PSX overcomes early tremors to close in green

KARACHI: After early morning bumps, the Pakistan Stock Exchange (PSX) managed to stand its ground to end the session positive on Thursday. Indices traded in green for the most part of the day while volumes improved significantly.

The State Bank of Pakistan announced its monetary policy after the market hours. Interest rate has been increased by another 25 basis points (from 10pc to 10.25pc) in a bid to control the mounting fiscal deficit. Although this is in line with the expectations of economic analysts, the market analysts thought it would remain unchanged. The rate was hiked by 4.25pc in the last calendar year.

The Saudi crown prince is expected to visit Pakistan on February 16 to participate in an international investment conference. Furthermore, the Oil and Gas Regulatory Authority (OGRA) recommended a reduction of Rs4 per litre in the price of petroleum products.

The KSE 100 index touched its intraday high of 40,860.79 after gaining 253.67 points shortly before the close. It finally settled higher by 192.40 points at 40,799.52. Meanwhile, after gathering 419.83 points, the KMI 30 index closed at 68,267.23, while KSE All Share index ended positive at 29,663.42 (up by 32.14 points). Out of total traded scripts, 230 advanced, 101 declined while the prices of 19 remained unchanged.