The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) recovered by a mere 137 points or 0.22% on Wednesday after a loss of 932 points the previous day.
According to the PSX website, the KSE-100 index closed at the 61,979.18 level. Clear crests and troughs were visible in the index during intraday trade.
“Selling pressure from FIIs and delay in gas circular debt resolution plan have kept investors at bay. We expect the market to remain jittery ahead of general elections where political anxiety is likely to dent investor sentiment based on the news where former prime minister Imran Khan and ex-foreign minister Qureshi have been sentenced to 10 years of imprisonment in the cipher case. We recommend investors to accumulate on dips as we expect the market to rally after the general elections,” said Intermarket Securities Limited.
More green was visible compared to red in the commercial banks sector during the intraday trade, likely due to projections suggesting an increase in banks’ Net Interest Income (NII).
“The NII of the banks in its portfolio is likely to increase by 61% YoY to Rs 324 billion in 4Q2023 on the back of a rise in asset yields. 6M Kibor/T-Bill/PIB rates have increased to 21.88%/21.68%/17.26% respectively (up around 300-550bps on a YoY basis) in 4Q2023,” said Topline Securities.
However, despite recently declaring its highest-ever profitability, the share price of Bank AL Habib Limited (BAHL) reduced by Rs 0.65.
In terms of volume, K-Electric was the clear leader with 36,273,372 shares traded.
Unilever Foods’ share price increased by Rs 1551, making it the highest gainer. However, appreciation in Unilever’s stock is easy to predict, especially considering the company’s announcement of an interim cash dividend of Rs 179 per share in last November for FY23, a return on equity of 1790% attracts equity investment.
