Pakistan stocks remain bearish on lack of positive triggers
KARACHI: The Pakistan equity market witnessed another selloff due to the uncertainty over the appointment of ISI director general, amid the continuous foreign selling and the lack of positive triggers, dealers said on Wednesday.
“The government has reportedly agreed to pass the withheld determined power tariff increase of Rs1.39/unit to consumers in phases, while the Oil and Gas Regulatory Authority (Ogra) notified $0.43 increase in the prices of LNG [liquefied natural gas] for the consumers,” an analyst at Pearl Securities said.
The Pakistan Stock Exchange KSE-100 shares index shed 1.51 per cent, or 661.3 points, to close at 43,221.78 points. The KSE-30 shares index shed 1.95 per cent or 335.93 points, to close at 16,881.07 points.
As many as 543 scrips were active, of which 86 advanced, 436 declined and 21 remained unchanged. The ready market volumes stood at 354.96 million shares, compared with the turnover of 404.9 million shares in the last trading session.
Ahsan Mehanti at Arif Habib Corporation said that the stocks fell across-the-board on investors’ concerns over the global equity selloff and higher inflation, amid slump in rupee value.
“Uncertainty over the outcome of the ongoing Pak-IMF talks under EFF and economic uncertainty, amid surging trade deficit played a catalytic role in the bearish close.”
An analyst at Topline Securities said selling spree continued where initially market opened on a positive note and made an intraday high of 44,172 level (up 290 points) but eventually succumbed to selling pressure and closed at 43,222 (down 661 points).
“Investors kept their eyes on the notice with regard to appointment of the chief of [the] country’s premier intelligence agency but it did not get announced in the trading hours and market vibes are suggesting that it would get announced by Friday. In addition to the aforesaid, continuous foreign selling and future contract of “Oct-A” ended, which triggered further selling pressure in the market.”
The companies that reflected the highest gains included Mitchells Fruits, up Rs11.68 to close at Rs357.41/share; and KSB Pumps, up Rs8.3 to close at Rs217.3/share.
The companies, which reflected the most losses included Rafhan Maize, down Rs174 to close at Rs10,725/share; and Colgate Palmolive, down Rs79.31 to close at Rs2,424.69/share.
The highest volumes were witnessed in Hascol Petrol with a turnover of 36.75 million shares. The scrip shed Re1 to close at Rs5.16/share; followed by WorldCall Telecom with a turnover of 28.86 million shares. It shed 15 paisas to close at Rs2.06/share. Telecard Limited remained the third with a turnover of 17.01 million shares. It shed Rs1.16 to finish at Rs15.39.
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