 to 80,003 as compared to 95,897 trades recorded in the previous session, while the value traded decreased by Rs3.2 billion to Rs4.99 billion as compared to Rs8.19 billion in the previous session.
\nIn terms of rupee, RCML remained the top gainer and witnessed an increase of Rs40.5 (+7.5 percent) per share, closing at Rs580.5. The runner-up remained IBFL, the share price of which climbed up by Rs8.99 (+3.58 percent) to Rs259.99. UPFL remained the top loser in terms of rupee and witnessed a decrease of Rs1,573 (-6.89 percent) per share, closing at Rs21,255, followed by MARI, the share price of which fell by Rs21.36 (-1.32 percent) to close at Rs1,591.46 per share.
\nThe sectors taking the index towards south were oil & gas exploration companies (101 points), commercial banks (62 points), cement (41 points), investment banks\/ investment companies\/ securities companies (38 points), and technology & communication (27 points). The major companies depriving the index of points remained OGDC (49 points), MCB (37 points), DAWH (35 points), LUCK (31 points), and BAHL (29 points).
\nThe major sectors taking the index towards north remained power generation & distribution (14 points), synthetic & rayon (4 points), automobile assembler (3 points), and modarabas and leather & tanneries (1 point each). The major companies adding points to the index remained UBL (45 points), HUBC (22 points), IBFL and SCBPL (4 points each) and PIOC (3 points).<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Pakistan Stock Exchange (PSX) continued with its bearish trend in a low-volume session on Tuesday ahead of the Monetary Policy Committee (MPC) meeting scheduled for Wednesday, with the KSE-100 Index shedding 357.34 points (-0.78 percent) to close at 45,508.39 points. The market opened slightly positive due to early buying and that was also the […]<\/p>\n","protected":false},"author":2,"featured_media":230615,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-355527","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n