KARACHI:
Due to extreme caution in front of the FATF verdict on Pakistan and restive political undercurrents, stocks managed to stabilise on the borders of the green on Tuesday, but they were unable to advance much farther, according to dealers.
Premier Exchange:
The KSE-100 Shares Index, the primary indicator of the Pakistan Stock Exchange (PSX), the nation's premier exchange, increased 84 points or 0.20 percent to close the day at 41,839 points. After fluctuating between a day high of 42,007.23 and a day low of 41,755.45, the market finally settled at that value.
FATF Annual Review:
In a post-market report, Topline Securities stated that the encouraging US State Department statement on Pakistan's nuclear programme and the nation's expected inclusion on the FATF annual review whitelist gave stocks a cause to remain upbeat.
Announcement:
The brokerage predicted that "the official announcement is likely to occur over the weekend."
Technology, E&P, and fertiliser sector companies helped to sustain the index throughout the day. TRG, POL, SNGP, DAWH, and FFC all contributed scrip that raised the index by a total of 89 points. On the other hand, PSO, NESTLE, and EPCL together suffered a 25 point loss.
Out of the 90 active firms traded during the session, 49 made gains, 40 made losses, and one held steady.
A total of 189 million shares were traded for a value of Rs5.8 billion. With 29.8 million traded shares, Worldcall Telecom took the top spot on the volume leaderboard.
Due to a surge in importer demand, the rupee lost value versus the US dollar on Tuesday for the fifth straight day. The spiralling value of the rupee has raised severe concerns about the near-term state of the economy.
In the absence of fresh foreign investment, the country's foreign exchange reserves are decreasing, and the local currency was also suffering from a limited supply of dollars.
State Bank of Pakistan:
The SBP) reports that the local currency dropped by 0.37% (Rs0.82) to hit 219.71 in the interbank market, down from the previous close of 218.89.
In the open market, the dollar gained strength as well, while the rupee fell 0.50 to end the day at 226.20.
Another range-bound session at the PSX, according to Arif Habib Ltd's post-session research report.
Despite the day's lacklustre activity due to political turmoil, it stated, "the market traded in the positive zone."
In contrast, decent activity was observed in the third tier equities. Investor participation remained slow as volumes continued to decline.
Technology & communication (25.5 points), commercial banks (14.7 points), fertiliser (10.9 points), cement (10.0 points), and textile composite were among the industries cited by the brokerage as contributing to the performance (9.2 points).
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