PSX Closing Bell: Fragile

February 27, 2023 (MLN): The capital market on Monday experienced mixed trading activity as investors remained cautious in the face of uncertain economic conditions and political upheaval.

Lackluster trading volumes were observed throughout the day on the news reports pertaining to the IMF deal that it would still take up to 10 days to reach an agreement which subdued market sentiments.

Reports that the State Bank of Pakistan (SBP) may increase the policy rate by 100-200 basis points in an earlier-than-scheduled Monetary Policy Committee (MPC) meeting also dampened investor interest in Pakistan's equity market.

However, better-than-expected financial results from Hub Power Company (HUBC) provided a glimmer of hope, inspiring bullish sentiments and fueling volume in the market during the latter half of today's trading session.

As a result, the benchmark KSE100 index managed to end the day on a positive note, with a 76.37 points gain to close at 40,784.13, showing an intraday high of 40,819.31 and a low of 40,614.69.

Of the 96 traded companies in the KSE100 Index 40 closed up 50 closed down, while 6 remained unchanged. The total volume traded for the index was 80.80 million shares.

Sectors propping up the index were Commercial Banks with 86 points, Miscellaneous with 50 points, Power Generation & Distribution with 18 points, Cement with 13 points, and Automobile Assembler with 12 points.

The most points added to the index were by UBL which contributed 70 points followed by PSEL with 49 points, HUBC with 17 points, POL, and UPFL with 12 points each.

Sector-wise, the index was let down by Oil & Gas Exploration Companies with 37 points, Oil & Gas Marketing Companies with 23 points, Fertilizer with 19 points, Glass & Ceramics with 11 points, and Tobacco with 10 points.

The most points taken off the index were by OGDC which stripped the index of 29 points followed by PSO with 17 points, PPL with 15 points, EFERT with 13 points, and PAKT with 10 points.

All Share Volume increased by 4.64 million to 158.08mn shares. Market Cap decreased by Rs3.80 billion.

The total companies traded were 331 compared to 330 from the previous session. Of the scrips traded 135 closed up, 173 closed down and 23 remained unchanged.

Total trades decreased by 2,022 to 78,916.

Value Traded increased by 0.76bn to Rs5.72bn.

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