KARACHI: Pakistan stocks traded in narrow range on the last day of week on Friday anticipating monetary policy announcement.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,937 points from previous day’s closing of 42,904 points, showing an increase of 33 points.
The week concluded with another range-bound trading session at the PSX during the day, analysts at Arif Habib Limited said.
The session began in the positive zone after the name of the new COAS was announced, providing much-needed clarity on the political ground, they added.
However, after the second session resumed, the index traded in a narrow range, drying up volumes as investors chose to remain on the sidelines in anticipation of today’s Monetary Policy announcement.
Sectors contributing to the performance include Fertilizer (+34.3 points), Miscellaneous (+26.4 points), Commercial Banks (+21.9 points), E&P’s (+20.2 points), Food & Personal Care Products (+6.9 points).
Volumes increased from 153.1 million shares to 177.3 million shares (+15.8 per cent DoD). The average traded value also increased by 3.3 per cent to USD 27.0 million as against USD 26.1 million.
Stocks that contributed significantly to the volumes are HUMNL, DFML, WTL, HASCOL, and CNERGY.
Market participants remained cautious ahead of the central bank’s policy decision, expecting guidance on interest rates and inflation outlook. Analysts said investor sentiment may improve if economic and political stability continues in coming weeks.