Daily Times

KSE 100 Index ended an exorbitantly volatile session 0.04% lower, as the buying and selling contest continue in order to book profits. Absence of triggers resulted in selling pressure for investors. However, yesterday’s decline in PIB yields failed to drive up the index, as it indicated that the interest rate will remain steady, against the expectation that drove up the market.

Gaining 238.46 points, the benchmark KSE 100 Index posted its intraday high at 40,769.88. The index then retreated to day’s low at 359.10 after shedding 40,172.32 points. It closed lower by 17.25 points at 40,514.17. The KMI 30 Index added 23.69 points to end at 64,211.99, while the KSE All Share Index clenched 104.30 points, settling at 29,041.75.

The Index traded in a range of 603.42 points or 1.49 per cent of the previous close, showing an intraday high of 40,773.66 and a low of 40,170.24.All Share Volume decreased by 78.01 Million to 227.02 Million Shares. Market Cap increased by Rs.28.11 Billion.

Sectors propping up the index were Oil & Gas Exploration Companies with 53 points, Tobacco with 32 points, and Investment Banks with 27 points, and Chemical with 13 points.

The most points taken off the index included oil and gas marketing by 24.62 points, banking 24.54 points and cement 21.26 points. Bank Al Habib Limited tripped the index by 24 points followed by Sui Northern Gas pipeline Limited with 15 points, HUBC with 14 points, TRG with 12 points.

Meanwhile, Pakistan’s Forex Reserves increased by $54.90 Million ( 0.34%) and the total liquid foreign reserves held by the country stood at $16,048.10 Million on Dec 06, 2019.

According to data published by the State Bank of Pakistan (SBP) its reserves increased by USD 120.70 Million .

Furthermore, the SBP disclosed that during the week ending Dec 06, 2019 it made a repayment of Pakistan International Sukuk of $1,000 million. In addition to that, the SBP received $1,300 million from Asian Development Bank. These funds will be part of the SBP weekly reserves data as of Dec 13,2019 to be released on Dec 19, 2019.

In Asia: Stock markets traded mix, after the U.S. Federal Reserve signaled that it would not raise interest rates in 2020.The FED left interest rates unchanged on Wednesday, a decision that was largely anticipated – capping a year where the U.S. central bank cut its benchmark rate three times.

Investors also monitored developments ahead of the December 15th tariff deadline by U.S. on Chinese products.

South Korea’s Kospiled the gain as it traded 1.51% higher, as shares of Samsung Electronics and SK Hynix surged more than 2% each. Hong Kong’s Hang Seng traded1.31% higher, as shares of Chinese tech giant Tencent and insurer AIA surged over 2% per cent each.

Shares in mainland China were lower on the day. The Shanghai composite shed 0.3% to about 2,915.70.

Meanwhile, international oil prices have gained 0.46%, as OPEC forecast a smaller supply deficit next year. IEA pointed to pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected output by the United States and other non-OPEC countries.

The focus, however, was more on OPEC which said it now expected a small oil market deficit in the next year, suggesting the market is tighter than previously thought.

OPEC and others including Russia agreed last week to rein in output by an extra 500,000 bpd in the first quarter of 2020.