PSX closes lower over uncertain domestic conditions

PSX closes lower over uncertain domestic conditions

PSX closes lower over uncertain domestic conditions

PSX closes lower over uncertain domestic conditions

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KARACHI: The Pakistan bourse closed on a negative note on Tuesday on the back of reduced investors’ participation in the market due to economic and political uncertainty, analysts said.

An analyst at Pearl Securities said that the benchmark KSE-100 Index remained under pressure throughout the day with low volumes. However, in the last hours a pullback was witnessed in the market.

“The bourse remained under selling pressure as the negotiations between Pakistan and the International Monetary Fund (IMF) for the ninth review remain stalled. The government’s debt stocks hit a historic high of Rs50.152 trillion causing lackluster activity,” he added.

The Russian government giving a positive sign for selling petrol, diesel and liquefied natural gas (LNG) at discounted rates to Pakistan also did not trigger positive sentiments among the investors, he remarked.

The Pakistan Stock Exchange KSE-100 shares Index shed 72.73 points, or 0.17 per cent, to close at 41,539.94 points. The KSE-30 shares Index gained 5.01 points, to close at 15,365.26 points.

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As many as 326 scrips were active of which 112 advanced, 186 declined and 28 remained unchanged.

An analyst at Arif Habib Limited said that the market witnessed a mixed session where initially the KSE-100 Index opened in the green, but selling momentum built up over the ongoing political clamor in the country.

“Deteriorating macroeconomic factors have continued to undermine the investors’ confidence resulting in significant volume reduction from the main board as third tier stocks continued to dominate the volume board,” he added.

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

The ready market volumes stood at 131.69 million shares, compared with the turnover of 126.25 million shares in the last trading session.

The companies which reflected the highest gains included Pak Services up Rs49.29 to close at Rs975.60/share, and Shield Corporation up Rs21.38 to close at Rs316/share.

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The companies which reflected the most losses included Sapphire Fiber down Rs78.71 to close at Rs971.40/share, and Colgate Palm down Rs39.09 to close at Rs1,943.33/share.

The highest volumes were witnessed in Dewan Cement with a turnover of 11.27 million shares. The scrip gained 30 paisas to close at Rs5.54/share, followed by WorldCall Telecom with a turnover of 9.87 million shares. It gained one paisa to close at Rs1.37/share. Dewan Motors remained the third with a turnover of 9.86 million shares. It gained Rs1.04 to close at Rs15.01/share.

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