PSX remains bearish as index shed 744.41 points

PSX remains bearish as index shed 744.41 points

PSX remains bearish as index shed 744.41 points

The NCCPL advised all the clearing members to ensure the requisite amount in their respective settling bank’s account. Image: File

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KARACHI: Pakistan’s equity market witnessed massive profit-taking on Monday where the index dropped below 46,000 points, dealers said.

An analyst at Pearl Securities said cement and technology sectors cumulatively eroded 351 points from the index, as the State Bank of Pakistan (SBP) raised the policy rate by 150bps; thus, the effect was seen in the day’s session.

“On the other hand, the Pakistan authorities and [the] IMF [International Monetary Fund] have reached a staff-level agreement on policies and reforms. Despite this, the selling pressure continued, keeping higher current account deficit and [the] rupee depreciation in check.”

The Pakistan Stock Exchange KSE-100 shares Index shed 1.6 per cent, or 744.41 points, to close at 45,745 points. The KSE-30 shares Index shed 1.8 per cent, or 323.78 points to close at 17,713.96 points.

As many as 344 scrips were active, of which 70 advanced, 263 declined and 11 remained unchanged. The ready market volumes stood at 261.9 million shares, compared with the turnover of 304.2 million shares in the last trading session.

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An analyst at Arif Habib Limited said the bears ruled over the bulls, as investors were unable to digest the higher-than-expected interest rate increase.

“The beginning of [the] rollover week witnessed bearish momentum, despite the long awaited news of Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement.”

Firstly, only cyclical stocks came under the radar and investors started offloading positions. Later, a bloodbath session was witnessed, as selling came across-the-board. On the institutional front, cautious stance was noted due to the concerns of foreign selling spree.

The companies, which reflected the highest gains included Rafhan Maize, up Rs100 to close at Rs9,600/share; and Sapphire Textile, up Rs83.68 to close at Rs1,199.6/share.

The companies that reflected the most losses included Pakistan Tobacco, down Rs50.12 to close at Rs1,086.53/share; and Sapphire Fiber, down Rs48.97 to close at Rs898.03/share.

The highest volumes were witnessed in TRG Pakistan with a turnover of 22.37 million shares. The scrip shed Rs7.74 to close at Rs95.51/share; followed by Byco Petroleum with a turnover of 21.6 million shares. It shed 21 paisas to close at Rs6.83/share. TPL Properties remained the third with a turnover of 15.8 million shares. It shed 83 paisas to finish at Rs49.46.

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