The PSX saw a green session today as the benchmark index gained 294.54 points or +0.76% to close at 38,819.65 points. There was no sign of stability in the exchange rate on Tuesday as the rupee lost 1.8 percent value against the dollar.
Players in both interbank and open markets struggled to assess the extent of the ongoing rupee slide as the currency depreciated on the third consecutive day. The greenback went as high as Rs 111.50 during the day in the interbank market and closed at Rs110.50.
The market saw an intraday high of +359 points to reach a high of 38,884.89 points today. Major laggards of the market were OGDC -26.01 points, UBL -12.15 points and HBL -8.95 points.
Major gainers of the marker were MCB +42.96 points, EFERT +25.71 points, and ENGRO +24.59 points.
Whereas Ogra dismissed the perception that a revised tariff regime proposed for natural gas supplies had brought down stock prices of public gas utilities, saying the investor reaction was based on pure speculation.
The stock prices of SSGC and SNGP have sunk due to speculation and nothing else.
Ogra Chairperson Uzma Adil Khan revealed that the regulatory authority had received feedback that some quarters were manipulating the proposed gas tariff mechanism for vested interests.
She was of the view that stock prices of Sui Northern Gas Pipelines (SNGPL) and Sui Southern Gas Company (SSGC) were on the wane because of the prevailing economic situation and they had nothing to do with the proposed tariff regime and draft Third Party Access Rules 2017.
SSGC was closed at Rs 27.97 gaining Rs+0.98 and SNGP was closed at Rs 90.58 gaining Rs+3.58 today.A recent report by Bloomberg claimed that State Bank of Pakistan’s decision on Friday to devalue the rupee won’t be enough to prop up the ailing stock market and attract foreign investors, which has been beset by political tension and worrying economic indicators.
Mattias Martinsson, the Stockholm-based chief investment officer at Tundra Fonder in a comment to Bloomberg said, “I don’t think it is enough if the currency stabilizes around the current level. In our discussions with investors and potential investors, 80 percent of the discussion has been on the currency.’’
All shares index had a traded volume of 117.70 million shares today. Overall, stocks of 348 companies were traded on the exchange, of which 246 gained in value, 80 declined and 22 remained unchanged. In KSE 100, 70.07 million shares were traded with a net worth of just Rs 4.53 billion.
Top traded sectors:
K-electric Ltd was the volume 18.29 million shares, gaining Rs 0.10 to close at Rs6.38. It was followed by TRG Pak Ltd with 12.05 million shares, gaining Rs0.09 to close at Rs31.81, Azgard Nine with 6.76 million shares, gaining Rs 0.29 to close at Rs15.22 and Pak Electron with 5.50 million gaining Rs1.22 to close at Rs46.31.