Karachi:
The Pakistan Stock Exchange (PSX) attended a mixed meeting on Wednesday, as investors remained careful in front of the Pakistani State Bank announcement (SBP). However, the delayed market market has raised the KSE-100 reference index by about 450 points.
The index ranged between the high intraperite 139,018.88 and the low 137,658.81. It closes with a profit of 447.43 points, or 0.32%, at 138,412.25.
The feeling shifted to the second half of the meeting, as the SBP unexpectedly maintained the political reference rate, defying market expectations for a 50 -base cut. The decision caused a wide rally in the banking sector, with remarkable profits in big names such as United Bank, Habib Bank and MCB Bank.
“The market is finished with a positive note, as banks rally after SBP’s announcement to keep the policy interest rate unchanged, as opposed to market expectations for a reduction The Express Tribune. In addition, Systems Limited increased after the acquisition of SAA services by British American Tobacco to supply its future growth.
It expects that interest rates will be reduced in individual digits, supported by reducing inflation and stability in the currency market due to lower debt repayments this year.
Ktrade Securities, in the market market, wrote that stocks saw a mixed session as investors awaited the Central Bank’s policy decision. The KSE-100 index ranged between the low length of 137,659 and the high 139,019, finally closing with 447 points at 138,412.
Read more: SBP keeps the interest rate at 11%
Slowly at the Summit, the SBP announced that it had maintained the interest rate unchanged, reporting inflationary pressure and concerns about the trade deficit. Market players have also remained focused on a possible US-Pakistan trade agreement, which is likely to be finalized soon, he said.
Arif Habib Limited (AHL) observed that the KSE-100 was increased by the support zone to recover 138k level. About 41 shares increased, while 59 decreased, with Systems Ltd (+6.9%), United Bank (+2.08%) and Habib Bank (+3.21%), contributing the most to index profits. In contrast, Fauji Fertilizer (-0.7%), Lucky Cement (-1.51%) and Engro Holdings (-0.94%) were the largest.
In corporate news, Engro fertilizers announced the earnings per share (EPS) of RS6.34 (+10% annually) and the RS6.50 per share, which proceeded with expectations.
In financial news, Finance Minister Muhammad Aurangzeb is in the US to complete the commercial talks, with final discussions this week, while SBP has made a reference rate for the second meeting amid inflation and uncertainty of duties, despite expectations.
Total trading volumes were reduced to 425.8 million shares compared to 606.3 million on Tuesday. The value negotiation was 25 billion Rs. The shares of 476 companies were negotiated. Of these, 152 stocks were closed higher, 290 fell and 34 remained unchanged.
The Bank of Punjab led the volume chart with a negotiation of 24.8 million shares, increasing RS0.25 to close to Rs13.72.
a href=”https://tribune.com.pk/story/2558704/psx-closes-up-as-state-bank-leaves-rate-unchanged”>Source link
