Pakistan rupee witnessed pressure in the interbank earlier today and was trading close to Rs 108, down around 3% from yesterday’s close of Rs 104.91. During the last 10 years, Pakistan rupee has devalued annually by 5%.
The Finance Minister recently stated that a nominal Pakistan Rupee devaluation of 4-5% maybe realistic on one of his speeches last month.
Aside from this, Pakistan Stock Exchange gained 962 points in intraday trading today and closed on a flat note with +19.36 points or 0.04% gain with 45,413 points despite Maryam Nawaz’s investigation by the JIT today. Individual investors still preferred to remain on the sidelines.
The market opened negative and quickly made a recovery. Trading had started on a negative note with the benchmark index losing 242 points to reach 45,152.63 points. The benchmark index rallied back to register 962 points in intraday today.
Local Equities took the depreciation of the Rupee positively as the market was up by 2% during the intraday trading and positive trends were seen in Oil and Gas Exploration, Power (IPP’s) and textile sectors. Later, the index experienced some selling pressure and closed on a flat note. The index tested the day’s high at 46358.26 points. The day’s low of 45152.63 came towards market close.
Overall the volumes were better than yesterday, 204 million shares were traded, While in KSE 100 index, 108 million shares changed hands with a total worth of nearly Rs 10.16 billion.
COMMERCIAL BANKS was the top traded sector with a total traded volume of 31,470,400 shares. It was followed by TECHNOLOGY AND COMMUNICATION with a total traded volume of 28,525,000 shares and ENGINEERING sector with a total traded volume of 28,407,000.
Shares of 358 companies were traded. At the end of the day, 157 Stocks closed higher, 186 declined while 15 remained unchanged.
TRG Pak Ltd was the volume leader with 17.43 million shares, losing Rs 1.89 to close at 36.14 It was followed by Bank of Punjab with 16.25 million shares, gaining Rs 0.08 to close at Rs 37.99, Engro Polymer with 8.82 million shares, losing Rs 0.36 to close at Rs 34.54 and World Call Telecom with 8.78 million shares, losing Rs 0.10 to close at Rs 2.88.
The top advancers of the market were:
Top decliners of the market were: