Friday Oct 29, 2021
KARACHI: The Pakistan Stock Exchange (PSX) closed the futures rollover week on a positive note with a gain of over 270 points. The benchmark KSE-100 index recorded an increase of 272.84 or 0.59% to settle at 46,218.92 on Friday.
The index oscillated between red and green zones as certain sectors experienced selling pressure. Investors were concerned over the subdued economic growth and soaring inflation numbers, which prevented the market from advancing further.
However, encouraging corporate results coupled with appreciation in Pakistani rupee helped the index close the day with nominal gains.
Earlier, trading began on a positive note, however, the bourse failed to sustain the momentum and the first session remained largely in the red. However, after trading resumed in the second session the index started moving towards the north and managed to end the session with gains.
Arif Habib Limited in its monthly report noted that after remaining jittery initially, the benchmark equity bourse recovered towards the end of the month, with the index closing up 1.319 points to 46,219 (up by 2.9%).
"With the measures taken to curtail imports, we saw current account deficit coming down 24% month-on-month to $1.1 billion during September 2021," it read.
The report added that the recent assistance from Saudi Arabia in form of SAFE deposits and oil facility brought sentiment to the market which was already under pressure due to uncertainty regarding the talks between the International Monetary Fund and Pakistan, depreciation of Pakistani rupee against US dollar and increasing inflationary pressure.