LAHORE: The week which started with a massive jolt recovered and concluded the week short by only 13 points. Friday was dominated by the commercial bank sector which posted an appreciation of 4.57 per cent in its market capitalisation.
The day opened with news that United Bank Limited (UBL +4.99 per cent) and the US Federal Reserve have entered into a Compliance Agreement effective July 2, 2018, to improve UBLʼs risk management and compliance standards to meet requirements under the Anti-Money Laundering regulations of the US.
Investors perceived this positively and buying was witnessed across the sector. Habib Bank Limited (HBL +5.00 per cent), MCB Bank Limited (MCB +5.00 per cent) and United Bank Limited (UBL +4.99 per cent) all were capped. Apart from Faysal Bank Limited (FABL -2.13 per cent) all scripts closed with gains.
The KSE 100 index flew up 513.43 points to intraday high of 40,388.55 and ended the day at 40,271.00 with a positive 395.88 points. Even with a strong banking sector, the KMI 30 index took a dip. The index concluded lower by 246.32 points at 67,134.68. The KSE All Share Index added 313.18 points as 179 scripts advanced and 117 declined.
The market volumes were recorded at 124.75 million with 36 per cent coming from the banking sector. The Bank of Punjab (BOP +5.75 per cent) was top traded with 18.69 million shares exchanged. K-Electric Limited (KEL +0.95 per cent), volume 5.42 million, and Faysal Bank Limited (FABL -2.13 per cent), volume 5.17 million, following.
Governor State Bank of Pakistan Tariq Bajwa will unveil monetary policy decision on July 15, 2018. The SBP raised the policy rate by 50 basis points to 6.50 per cent in the last monetary policy announced in May. The central bank has pushed up its policy rate by a cumulative 75 basis points since January 2018.
