KSE-100 rebounds after early sell-off to close over 800 points up
By Zohaib2 min read
Pakistan’s benchmark index, KSE-100, rebounded late afternoon on Monday after a dip in early intraday trading to close in the green, up 0.48 per cent from its last close.
The index closed at 185,057.83 points, an increase of 883.35 points from its previous close of 184,174.48 points. Trading volumes remained healthy at 215.8 million at a value of Rs28.594 billion. he index had been down 0.18 per cent from its previous close of 184,174.48 points at 11:20am, to 183,840.03 points. However, by 3:00pm, KSE-100 had recovered to the 185,135 level, up 960 points (advancing 0.52pc) from last week’s close.
The early drop came on the heels of a particularly turbulent week for Pakistan’s equities market. The index lost over 6,000 points last Thursday after the State Bank of Pakistan kept interest rates unchanged. The index had rebounded slightly to close in the green on Friday.
On Monday, the top active stocks were led by First National Equities Limited, with a volume of 191,182,675, down 6.78pc to Rs1.65, followed by Hascol Petroleum Limited with a volume of 51,506,799, down 2.15pc Rs25.92, and K-Electric Limited, with a volume of 38,314,192 up 0.14pc to Rs7.11.
Earlier, Shoaib Memon, executive vice president of equities at AKD Securities, said the reaction of the central bank’s decision to maintain the key policy rate at 10.5pc should have a “short-term” negative reaction, and that even within US-Iran geopolitical tensions, “positive sentiment” would prevail.
According to a technical analysis from brokerage firm Arif Habib Limited, last week’s setup sets a “renewed attempt to break above the recently established resistance zone of 184,570-185,625 points”. The firm also noted that a breakout “above this band would open the door for a test of the next major resistance area at 186,125-186,700 points”.
Additionally, “immediate support is seen between 183,700 and 182,200” and “a clear breach below this range would reinforce bearish pressure and could lead to further declines”.
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The index closed at 185,057.83 points, an increase of 883.35 points from its previous close of 184,174.48 points. Trading volumes remained healthy at 215.8 million at a value of Rs28.594 billion. he index had been down 0.18 per cent from its previous close of 184,174.48 points at 11:20am, to 183,840.03 points. However, by 3:00pm, KSE-100 had recovered to the 185,135 level, up 960 points (advancing 0.52pc) from last week’s close.
The early drop came on the heels of a particularly turbulent week for Pakistan’s equities market. The index lost over 6,000 points last Thursday after the State Bank of Pakistan kept interest rates unchanged. The index had rebounded slightly to close in the green on Friday.
On Monday, the top active stocks were led by First National Equities Limited, with a volume of 191,182,675, down 6.78pc to Rs1.65, followed by Hascol Petroleum Limited with a volume of 51,506,799, down 2.15pc Rs25.92, and K-Electric Limited, with a volume of 38,314,192 up 0.14pc to Rs7.11.
Earlier, Shoaib Memon, executive vice president of equities at AKD Securities, said the reaction of the central bank’s decision to maintain the key policy rate at 10.5pc should have a “short-term” negative reaction, and that even within US-Iran geopolitical tensions, “positive sentiment” would prevail.
According to a technical analysis from brokerage firm Arif Habib Limited, last week’s setup sets a “renewed attempt to break above the recently established resistance zone of 184,570-185,625 points”. The firm also noted that a breakout “above this band would open the door for a test of the next major resistance area at 186,125-186,700 points”.
Additionally, “immediate support is seen between 183,700 and 182,200” and “a clear breach below this range would reinforce bearish pressure and could lead to further declines”.
Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.
