LAHORE: The Pakistan Stock Exchange (PSX) saw range-bound trading and closed slightly positive. Despite the nominal gain, it still put an end to losing streak of the index. Market volumes remained low due to the future of the finance minister still under question. The State Bank of Pakistan (SBP) is scheduled to announce the monetary policy on Friday. Rates remained stagnant for the last sixteen months as inflation remained in check.
The KSE 100 index traded between a thin band of 261 points marking a high of 42,456.53 and low of 42,195.09. It finally settled 72.72 points up at 42,362.87. The KMI 30 index improved 106.02 points while the KSE All Share Index saw an increase of 78.83 points. The advances to decliners ratio stood at 216 to 120.
According to a report by Capital Stake, the market volumes edged lower to 140.35 million from previous sessions 146.79 million. K-Electric Limited (KEL -0.89 per cent) lost its control over the volume chart as 4.34 million shares were exchanged in the script. The Bank of Punjab (BOP +4.01 per cent) was most traded with volume of 12.31 million followed by Kohinoor Spinning Mills Limited (KOSM +1.61 per cent), volume 10.40 million, and TRG Pakistan Limited (TRG -0.64 per cent), volume 7.36 million.
Top sector observed minor movement. The commercial bank sector laid off 0.51 per cent from its market capitalization, Habib Bank Limited (HBL) lost 0.38 per cent and MCB Bank Limited (MCB) was down 0.55 per cent while United Bank Limited (UBL) was 0.42 per cent positive.
The cement sector lost 0.75 per cent of its market capitalization as top three companies failed to post decent gains, Lucky Cement Limited (LUCK -1.08 per cent), D. G. Khan Cement Company Limited (DGKC +0.03 per cent) and Bestway Cement Limited (BWCL +0.01 per cent).
Dawood Hercules Corporation Limited (DAWH -0.53 per cent), the country’s leading business conglomerate, on Wednesday said it plans to raise Rs 6 billion through issuing a secured local Islamic bond to repay its existing debt. The company said in a statement to Pakistan Stock Exchange that the funds from the Sukuk will be utilised for consolidating and re-profiling the existing debt.
