Pakistan bourse remains bearish; Index falls 192 points
KARACHI: The Pakistan stock market moved both ways on the first day of the week, as Pakistan and the International Monetary Fund (IMF) failed to reach a staff-level agreement, amid differences over the macroeconomic framework, dealers said on Monday.
“Additional uncertainty was bonded at the bourse, as [the] dollar at [the] interbank [market] closed at 172.90 (touching a historic high of 173.15) against the rupee along with the rising petroleum prices and power tariffs,” an analyst at Pearl Securities said.
The Pakistan Stock Exchange KSE-100 shares index shed 0.43 per cent, or 192.08 points, to close at 44,629.45 points. The KSE-30 shares index shed 0.38 per cent, or 85.93 points, to close at 17,455.54 points.
As many as 330 scrips were active, of which 110 advanced, 209 declined and 11 remained unchanged. The ready market volumes stood at 248.29 million shares, compared with the turnover of 334.32 million shares in the last trading session.
An analyst at Arif Habib Limited said the market took pressure from the negative news vibes due to the delay in negotiating the resumption of the IMF package.
“Though, the Ministry of Finance highlighted that the negotiations are ongoing and underlying terms will be negotiated soon, the investors didn’t like the uncertainty, resulting in the index losing 379 points during the session and closing down 217 points.”
The oil chain and banking stocks went positive earlier in the session that added a total of 169 points on the index; however, selling pressure eroded the gain and brought the index in the negative territory.
“Going forward, investors are advised for the market to settle down, amid changing economic indicators and avail major dips to accumulate banking and oil and gas exploration sector stocks,” Neelam Naz at JS Global Capital said.
The companies that reflected the highest gains included Sapphire Textile, up Rs39.55 to close at Rs1,129/share; and Wyeth Pakistan, up Rs32.24 to close at Rs1,629.99/share.
The companies, which reflected the most losses included Colgate Palmolive, down Rs48.33 to close at Rs2,450/share; and Systems Limited, down Rs24.37 to close at Rs665.04/share.
The highest volumes were witnessed in Hum Network with a turnover of 25.09 million shares. The scrip gained 18 paisas to close at Rs6.14/share; followed by WorldCall Telecom with a turnover of 20.83 million shares. It shed 11 paisas to close at Rs2.28/share. Hascol Petrol remained the third with a turnover of 13.83 million shares. It gained 29 paisas to finish at Rs5.54.
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