KSE-100 at 171,168 in Monday trade, rupee flat at 277.25: what moved

The KSE-100 was at 171,168.40 at 12:38pm on Monday, up 283.82 points (0.17 percent) on Friday's close of 170,884.58, according to the Pakistan Stock Exchange data portal.

It was not a straight line. The index touched 171,732.62 at its high and dipped to 170,902.75 at its low, a band of about 830 points, which is a normal Monday morning for a market this size and not a sign of anything breaking.

The KSE-30 moved barely at all, up 7.72 points to 50,890.71, a gain of 0.02 percent. When the broad index rises three times faster than the 30-share index, the buying is sitting outside the largest blue chips.

What carried the index

Javedan Corporation was the single biggest contributor, up 2.87 percent to Rs 145.65 and worth 28 index points on its own. The Hub Power Company added 21.14 points, up 0.29 percent to Rs 204.40. D.G. Khan Cement rose 0.76 percent to Rs 197.56 for 11.74 points, and Habib Bank added 9.56 points at Rs 303.49.

TRG Pakistan was up 1.01 percent at Rs 51.20 and Pakistan International Bulk Terminal gained 1.16 percent to Rs 15.67. Systems Limited barely moved, up 0.09 percent at Rs 122.06.

What held it back

Banks were the drag. United Bank fell 0.12 percent to Rs 429.00 and cost the index 15.87 points, the largest single negative. Bank Alfalah was down 0.26 percent at Rs 57.00 for a 7.71 point drag. National Bank slipped 0.07 percent to Rs 170.43.

K-Electric was off 0.44 percent at Rs 6.79 and Cnergyico fell 0.39 percent to Rs 12.87. Oil and Gas Development Company was flat to slightly lower at Rs 318.00.

The pattern is a market rotating out of bank paper and into power, cement and property, with the energy names going nowhere while Brent sits at a one-week low.

The rupee has stopped moving

The interbank dollar rate is Rs 277.2522, unchanged from Friday. The dirham is at Rs 75.49, the riyal at Rs 73.93, the pound at Rs 370.95 and the euro at Rs 318.21. Remittance senders in Dubai and Riyadh have had the same rate for three days running.

A flat rupee through a fortnight of Hormuz headlines is the more interesting number here. Pakistan's import bill is dollar-denominated and oil-heavy, so a rupee that will not slide while crude is volatile says the State Bank is comfortable with where reserves are sitting.

What it means for you

If you are holding a savings certificate or a term deposit, the number that matters this week is not the index. It is the 1-year KIBOR at 12.34 percent and the policy rate at 11.5 percent, both unchanged. A KIBOR-linked car or home loan reprices off that, not off the KSE-100.

Live numbers, updated through the day: the KSE-100 index page, the dollar rate page and the KIBOR page. To convert a salary or a remittance at today's rate, use the currency converter.