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Pakistan equity market witnesses bloodbath session

Pakistan equity market witnesses bloodbath session

Pakistan equity market witnesses bloodbath session

Pakistan equity market witnesses bloodbath session

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KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bloodbath session on Tuesday. The benchmark KSE-100 Index opened in the green zone but the prevailing economic instability and political uncertainty plunged the index down to an intraday low of 1,432.94 points and concluded in the red zone, analysts said.

“Whispers of a delay in the IMF programme along with the continuous political upheaval cause the investors to lose confidence, as they squared up their positions today,” an analyst at Arif Habib Limited said.

The index closed at 38,342.21 points, down 1,378.54 points, or 3.47 per cent. The volumes remained healthy across-the-board. The volumes increased 95.1 per cent from 105.5 million shares/day to 205.9 million shares. The average value of the traded equities increased 109.2 per cent to $29.35 million as against $14 million.

Ahsan Mehanti at Arif Habib Corporation said that the stocks fell across-the-board on uncertainty over the State Bank of Pakistan’s (SBP) policy announcement due next week and the investors’ concerns over the ongoing forex crisis.

“The rupee instability, dismal data on the large-scale manufacturing (LSM) growth falling 5.5 per cent in November 2022 and the uncertainty over the outcome of Pakistan-IMF talks on programme conditions, amid political uncertainty played a catalytic role in the bearish close.”

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An analyst at Topline Securities attributed the bearish momentum to the street expectation of massive hikes in the interest rates in the upcoming Monetary Policy Committee meeting.

The stocks that contributed significantly to the volumes included K-Electric (KEL), World Telecom (WTL), Sui Northern Gas Pipelines Limited (SNGPL), Pakistan Petroleum Limited (PPL) and CNERGY.

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