The monetary policy announcement over the weekend provided some much-needed relief, where the government reduced the discount rate to a 42-year low, helped the index end in the black amid reasonably moderate volumes.
Despite pressure on the banking sector, auto and oil managed to steer the market upwards.
At close of business yesterday, the Karachi Stock Exchange (KSE) benchmark 100-share index increased 0.31% or 101.60 points to end at 32,707.22.
A Topline Securities analyst said that an above expectation cut of 1% in interest rate brought renewed interest across the board.
“KSE-100 index, however, closed marginally positive as index-heavy banks declined sharply.”
MCB,UBL, BAHL,HBL,NBP, BAFL and ABL collectively weighed the index down by 300 points.
Additionally, auto assemblers also witnessed renewed interest amid the depreciating yen against the dollar.
Trade volumes rose to 179 million shares compared to 75 million on Friday.
Shares of 332 companies were traded yesterday. Of these, 192 companies closed higher, 127 fell and 13 remained unchanged. The value of shares traded during the day was Rs10.5 billion.
Pak Elektron was the volume leaders with 27.2 million shares, gaining Rs3.10 to close at Rs65.14. It was followed by Fauji Cement with 15.4 million shares, gaining Rs1.06 to close at Rs33.18 and Maple Leaf Cement with 12 million shares, gaining Rs3.06 to close at Rs65.49.
Foreign institutional investors were net sellers of Rs91 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
