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Bears dominate Pakistan bourse

Bears dominate Pakistan bourse

Bears dominate Pakistan bourse

Bears dominate Pakistan bourse

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  • The KSE-100 Index closed at 40,838.51 points, down 329.09 points, or 0.80%.
  • The All-share volume decreased 24% to 150 million shares against 197 million shares traded.
  • Analysts expect volatility to persist until the IMF’s ninth review is successfully concluded.
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KARACHI: The Pakistan stocks witnessed selling pressure throughout the trading session after an increase in the yields of the market treasury bills (MTBs) resulted in capital flight from the equity to sovereign debt markets, analysts said on Thursday.

An analyst at Pearl Securities said the capital markets started pricing in expectations of a hike in the policy rate in a sooner than scheduled Monetary Policy Committee (MPC) meeting.

“The IMF has also demanded the government to permanently impose Rs3.82/unit debt surcharge on the electricity tariff, which further fuelled uncertainty and selling pressure in the market.

The KSE-100 Index closed at 40,838.51 points, down 329.09 points, or 0.80 per cent. The All-share volume decreased 24 per cent to 150 million shares against 197 million shares traded on Wednesday.

An analyst at Arif Habib Limited said bears took charge at the PSX after consecutive bullish sessions.

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“The benchmark KSE-100 Index opened in the red zone due to speculation of a policy rate hike in the coming days after Wednesday’s T-Bills cutoff yields were at the higher side, leading the index to plunge down and make an intraday low of 395.08 points.”

The prevailing political uncertainty kept the investors at bay. However, across-the-board volumes remained healthy.

Going forward, the analysts expect volatility to persist in the benchmark KSE-100 Index until the IMF’s ninth review is successfully concluded.

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Bears dominate Pakistan stocks amid political noise, FTSE rebalancing
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