The PSX range is bound in front of monetary policy

The Pakistan’s Stock Exchange (PSX) on Monday remained committed to range and recorded minutes of 82 points, as investors fell carefully ahead of monetary policy announcement later on the day.

As expected by many analysts after the escalation of geopolitical tensions, the Central Bank abandoned its policy unchanged at 11%. Despite the conflict between Israel and Iran, the market ended the negotiation on positive territory as it took the slogan from the recovery of world shares.

In the morning, the PSX started the procedures in an optimistic note and immediately reached the intra -group high at 122,903 points. Shortly afterwards, investors fled to profits, pulling the KSE-100 index until the low of the day at 121,890 after noon.

“The stocks went through the geopolitical risks amid speculations on the announcement of the Pakistani State Bank (SBP) later on the day,” Arif Habib Cor. “Trade remained high in the midst of integration. PSX.”

At the end of the negotiation, the KSE-100 reference index recorded a slight increase in 81.79 points or 0.07%and was installed at 122,225.36. In its revision, Topline Securities noted that Pakistan’s stock market had a Pullback session after a recovery in global markets. The reference index negotiated within a series, hitting the intra -759 highs and low 253 points, before it was installed at 122.225 with a moderate 81 -degree profit.

Topline said the positive contribution to the index came from Al Habib, OGDC, NBP, Mari Petroleum and Meezan Bank, which was collectively added 371 points. On the other hand, the sale of stocks at Engro Holdings, Pakgen Power and Lucky Cement wiped 255 points.

Market participation was strong, as total volumes of negotiations reached 1.22 billion shares and the negotiable value hit $ 26 billion, he added.

Arif Habib limited Deputy Chief of the Ali Najib negotiation described it as “a day of unification in front of MPs (Monetary Policy Statement)”.

He said that the PSX had a session connected to the range and ended in a relatively flat note at 122,225, up 82 points. The state bank maintained its report rate at 11%, as expected from the road.

During the day, the reference index fell between 121,890 and 122,903 levels, making them the low and high of the day, respectively. Investors have chosen a careful approach in the midst of increasing geopolitical tensions in the context of Iran-Israel’s conflict, Najib said.

Among corporate news, the Board of Directors Fauji Fertilizer Company (FFC, -0.26%) approved the submission of an expression of interest for the Pia Holding Company (+7.95%), as the government was planning to sell a 51-100%share of PIA until the 19th of June.

“Market direction depends on developments in the Middle East and 120,000 serves as basic support. With improved stability, the index could target 130,000 in the short term,” he expects. JS Research Anis Naviwala analyst said the Stock Exchange opened in a positive note, touching the high of 122,903, but failed to keep the momentum. It closed at 122,225 as profit was later appeared at the Summit. On the financial front, the state bank maintained the policy of politics unchanged at 11%, aligning with expectations. Commercial activity is dominated by small capital stocks, reflecting short -term speculative interest, he said.

“We advise investors to maintain a careful attitude and avoid the offensive report for now.

The total trading volumes amounted to 1.22 billion shares compared to 968.3 million on Friday. The value of the shares traded was 25.7 billion Rs. The shares of the 471 companies negotiated, of which 282 reserves closed higher, 159 decreased and 30 remained unchanged.

Among the volume leaders, WorldCall Telecom saw transactions in 267.1 million shares, earning 17 paisa in RS1.62 per share. This was followed by Pervez Ahmed Consultancy with a negotiation of 92.03 million shares, earning a rupee in RS3.93 and first capital with 86.02 million shares, higher by 79 Paisa in RS3.85. Foreign investors bought shares worth 243.5 million Rs, the National Clearing company said.