KARACHI: In a volatile session, the equities market closed in the green on Tuesday on rising hopes of an imminent interest rate cut following a sharp dece­l­eration in CPI-based inflation to 20.68 per cent in March.

Ahsan Mehanti of Arif Habib Corporation Ltd said the market showed recovery as investors weigh the 22-month lowest inflation reading below the Ministry of Finance’s projection of 23.5pc, which is expected to pave the way for a reduction in the State Bank’s policy rate next month.

He said the surging glo­bal stocks and crude oil prices, deliberations over priv­atising loss-making sta­te-owned enterprises and exchange rate stability hel­p­ed the index stay bullish.

Topline Securities Ltd. said the trading began on a positive note, as the KSE 100-share index gained 163 points, climbing to an intraday high of 66,960, just below the 67,000 level.

However, a section of investors indulged in profit-taking at the day’s high, trimming early gains. The cautious market players preferred to stay on the sidelines ahead of the Eidul Fitr holidays, starting April 9, and the absence of any trigger that may influence market direction.

As a result, the KSE-100 index closed at 66,886.26 points after eking out 89.94 points, or 0.13 per cent, from the preceding session.

The overall trading volume edged higher 0.34pc to 239.6 million shares. The traded value was also up 6.94pc to Rs8.94bn on a day-on-day basis.

Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (32.34m shares), Pakistan Telecom­mu­nication Company Ltd (27.13m shares), Pak Reinsurance Ltd (13.12m shares), Telecard Ltd (9.53m shares) and Flying Cement Ltd (7.38m shares).

The shares registering the most significant incre­ases in their share prices in absolute terms were Hallm­ark Company Ltd (Rs39.60), Pakistan Servi­ces Company Ltd (Rs34.50), Sazgar Engine­ering Company Ltd (Rs22.43), Murree Brewery (Rs22.11) and Atlas Honda Ltd (Rs14.00).

The companies registering the major decreases in their share prices in absolute terms were Pakistan Tob­­a­cco Company Ltd (Rs47.85), Abbott Lab Ltd (Rs23.22), Mari Petroleum Ltd (Rs22.02), Blessed Tex­tile Ltd (Rs19.80) and Indus Motor Company Ltd (Rs17.11).

Foreign investors remai­ned net buyers as they pic­ked shares worth $0.42m.

Published in Dawn, April 3rd, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Broken promises

Broken promises

Perhaps the biggest impediment to the successful mainstreaming of ex-Fata and its development has been the lack of funding.

Editorial

Wake-up call
Updated 09 Nov, 2024

Wake-up call

Pakistan must heed UN's wake-up call and bring its laws and practices in line with its international human rights obligations.
Foreign banks’ exit
09 Nov, 2024

Foreign banks’ exit

WHY are foreign banks leaving Pakistan? In the last couple of decades, we have seen a number of global banking...
Kurram protest
09 Nov, 2024

Kurram protest

FED up with the state’s apathy towards their plight, the people of Kurram tribal district took to the streets on...
IHK resolution
Updated 08 Nov, 2024

IHK resolution

If the BJP administration were to listen to Kashmiris, it could pave the way for the resumption of the political process in IHK.
Climate realities
08 Nov, 2024

Climate realities

THE Air Quality Index in Lahore once again shot past the 1,000-level mark on Wednesday morning, registering at an...
Rule by fear
08 Nov, 2024

Rule by fear

THE abduction of an opposition MNA, as claimed by PTI, is yet another grim episode in Pakistan’s ongoing crisis of...