PSX declines by nearly 1% amid investor focus on Monetary Policy meeting

In today’s financial update, the Pakistan Stock Exchange (PSX) opened the week on a downbeat note, as the benchmark KSE-100 index experienced a decline of 628.33 points, or 0.98 per cent, settling at 63,184.74 by 10:20 am PST.

Investor focus is keenly directed towards the impending Monetary Policy Committee meeting later today. 

Expectations loom large that the central bank will maintain the policy rate unchanged, although some are optimistic about the possibility of a marginal rate cut.

The KSE-100 index witnessed a trading volume of 19.534 million shares. Notably, the underperformance is attributed to key sectors, with fertiliser, commercial banks, oil and gas exploration companies, oil and gas marketing companies, and cement collectively contributing to the index’s dip by 138.49, 135.75, 111.02, 40.79, and 39.84 points, respectively.

Specific companies weighing down the index include EFERT with 81.35 points, PPL with 56.52 points, OGDC with 45.06 points, MEBL with 39.27 points, and MCB with 30.37 points.

In the broader market scenario, the All-Share index is trading at 42,871.61, witnessing a net loss of 341.49 points.

It is noteworthy that during the fiscal year, the KSE-100 displayed substantial growth, gaining 21,732 points, or 52.43 per cent. In the ongoing calendar year, there has been a cumulative increase of 734 points, equivalent to 1.17 per cent. 

Investors are navigating a dynamic landscape, closely monitoring the evolving economic indicators and anticipating the outcomes of the central bank’s policy decisions.