LAHORE: Sentiments at the Pakistan Stock Exchange (PSX) were weak again on Wednesday in absence of a positive trigger. Media reports quoted the Governor for State Bank Pakistan, Tariq Bajwa, declaring the current value rupee as “fair”. The Rupee fell from 3 per cent to a new low at 5 per cent since its depreciation in July this year. He further mentioned that it is unlikely for the rupee to slide more.
The KSE 100 index swayed between an intraday high of 38,323.55 and low of 37,842.52. While recovering gains of 289 points or 0.8 per cent amid foreign interest in banking sector names.
The KMI 30 index increased a minor 13.17 points while the KSE All Share Index added 156.64 on its bag. The advancers to decliners ratio stood at 204 to 182.
Further, Tuesday’s passing of the Delimitation bill along with the Military-Senate briefing cleared concerns that general elections would be held on time next year and also relieved some tension between civil and military corners.
Participation improved as volumes were up 19 per cent day on day while traded value rose 4 per cent.
Top index point contributors were HBL (+5 per cent), UBL (+4.6 per cent), MCB (+2.7 per cent), OGDC (+2 per cent) and BAHL (+3.2 per cent) that added 307 points while stocks including DGKC (-4 per cent), HUBC (-1.6 per cent), SNGP (-2.2 per cent), LUCK (-0.9 per cent) and TRG (-3.6 per cent) held back 77 points.
On the sector front; commercial banks added 308 points, E&Ps added 48 points, automobile assemblers were up 15points, fertilizer added 12 points, whereas cements were down by 34 points, Power 22 points and Insurance 12 points.
A bourse filing by Jahangir Siddiqui and Company Limited (JCSL -0.89 per cent) disclosed it has been pre-qualified by the Punjab Privatization Board (PPB) for the acquisition of 100 per cent stake in Quaid-e Azam Solar Power (Pvt) Ltd.
