LAHORE - The KSE 100-index of Pakistan Stock Exchange experienced a lackluster session as in anticipation of the mini-budget on January 23, investors adopted a wait and see approach. Moreover, with results season starting next week investors’ remained cautious. Resultantly, the index remained relatively unchanged and lost only 28 points (or -0.07 percent), closing at 39,244 level.
Sector-wise, oil & gas exploration companies, chemicals and commercial banks were the worst performers chipping away 49 points, cumulatively. While on the other hand, the tobacco and cement sector helped limit the index by adding 46 points, cumulatively.
Investor participation also improved as traded volumes rose by 13 percent to 105m, while traded value rose by 17 percent to $39m.
The large-scale manufacturing sector shrank 0.6 percent during November, the Pakistan Bureau of Statistics (PBS) reported. The LSM decrease in November came on the back of 21.3 percent decline in production of engineering products, 18 percent food products, 16.3 percent fertilisers, 10.2 percent chemicals, 4.5 percent leather products, 2.7 percent petroleum products and 54.5 percent wood production.
Textile and clothing proceeds recorded an uptick of 0.06 percent YoY to $6.64b during 1HFY19. The government has agreed to abolish 0.02 percent advance tax on sale and purchase of shares in the upcoming mini-budget. It was a major demand of the stock market players.