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PSX witnesses bloodbath over jacked up interest rates

PSX witnesses bloodbath

PSX witnesses bloodbath over jacked up interest rates

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  • The market touched the low of 973 points to close on a highly negative note.
  • The Pakistan Stock Exchange KSE-100 shares Index shed 865.39 points, or 2.02 per cent, to close at 42,071.34 points.
  • Analysts expect the market to remain under pressure due to political unrest and economic situation.
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KARACHI: The Pakistan equity market witnessed a bloodbath session on Monday as it responded to the unexpected 100bps hike in the policy rate hike by the State Bank of Pakistan, analysts said.

An analyst at Pearl Securities said that the market touched the low of 973 points to close on a highly negative note, meanwhile, the overall volumes rose.

“According to the SBP, the rates were increased to contain inflation from supply-side shocks. The political unrest is likely to continue with Pakistan Tehreek-e-Insaf’s (PTI) announcement to dissolve the two provincial governments, adding to the pressure in the market,” he added.

The Pakistan Stock Exchange KSE-100 shares Index shed 865.39 points, or 2.02 per cent, to close at 42,071.34 points. The KSE-30 shares Index shed 314.30 points, or 1.99 per cent, to close at 15,504.46 points.

As many as 350 scrips were active of which 47 advanced, 294 declined and 5 remained unchanged.

Commodity expert Ahsan Mehanti said that the stocks fell across the board after the SBP’s decision to raise key policy, rupee depreciation and concerns for political uncertainty over the PTI’s decision to dissolve provincial assemblies.

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“Weak global equities and concerns for massive surge in one year Kibor near to 17.09 per cent played a catalyst role in the bearish close,” he added.

Going forward, the analysts expect the market to remain under pressure due to political unrest and the economic situation. Hence, suggest investors adopt the “Sell on Strength” strategy in the upcoming sessions.

The ready market volumes stood at 244.35 million shares, compared with the turnover of 177.29 million shares in the last trading session.
The companies which reflected the highest gains included Nestle Pakistan up Rs84 to close at Rs5,850/share, and Mehmood Textile up Rs54 to close at Rs860/share.

The companies which reflected the most losses included Gatron Industries down Rs28.60 to close at Rs353.40/share, and Khyber Tobacco down Rs28.32 to close at Rs391.70/share.

The highest volumes were witnessed in K-Electric with a turnover of 29.01 million shares. The scrip shed 17 paisas to close at Rs2.60/share, followed by WorldCall Telecom with a turnover of 22.51 million shares. It shed 6 paisas to close at Rs1.36/share. Dewan Motors remained the third with a turnover of 13.78 million shares. It shed 6 paisas to close at Rs11.87/share.

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