The Equity market rose to a fresh high time and crossed the 154,000 mark for the first time on Friday with a mood driven by lasting liquidity streams and selective sector attachments.
Pakistan Stock Exchange’s (PSX) Benchmark KSE-100 index climbed up to an intraday height of 154,511.31, getting 1,845.59 points or 1.21%while touching a low of 153,129.78, up 464.06 points or 0.3%from the previous close to 152,665.72.
“Net purchases continue based on the purchase of mutual foundations, overall positive liquidity hunting limited shares,” said Aah Soomro, an independent investment and financial analyst.
“HUBC and cement have seen a good demonstration because of the good payment of HUBC and the potential rescheduling of the cement sector based on the acquisition of a player,” he added.
Pakistan’s currency reserves that the central bank had rose by $ 28 million to $ 14,302 billion during the week ending August 29, the State Bank of Pakistan (SBP) reported on Thursday.
The country’s total fluid foreign reserves rose by $ 42 million to $ 19.66 billion, while business banks’ reserves rose by $ 14 million to $ 5.357 billion. SBP’s reserves are now sufficient to cover 2.62 months of imports.
This marked the fourth consecutive weekly increase in SBP reserves. The bank did not specify the reasons for the increase in its weekly statement, but the improvement of the external account driven by strong transfers, combined with continued currency purchase of SBP, has been an important factor.
Treasury Bill (T-BILL) yield remained largely stable on Wednesday, signaling that investors do not expect any immediate interest rate change due to concern over the inflation pressure following flash flooding. The government raised RS491 billion from the auction over T bills and exceeded its target of RS400 billion, but during maturity of RS824 billion.
The yield with one month T-bill dropped by 15 basic points (BPS) to 10.75%, while the yield in the three months and six-month papers kept stable at 10.85%. The 12 -month yield also remained flat at 11%. Separately, the government raised RS36.7 billion through a Pakistan investment bond bond auction.
On Thursday, KSE-100 rose by 463.85 points or 0.3%to 152,665.72 points from 152,201.88 points in the last session. Today’s highest index was 153,411.06 points, while the lowest level stood at 152,264.97 points.
