Saturday, September 24, 2022
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Experts predict that the SBP will raise interest rates at its next monetary policy meeting, causing today’s PSX index to be mixed.

Due to a rising Pak Rupee and a downturn in the commodities price cycle, the market began on a bullish note. The Cyclicals (Cement and Steel) sector saw institutional investors purchasing. Following that, the market had mixed sentiment, with investors opting for profit taking, particularly in the cement industry, in anticipation of an interest rate rise by the SBP in the impending monetary policy. Investors’ activity remained subdued as the index hit a physiological threshold of 47000 points.

Also read: July-September, the SBP levies fines on banks totaling Rs465 million

The Index closed at 47,113 pts as against 46,975 pts showing an increase of 138.14 pts (+0.3% DoD). Sectors contributing to the performance include Technology (+120pts), Banks (+57pts), Engineering (+16pts), Leather (+15pts) and Refinery (+14pts).

Volumes decreased from 430mn shares to 306.2mn shares (-28.8% DoD). Average traded value also decreased by 6.7% to reach US$ 80.81mn as against US$ 86.4mn.

Stocks that contributed significantly to the volumes include BYCO, TELE, FNEL, HUMNL and WTL.

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