KSE-100 index gains 313 points on monetary policy decision

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Thursday gained 313 points on monetary policy decision.

The index closed at 41,113 points as against 40,800 points showing an increase of 313 points.

Analysts at Arif Habib Limited said that market increased further from yesterday’s closing.

Increase in policy rate was largely considered a signal to enter shortly in the IMF program.

Also a nominal increase of 25bps assured investors that the impact on earnings will be only marginal in nature and will have less of an impact on corporate earnings.

Volumes were led by banking sector scrips, among which BOP fared 33 million shares out of total sector volume of 44 million.

Engineering Sector (Steel) performed well today, resulting in trading close to upper circuit of majority scrips in Steel sector.

Contrary to past few sessions, blue chip scrips remained in the lime light and investors took interest in buying HBL and UBL.

Sectors contributing to the performance include Banks (+199 points), Cement (+59 points), Engineering (+25 points), Food (+15 points), O&GMCs (+14 points) and Fertilizer (-17 points).

Volumes remained strong consecutively at 229mn shares as against 240mn shares yesterday (-5 percent DoD). Average traded value declined by 3 percent to reach $61.3 million as against $63.3 million.

Stocks that contributed significantly to the volumes include BOP, DSL, PAEL, PASL and PIBTL, which formed 35 percent of total volumes.

Stocks that contributed positively include BAHL (+61 points), UBL (+40 points), LUCK (+39 points), HBL (+22 points), and PPL (+22 points). Stocks that contributed negatively include DAWH (-13 points), OGDC (-7 points), SEARL (-7 points), FFC (-6 points) and EPCL (-6 points).

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