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Stocks close in green amid thin trade

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  • Stock market traded between hope and despair.
  • KSE-100 index gains 30.95 points to close at 42,761.19.
  • Shares of 334 companies were traded during the session.

KARACHI: Pakistan Stock Exchange (PSX) saw lacklustre activity on Monday but the benchmark KSE-100 index, after oscillating in a narrow band, managed to close in the green zone.

Sceptical investors adopted a cautious approach amid the continuous depreciation of the Pakistani rupee against the US dollar, mainly owing to the growing risk of defaulting and the absence of a timeframe regarding incoming financing from Saudi Arabia and China, which kept the mainboard stocks under pressure.

On the contrary, investor confidence received a boost on news of Pakistan’s current account deficit data which yawned $204 million in October 2022 as compared to September’s $363 million.

Owing to the mixed sentiments, the benchmark KSE-100 index moved in a narrow range of an intra-day high and low of 42,853.94 and 42,664.53 points, respectively to finally settle with decent gains.

The market, after opening on a positive note, witnessed fluctuations since the beginning of the session. The bourse traded between hope and despair, which eventually let loose the bulls who dragged the bourse into the green.

In initial trading, the index touched an intra-day high of 42,853.94 points, but it soon came down and remained in the red till midday. However, a buying spree in the final hour propelled the index into positive territory.

The benchmark KSE-100 share index gained 30.95 points or 0.07% to close at 42,761.19 points.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

Arif Habib Limited in its post-session commentary noted that a range-bound session was witnessed at the PSX today.

The KSE-100 index opened on a positive note but a lack of investors’ confidence dragged the index to trade in a narrow range. Mainboard volumes remained dry although decent volumes were observed in the third-tier stocks.

Sectors contributing to the performance included technology and communication (+97 points), commercial banks (+17 points), miscellaneous (+9.7 points), transport (+6.4 points), and oil and gas marketing companies (+6 points).

Shares of 334 companies were traded during the session. At the close of trading, 150 scrips closed in the green, 156 in the red, and 28 remained unchanged.

Overall trading volumes declined to 132.94 million shares compared with Friday’s tally of 189.28 million. The value of shares traded during the day was Rs4.57 billion.

Worldcall Telecom was the volume leader with 14.12 million shares traded, losing Rs0.04 to close at Rs1.41. It was followed by TRG Pakistan with 10.23 million shares traded, gaining Rs5.02 to close at Rs146.57 and Unity Foods with 17.13 million shares gaining Rs0.41 to close at Rs17.13.

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In a first for history, PSX crosses the 77,000 milestone.

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At 77,213.31, the benchmark KSE-100 hit an all-time high, up 1,005.15, or 1.32%, from the previous close of 76,208.16.

The government’s readiness to seal an agreement with the International Monetary Fund (IMF) following the budget was cited by analysts as the reason for the upward trend.

Experts anticipate that in an attempt to bolster its position for a fresh bailout agreement with the International Monetary Fund (IMF), the budget for the fiscal year ending in June 2025 would set aggressive fiscal goals.

Budget for Pakistan, 2024–2025
Pakistan’s budget for the fiscal year 2024–25, with a total expenditure of Rs18.877 trillion, was presented on Wednesday by Minister of Finance and Revenue Muhammad Aurangzeb.

The Finance Minister, Muhammad Aurangzeb, outlined the budget highlights. He stated that the GDP growth target for the fiscal year 2024–25 is set at 3.6 percent, while the inflation rate is anticipated to stay at 12 percent.

He stated that while the primary surplus is anticipated to be 1.0 percent of GDP during the review period, the budget deficit to GDP is forecast to be 6.9 percent over the period under review.

According to the minister, tax income collection increased by 38% in the current fiscal year, and the province will receive Rs7,438 billion. The Federal Board of income expects to earn Rs12,970 billion in revenue for the upcoming fiscal year.

In contrast to the federal government’s projected net income of Rs9,119 billion, he stated that the federation’s non-tax revenue projections are set at Rs3,587 billion.

The federal government’s total outlays are projected to be Rs18,877 billion, with interest payments accounting for the remaining Rs9,775 billion.

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Pakistan currently has $14.38 billion in foreign exchange reserves.

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Pakistan’s commercial banks’ reserves, which stood at $5.28 billion at the conclusion of the week ending on June 7, rose by US$174 million, according to a central bank statement.

Reserving US$6.2 million less, the SBP now has US$9.10 billion in reserves. The causes for the decline in the reserves it had were not disclosed by the central bank.

The SBP released a statement that stated, “SBP reserves decreased by US$ 6 million to US$ 9,103.3 million during the week ended on 07-June-2024.”

The State Bank of Pakistan’s (SBP) foreign exchange reserves were reduced by US$ 63 million as a result of repaying external debt, with the reserves standing at US$ 9.093 billion as of earlier on June 6.

The central bank spokesperson said in a statement that as of the week that concluded on May 31, the nation’s total liquid foreign reserves were $14.31 billion.

In terms of net foreign reserves, commercial banks have US$ 5.22 billion of the overall foreign reserves, according to the SBP.

SBP reserves dropped by US$ 63 million to US$ 9,093.7 million during the week that ended on May 24, 2024, according to the announcement.

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In the local market, the price of gold plummets to Rs240,700/tola.

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Gold with a 24-karat purity level has dropped by Rs1200/tola on the local market.

Each tola of 24-karat gold is now selling for Rs240,700, with a further drop of Rs1029 bringing the price of 10 kilos of gold to Rs206,361. These figures are courtesy of the All Sarafa and Jewelers Association.

Meanwhile, after a $2 decline on the global market, one ounce of gold will be valued $2315.

A tola of gold was worth Rs 600 more on Wednesday.

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