KARACHI: Pakistan stocks gained 673 points on Friday on the last trading of the year 2022. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 40,420 points from previous day’s closing of 39,747 points, showing an increase of 673 points.
Analysts at Topline Securities stated that the KSE-100 Index largely traded in positive zone during the trading session to close at 40,294 level (up by 1.38 per cent).
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Major contribution to the index came from PPL, HBL, PSEL, OGDC and MCB, as they cumulatively contributed points to the 315 the index.
Traded volume and value for the day stood at 283 million shares and Rs7.9 billion respectively. KEL was today`s volume leader with 70 million shares.
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The analysts said that KSE-100 Index declined by 4.6 per cent on MoM, this decline in market can be attributed to a number of factors: increase in benchmark interest rate by SBP by 100 basis points to 16 per cent, delay in IMF program as Pakistan authorities continue to negotiate with global lender and dwindling foreign reserves.
Apart from this high inflationary environment where investors expect SBP to further increase in policy rate by at least 100 basis point in next monetary policy on January 23 and upcoming international debt repayments amid low reserves also weighed down on investor sentiment.
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Investors preferred to remain on sideline as average traded volume and value for the month of December 2022 stood at 181 million shares and Rs.5 billion respectively.
On flows end during the outgoing month banks and companies purchased equities worth $38 million and $15 million respectively as of yesterday`s close.
On the flip side foreign corporate and mutual funds net sold equities worth $16.20 million and $14.79 million, respectively as of yesterday`s close.
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