Karachi, September 1, 2023 – Pakistan’s equity market witnessed a notable upswing on Friday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gaining 310 points after the State Bank of Pakistan (SBP) issued a clarifying statement regarding the announcement of its monetary policy.
The KSE-100 index closed at 45,312 points, a significant jump from the previous day’s closing of 45,002 points. Market analysts attributed this bullish trend to the timely clarification provided by the SBP, which brought a sense of relief to investors.
READ MORE: Pakistan Equities Plunge by 1,242 Points on Record-Breaking Rupee Slide
Earlier in the day, the SBP moved swiftly to quell rumors that it was planning to release an unscheduled monetary policy statement. The central bank confirmed that the Monetary Policy Committee (PMC) was scheduled to convene on September 14, 2023, as previously planned.
During the trading session, a total of 161,824,998 shares were exchanged, a notable decrease from the 287,356,194 shares traded on the previous trading day. The total trading value of shares amounted to Rs 4.464 billion, down significantly from Rs 12.303 billion in the previous session.
READ MORE: Pakistan Stocks Slump by 526 Points on Interest Rate Hike Rumors
Among the 294 companies participating in the stock market, 197 registered gains, while 81 recorded losses. The share prices of 16 companies remained unchanged.
The top three trading companies by volume were as follows:
Nishat ChunPow: Trading 14,182,000 shares at Rs 17.97 per share.
WorldCall Telecom: Trading 12,700,976 shares at Rs 1.15 per share.
Al-Shaheer Corporation: Trading 12,148,327 shares at Rs 9.50 per share.
READ MORE: KSE-100 Index Declines by 708 Points in Bearish Trading Session
Nestle Pakistan witnessed the most significant increase in share price, gaining Rs 89.00 per share to close at Rs 7,000.00. Indus Motor Company was the runner-up, with a Rs 52.00 increase in its share price, closing at Rs 987.71.
On the other hand, Bhanero Textile experienced the most substantial decrease in share price, declining by Rs 34.99 per share to close at Rs 8,90.01. Following closely, Premium Textile saw its share price decline by Rs 29.98, ending the day at Rs 370.15.
READ MORE: Pakistan Equities Slide by 193 Points Amid Declining Market Participation
The clarification from the central bank appeared to restore confidence in the market, prompting investors to re-engage in trading activities. Market participants will now be closely monitoring the upcoming PMC meeting on September 14 for any potential shifts in the country’s monetary policy.
