KSE-100 closes in red amid increasing economic uncertainties

KSE-100 closes in red amid increasing economic uncertainties

KSE-100 closes in red amid increasing economic uncertainties

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KARACHI: The Pakistan bourse closed lower on Monday amid a slump in the global equities and investor concerns for the ongoing political noise.

“Uncertainty ahead of the International Monetary Fund policy board review on January 28, and the State Bank of Pakistan’s policy announcement scheduled today amid surging inflation played a catalyst role in negative close,” Ahsan Mehanti at Arif Habib Corp said.

The Pakistan Stock Exchange KSE-100 shares Index shed 0.21 per cent, or 94.37 points, to close at 44923.91 points. The KSE-30 shares Index shed 0.12 per cent, or 21.04 points, to close at 17726.54 points.

“The market remained in a red territory throughout the day where the index failed to sustain the psychological barrier of 45,000,” an analyst at Pearl Securities said.

“Furthermore, selling pressure was witnessed at the bourses ahead of [the] political uncertainty, rising commodity prices, and current account deficit surpassing to $9 billion in the first half of fiscal year 2022,” he added.

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As many as 325 scrips were active, of which 96 advanced, 214 declined and 15 remained unchanged.

The ready market volumes stood at 160.21 million shares, compared with the turnover of 176.13 million shares in the last trading session.

The SBP kept the interest rate unchanged at 9.75 per cent and cued it as an appropriate guidance to the inflation, hence, no rate hike is expected in near future.

“Going forward, the market is expected to turn positive, and investors are recommended to adopt “Buy on Dip” strategy in the ongoing week.”

The companies which reflected the highest gains, included Sapphire Textile up Rs75 to close at Rs1,124/share, and Siemens Pak up Rs21.84 to close at Rs660/share.

The companies which reflected the most losses, included Unilever Foods down Rs152 to close at Rs20,847/share, and Philip Morris Pak down Rs30 to close at Rs770/share.

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The highest volumes were witnessed in Cnergyico PK Limited with a turnover of 25.45 million shares. The scrip shed 19 paisas to close at Rs6.18 /share, followed by TRG Pak Ltd with a turnover of 21.12 million shares, shedding Rs4.01 to close at Rs80.89/share. Hascol Petroleum (Defaulter) remained the third with a turnover of 11.82 million shares, as it shed 64 paisas to finish at Rs6.03/share.

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