LAHORE
Politics continues to hurt the Pakistan Stock Exchange (PSX). Though the market ended the first trading session of the week positive, volumes narrowed down further indicating low investor confidence. The future of the sitting prime minister still remains uncertain as the Supreme Court reserved its judgment on Friday.
Foreign investors are also not keen on investing even after the up gradation into the MSCI Emerging Market index and have been net sellers of US $ 6.85 million in the current month.
The State Bank of Pakistan has kept the discount rate unchanged at 5.75 per cent for the next two months while concerns over the value of rupee remain to be addressed.
The benchmark KSE 100 index marked a high of 45,566.70 after a 272.31 points gain and closed up 234.81 points at 45,529.20.
The KMI 30 index jumped 432.88 points and the KSE All Share Index topped up with 148.53 points. The advance to decline ratio stood at 219 to 116.
The market volumes were not encouraging. A total of 105.79 million shares were traded in the session as TRG Pakistan Limited (TRG +3.31 per cent) led the chart with a big margin, volume 22.71 million. Azgard Nine Limited (ANL +8.35 per cent) followed with 7.29 million shares exchanged.
Earnings announcement came out from the sugar sector with mixed reactions. Sind Abadgar’s Sugar Mill Limited (SASML -4.86 per cent) and Adam Sugar Mills Limited (ADAMS -4.99 per cent) dropped to their lower lock prices while Thal Industries Corporation Limited (TICL +4.31 per cent) surged. Jauharabad Sugar Mills Limited (JSML +0.00 per cent) was not traded.
