KSE-100 closes fiscal year 2022-23 on flat note

The Pakistan Stock Exchange (PSX) saw a mixed session on Tuesday and the KSE-100 Index gained a meagre 16 points to end the fiscal year on a flat note.

Sudden increase in interest rate by the State Bank of Pakistan (SBP) in an emergency meeting on Monday added downside pressure while anticipation of resumption of the International Monetary Fund (IMF) programme encouraged cherry picking.

At close, the benchmark index settled at 41,452.68, an increase of 15.58 points or 0.04%.

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Following a downward open, the KSE-100 Index traded in red zone in early hours. At midday, the market began its ascent and maintained the rising trend throughout the session.

Index-heavy chemical and banking spaces closed with gains while cement segment closed with a loss. On the other hand, automobile, fertiliser and oil sectors saw mixed trading.

A report from Capital Stake added that investors at the PSX endured a volatile session on Tuesday.

“Indices oscillated between both zones until finally closing flat,” it said. “Volumes appreciated from last close.”

A report from Arif Habib Limited (AHL) stated that the short week concluded with a range-bound session at the PSX.

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“The benchmark KSE-100 index opened negative after the SBP raised interest rates by 100bps in a last-ditch MPC meeting on Monday in an attempt to resume the stalled IMF program,” it said. “The market traded in the red for the majority of the day, but it ended in the green as investors chose to add value to their portfolios.”

Across the board, volumes remained healthy, the report underlined.

On a yearly basis, KSE-100 closed at almost the same level in rupee terms while it is down by 29% in dollar terms during FY23, said a statement from AHL.

“KSE-100 index went down by 0.2% during FY23 and closed at 41,452 down by 88 points,” it said.

On the economic front, rupee registered back-to-back gains against the US dollar with an appreciation of 0.25% or Re0.72 in the inter-bank market on Tuesday to close at 285.99.

Sectors driving the benchmark KSE-100 index north included, banking (120.16 points), power generation and distribution (9.68 points) and tobacco (9.68 points).

Volume on the all-share index spiked to 234.8 million from 226.8 million on Monday, while the value of shares traded also jumped to Rs7.5 billion from Rs7 billion recorded in the previous session.

BankIslami was the volume leader with 17.4 million shares followed by WorldCall Telecom with 11.6 million shares and Oil and Gas Development Company with 10.9 million shares.

Shares of 308 companies were traded on Tuesday, of which 137 registered an increase, 156 recorded a fall and 15 remained unchanged.