PSX ends moderately higher but could not keep a level of 140k

Karachi:

The Pakistan Stock Exchange (PSX) closed average higher on Monday, as the KSE-100 reference index increased by 172.77 points or 0.12%to close to 139,380.06. Although crossing the mark of 140,000 during early trade, the profit in the banking sector blue chip pulled the index below the end of the meeting.

Arif Habib, a limited deputy head of the Ali Najib negotiation, noted that the PSX again tried to pass the sign of 140,000, but in vain as the KSE-100 index ended at 139,380 points.

He points out that the session reiterated in an inflatable note and the index touched the intraxiety high to 140,149 (increased 942 points, or 0.68%) in the early hours. However, market enjoyment proved to be short -lived as the market succumbed to header selling and eventually lost 140,000 for profit.

During the weekend, Foreign Minister Ishaq Dar said Pakistan and the US were “very close” to the finalization of a trade agreement, possibly within a few days. However, the US side, after meeting DAR with Foreign Minister Marco Rubio, did not confirm any timetable.

If the deal is completed, it could boost exports, attract investment and improve market feeling. It can also enhance the confidence of rupee and investors, although delays could reduce the immediate financial impact and optimism, Najib said.

The stars of the day were lucky cement, Systems Limited, Fatima Fertilizer, Pakistan State Engineer and Sazgar Engineering Works, which added 379 points. On the other hand, the index lost 384 units due to some blue chips, namely UBL, Meezan Bank, Bank Alfalah, HBL and MCB Bank.

“This sale can be attributed to road expectations for a 50 -base cut at the upcoming Monetary Policy meeting scheduled for July 30, the analyst said.

“The prospects are still intact as 137,000 will continue to operate as strong support for the KSE-100. If violated, the index can be pushed to 135k, where attractive valuations and expected monetary relaxation can cause refreshed interest in the market,” Najib commented.

Total trading volumes decreased to 589.3 million shares compared to Friday’s 634.8 million. The negotiation increased to 34.6 billion Rs compared to 24.6 billion Rs in the previous session.

In total, shares of 483 companies were negotiated. Of these, 251 stocks were closed higher, 205 fell and 27 remained unchanged. Aisha Steel Mills was the volume leading to 51.8 million shares, earning 42 Paisa to close in Rs12.76.