Stock Market's KSE-100 Index ends almost unchanged; late-day selling undoes intra-day advances
Headline: Asian Markets Mixed as Global Central Banks Adjust Policies; Nikkei Hits Record, Pakistani Rupee Strengthens
The Japanese Nikkei index notched a new record this week, driven by expectations that the Bank of Japan would once again forgo a rate hike. Despite selling in the final hours, the index is still on track for a weekly rise of 0.5%, hovering close to its four-year highs, closing at 158,037.37, up by 83.90 points or 0.05%.
Elsewhere in Asia, the KSE-100 Index in Pakistan started the session positively, reaching an intra-day high of 159,337.46. The KSE-100 Index increased 2.3% on a week-on-week basis, propelled by institutional buying and liquidity.
In contrast, Chinese blue chips inched up 0.2%, while Hong Kong's Hang Seng eased 0.3%. Asian shares are expected to end the current central week in positive territory, buoyed by hopes of more monetary stimulus around the world. However, MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3% on Friday.
Central banks in the United States, Canada, and Norway reduced interest rates this week, while the Bank of England held steady. The Bank of Japan is anticipated to maintain its easy monetary policy unchanged on Friday amid domestic political uncertainties.
Meanwhile, the Pakistani rupee maintained its positive momentum against the US dollar, appreciating marginally in the inter-bank market on Friday. This was the rupee's 31st consecutive gain against the greenback. At close, the rupee settled at 281.46, a gain of Re0.01 against the US dollar.
Volume on the all-share index increased to 2,047 million, and the value of shares rose to Rs69.27 billion. The market witnessed a range-bound trading day due to a tug of war between optimistic investors and cautious participants, according to Topline Securities.
Cnergyico PK was the volume leader, with 170.30 million shares, followed by B.O.PunjabXD with 167.28 million shares, and WorldCall Telecom with 163.00 million shares. The largest shareholder of Cnergyico PK on Friday, August 14, was not publicly available in the provided data.
Stock options, index options, and stock index futures all expire on Friday, leading to increased trading activity and potential market volatility. On Thursday, the Pakistan Stock Exchange closed on a bullish note, with the KSE-100 surging 1,775.65 points or 1.14%.
There is a lot for investors to consider leading into an expected phone call between President Donald Trump and his Chinese counterpart Xi Jinping. Both Nasdaq futures and S&P 500 futures were little changed.
In total, 486 companies were traded on Friday, of which 189 registered an increase, 266 recorded a fall, and 31 remained unchanged.
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