Stock market index KSE-100 concludes its session without change, following a turbulent trading period
Pakistan Stock Market Experiences Slight Decline Amidst Global Anticipation
The Pakistan Stock Exchange (PSX) witnessed a collective decline of 278 points on Wednesday, with significant drops in HUBC, MEBL, OGDC, PPL, and UBL contributing to the downturn. Despite this, the KSE-100 Index began trading on a positive note, reaching an intra-day high of 157,196.58. However, profit-taking later in the day caused the index to drop to an intra-day low of 155,960.35, with the index settling at 156,177.81, a slight decrease of 3.13 points.
On Tuesday, the PSX extended its winning streak. Positive performances by SYS, LUCK, and BOP contributed a combined 322 points to the benchmark. WorldCall Telecom was the volume leader with 137.77 million shares, followed by Media Times Ltd with 94.00 million shares, and B.O.PunjabXD with 84.07 million shares.
Globally, shares edged lower as markets awaited an anticipated rate cut by the US bank. US stock futures, the S&P 500 e-minis, crept up 0.1%, while European and US stock futures were firmer after a largely soft cash session overnight. The pan-region Euro Stoxx 50 futures were up 0.35%, German DAX futures gained 0.4%, and FTSE futures added 0.2%.
Internationally, the Bank of Canada is expected to cut rates on Wednesday to contend with a flagging labour market and trade frictions. The head of the Bank of Canada who will consider a possible interest rate cut on Friday is Governor Tiff Macklem. The main focus beyond the rate decision will be on Chair Jerome Powell's comments on the outlook for US monetary policy.
In positive news, the Pakistani rupee maintained its positive momentum against the US dollar, appreciating marginally in the inter-bank market. At close, the rupee settled at 281.50, a gain of Re0.01 against the greenback. The Ministry of Finance stated that Pakistan's debt trajectory is more sustainable today than suggested by headline rupee figures.
Meanwhile, Japan's Nikkei stock index slid 0.1% after a record close on Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%.
Volume on the all-share index increased to 1,499 million from 1,356 million recorded in the previous close. The value of shares rose to Rs48.85 billion from Rs43.28 billion in the previous session.
The declines in Pakistani stocks come as global markets await key decisions from central banks, with the US bank expected to cut its benchmark interest rate by a quarter of a percentage point. The decisions and subsequent comments from these central banks are likely to have significant impacts on global stock markets in the coming days.
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