Another testing session was witnessed on Friday in the Pakistan Stock Exchange (PSX) due to which the KSE-100 index decreased by 440 points and the trading level came down to 78029. 51, down by 0. 56 percent. Market turnover was limited and oscillatory since the trading was prompted by pre- monetary policy meeting dated June 29. Gains in BAHL, BAFL, UBL, HUBC, and PAKT at 216, and losses in HBL, OGDC, MEBL, PSO and SYS at -258.
During the week cut by 1. 6%, due to the politically unstable situation in the country, and profit trimming emerged at around 80000 marks on KSE-100. Roller-coaster trading was observed at such stock broking firms as Ismail Iqbal Securities citing rollover week for the fluctuations. Economists predict that SBP can reduce its interest rate at this month’s policy meeting after the IMF deal and new budget, measures such as new taxes and electricity tariff hikes.
There was a slight growth in profit-after-tax of Sui Northern Gas Pipelines Limited (SNGPL) and it was recorded at Rs10. 56 billion for the fiscal year 2009-2010 ended on June 30, 2010. The local currency was 275 spot this week, this is however slightly better than the previous week in Pakistan as the rupee was up by 0. 03 % against the greenback at 278. 34.
Trading intensity dropped to 278. 38 million shares from 327. 28 million, but the value turned to be Rs11. 62 billion from Rs15. 28 billion. While K-Electric Ltd dominated the trading with a turnover of 15,227,723 shares, Sui Northern Gas crossed the 14. 83 million shares traded mark and WorldCall Telecom traded with 14,222,123 shares. Thus, of the 429 companies listed, 114 improved in value, 255 declined, and 60 were flat.