ISLAMABAD (APP): PSX Monday noted bullish trend as KSE 100 index went up by 8.04 points (0.03%) to close at 32078.85 points. A total of 166,047,260 shares were traded compared to the trade of 135,161,710 shares during the previous day, whereas the value of shares traded during the day stood at Rs 4.237 billion compared to Rs 4.254 billion during last trading day. Out of 363 companies, share prices of 181 companies recorded increase, 156 companies registered decrease whereas 26 companies remained stable in today’s trading.
The three top traded companies were K-Electric Ltd with a volume of 55,568,500 shares and price per share of Rs 3.63, Bank of Punjab with a volume of 10,838,500 and price per share of Rs 8.75 and WorldCall Telecom with a volume of 9,077,500 and price per share of Rs 1.16 The top advancer was Service Ind. Ltd with the increase of Rs23.45 per share, closing at Rs538.45 while Sanofi-Aventis was runner up with the increase of Rs20 per share, closing at Rs 490.
The top decliners were Philip Morris Pak. with the decrease of Rs170.05 per share, closing at Rs 3230.95 and Ismail Ind with the decrease of Rs 18.3 per share closing at Rs 348. Meanwhile, The price of 24 karat gold shed Rs 500 and was traded at Rs 87,000 per tola as compared to the last closing at Rs 87,500 Karachi Sarafa Association reported on Monday. The price of 10 gram gold also witnessed decrease of Rs 429 and was traded at Rs 74,588 against Rs 75, 017 the last day. The price of silver remained stable and was traded at Rs1050 per tola while 10 gram silver also remained unchanged and was traded at Rs900. In international market the price of per ounce gold decreased by $10 and was traded at $1487 as compared to the last closing at $1497.
Earlier, The stock market finished the week on a flattish note, despite a somewhat volatile week, ending a three-week winning streak to close 40 points down at 32,070 points. The week commenced with bears maintaining a grip on the local bourse as investors reacted with panic to the declining economic indicators. The central bank informed a special parliamentary panel that inflation levels will remain elevated for two more years. This, along with a lack of positive triggers prompted investors to sell stocks and stay on the sidelines. The following session fared no better as sentiments continued to remain muted.
Moreover, Imran Khan’s meeting with US President Donald Trump also failed to excite investors. Nevertheless, the index managed to inch up and finish in the green. Unfortunately, this marginal surge could not be sustained and the index once again retreated in to the red. The dip came on back of the release of Asian Development Outlook report by the Asian Development Bank, which adversely impacted the market confidence. According to the report, the economic growth rate in Pakistan will be 2.8% the lowest in South Asia and the inflation rate will be 12% the highest in the block of eight nations in this fiscal year. The downward revision of Pakistan’s growth expectations led the index to lose further ground. PSO recorded gain of 4.4% week-on-week as the company reported impressive earnings in its financial result for FY19.
In terms of sectors, the benchmark index was mostly driven by financials (down 122 points), power generation and distribution (24 points), chemical (21 points), pharmaceuticals (14 points) and automobile parts and accessories (56 points). Stock-wise, negative contribution was led by HBL (down 67 points), Hubco (56 points), UBL (29 points), Searle (27 points) and NBP (23 points). Foreigners were net sellers of stocks worth $8.8 million compared to net buying of $7.75 million last week.
Selling was witnessed in cement ($2.4 million) and financial ($2.2 million) Meanwhile, The exchange rate of rupee against US Dollar increased by 19 paisa in interbank and was traded at 156.36 compared to last closing of Rs156.17 on last trading day (Saturday), SBP reported Monday. However according to Forex Association of Pakistan the buying and selling rates of dollar in open market were recorded at Rs 156.1 and Rs 156.6. The SBP further reported that in interbank the price of Euro appreciated by Rs 0.27 and was traded at Rs170.90 against the last closing of Rs170.63.
The exchange rate of Japanese Yen remained stable at Rs 1.44, whereas increase of Rs 0.67 was witnessed in exchange rate of British Pound which was traded at Rs192.57 as compared to last closing of Rs Rs191.90. Exchange rates of UAE Dirham increased by 05 paisa whereas Saudi Rayal increased by 04 paisa and were traded at Rs42.57 and Rs 41.67 respectively.