KSE 100 index rises as stock market remains stable

KARACHI: After days of lacklustre performances which saw the indices in the red for most of the week, the stock market on Thursday finally stablised and recorded a minuscule change.

The benchmark KSE 100 index at the Pakistan Stock Exchange saw an increase of 4.81 points (0.01%) to close at 41,903.51 points. The bourse reached its reached its highest level at 41,982.70 points but failed to cross the 42,000 level which it lost yesterday. The total volume of scripts was 108.392 million valued at Rs5.424 billion.

Meanwhile, the lower KSE 30 index also witnessed a decline of 46.54 points (0.24%) to close at 19,346.47 points. The total volume of scripts traded was 63.982 million. Share prices were in the green contrary to the remainder of the week. The top active stocks were BOP (1.75%), AVN (5.48%), WorldCall (3.67%), MLCF (3.67%), TRG (0.41%), DGK Cement (0.14%), K-Electric (1.66%) and Fauji Cement (0.24%).

On Wednesday, the stock market dipped by over 400 points due to subdued investor confidence and lack of any positive triggers. The benchmark KSE 100 index dropped by 400.49, or a decrease of 0.96 percent, to close at 41,898.70 points.

The banking sector was the hardest hit as the State Bank of Pakistan announced the much anticipated monetary policy announcement. The central bank left the benchmark interest rate unchanged at 13.25% for the next two months citing the high inflation rate in the country.

 The policy was in line with market expectations but it failed to attract market participants as it meant that bank financing would remain expensive for the businesses. The stock market has been facing a dismal week over the lack of any positive or economic triggers.