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Pakistan bourse closes in red over economic instability, rollover week

Pakistan bourse closes in red over economic instability, rollover week

Pakistan bourse closes in red over economic instability, rollover week

Pakistan bourse closes in red over economic instability, rollover week

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KARACHI: The Pakistan equity market closed lower on Wednesday owing to economic uncertainty besides rollover week square-ups, analysts said.

An analyst at Arif Habib Limited said that the stocks witnessed a bearish session, where the market opened in the green zone but within initial trading hours, the bears took charge from the bulls and the market nosedived.

“Negative session continued throughout the day due to the news of redemptions and rollover week square-ups, causing the index to drop 775.40 points intraday to close in the red zone. However, decent volumes were observed across the board while third-tier companies remained the volume leaders,” he added.

The Pakistan Stock Exchange KSE-100 shares Index shed 523.48 points, or 1.32 per cent, to close at 39,279.43 points. The KSE-30 shares Index shed 215.14 points, or 1.47 per cent, to close at 14,460.99 points.

As many as 340 scrips were active of which 66 advanced, 257 declined and 17 remained unchanged.

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The ready market volumes stood at 258.45 million shares, compared with the turnover of 153.74 million shares in the last trading session.

Commodities expert Ahsan Mehanti said that the stocks fell across the board on economic uncertainty, besides the prime minister hinting about the implementation of the International Monetary Fund (IMF) conditions.

“The power sector debt surging to over Rs2.5 trillion, circular debt crises, political noise and rupee depreciation played a catalyst role in the bearish close, he added.

The companies which reflected the highest gains included Bata (Pak) up Rs103.19 to close at Rs1,992.86/share, and Bhanero Textile up Rs37.36 to close at Rs1,037.50/share.

The companies which reflected the most losses included Nestle Pakistan down Rs162.75 to close at Rs5,415/share, and Rafhan Maize down Rs122.52 to close at Rs7,902/share.

The highest volumes were witnessed in Bank Al-Falah with a turnover of 57.89 million shares. The scrip shed 36 paisas to close at Rs29.60/share, followed by WorldCall Telecom with a turnover of 22.07 million shares. It shed five paisas to close at Rs1.13/share. K-Electric remained the third with a turnover of 17.79 million shares. It shed five paisas to close at Rs2.37/share.

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