Bears in control on PSX over economic uncertainty

KARACHI: The Stocks closed bearish on Monday, as the market was under pressure on the economic uncertainty and weaker global equities.

The surge in industrial power tariff, rupee instability and reports on falling trend of textile exports on monthly basis in January 2022 played a catalyst role in the bearish close, Ahsan Mehanti at Arif Habib Corp said.

The Pakistan Stock Exchange KSE-100 shares Index shed 0.69 per cent, or 313.02 points, to close at 45,362.85 points. The KSE-30 shares Index shed 0.69 per cent, or 123.24 points, to close at 17,680.69 points.

As many as 339 scrips were active of which 95 advanced, 225 declined and 19 remained unchanged.

The ready market volumes stood at 137.65 million shares, compared with the turnover of 194.05 million shares in the last trading session.

The lack of positive triggers has turned the market directionless. Likewise, the tensions between Russia and Ukraine persists, as a result the international oil prices have stayed elevated at $94, an analyst at Pearl Securities said.

On the local front, the political uncertainty is rising as the opposition is in the process of securing the number to oust the Prime Minister in a no-confidence motion, and the recent Swiss leaks may have the potential of another Panama, he added.

The companies that reflected the highest gains included Sapphire Tex up Rs61.95 to close at Rs1,109.45/share, and Blessed Tex up Rs14.99 to close at Rs499.99/share.

The companies which reflected the most losses included Allawasaya Tex down Rs118.09, to close at Rs1,456.47/share, and Sapphire Fiber down Rs72.12 to close at Rs890/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 19.08 million shares. The scrip shed 9 paisas to close at Rs1.85/share, followed by Hum Network with a turnover of 11.26 million shares. It gained 15 paisas to close at Rs7.62/share. K-Electric Ltd remained the third with a turnover of 8.94 million shares. The scrip shed 18 paisas to finish at Rs3.30/share.