Daily Times

The KSE 100 Index has gained of 0.75% or 286.49 points to close at 38,212 levels as PSX advance amid positive sentiments.

Earlier, the market sentiments were built upon potential rate cut in the benchmark interest rates by the state bank of Pakistan (SBP), however, major brokerage houses and financial experts and analysts projected policy rate to remain unchanged at 13.25%, and thus the expectations altered and remained steadfast. On Friday SBP kept interest rates unchanged which was consistent with the market expectation.

The index traded in a range of 448.75 points or 1.18 per cent of the previous close, showing an intraday high of 38,289.28 and a low of 37,840.53.Sectors that propped up the index were Commercial Banks with 116 points, Cement with 77 points, Fertilizer with 23 points, Pharmaceuticals with 20 points and Technology & Communication with 15 points.

The index chart was led by Lucky Cement Limited which contributed 47 points followed by Muslim Commercial Bank with 38 points, Habib Bank Limited with 27 points, UBL with 19 points and Fauji Fertilizer Company with 18 points.

Sector-wise, the index was dragged down by Power Generation & Distribution with 18 points, Investment Banks with 13 points, Oil& Gas Exploration Companies with 7 points and Glass & Ceramics with 3 points.

Pakistan Petroleum Limited tripped the index of 26 points followed by Hub Power Company Limited with 18 points, Dawood Hercules Corporation Limited with 14 points, Shifa International Hospitals Limited with 7 points and Thal Limited Company with 4 points. Meanwhile, Advisor to Prime Minister on Finance, HafeezShaikh, expressed full confidence in the Pakistan Stock Exchange (PSX), calling it one of the best stock markets across the globe.Addressing Pakistan Innovative Finance Forum, organized by the Asian Development Bank in Islamabad, DrHafeez Shaikh said international confidence was being restored in the Pakistani economy. “The economy of the country has been put in the right direction introducing effective reforms” he said.

He said the government is fully committed to good governance, transparency and restoring financial discipline to ensure ease of doing business in the country. He went on to explain that the PSX has been expanding its volume, and investors are gaining back their confidence due to the positive policies of the present government.