KSE-100 index closes on positive note amid S&P Global upward rating

KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index closed on a positive note on Friday after a volatile session, as investors navigated rollover activity and selectively built positions, lending support to the market’s recovery by the end of the day, analysts said.

The KSE-100 index gained 515 points to close at 139,207 level, up by 0.37% DoD.

Stocks closed bullish after S&P global lifts credit rating to B- amid bilateral support, IMF reforms and improved fiscal indicators, Ahsan Mehanti, CEO at Arif Habib Capital, said.

Speculations over likely SBP policy easing in the key policy rate announcement next week amid slide in Govt bond yields played catalyst role in bullish close at PSX, Mehanti added.

Gold prices in Pakistan slide for second day

The market driven by sustained investor confidence under pinned by continued improvement in Pakistan’s macroeconomic landscape, Ismail Iqbal Securities stated.

The Market sentiment remained broadly constructive, buoyed by growing expectations of a cut in the policy rate ahead of MPC meeting, in response to improved macroeconomic indicators, Pearl Securities stated.

Commercial Banks, Cement, and Automobile Assembler sectors were the major contributors in today’s session, cumulatively adding 244 points to the index.

Market after remaining sluggish for last two trading session returned to its positive course, as KSE-100 Index gained to close at 139,207 level (up by +0.37%), Topline Securities stated.

Top positive contribution to the index came from ENGROH, UBL, LUCK, MEBL, NBP, ATLH & SYS, as they cumulatively contributed +541 points to the index.

SBP reserves fall by $72.4m in a week, total liquid reserves slip to $19.92bn 

Traded value wise HUBC (PKR.1.18bn), ENGROH (PKR.1.17bn), HBL (PKR.734mn), BOP (PKR.691mn), NBP (PKR.564mn), UBL (PKR.547mn) and DGKC (PKR.533mn) dominated the trading activity.

Traded value and volume for the day stood at 633mn shares and PKR.24.6bn respectively.