PSX begins rollover week on a unfavorable notice

An individual is wanting on the intra-day curve. — Reuters/File
  • Benchmark KSE-100 shed over 100 factors to settle at 46,528.21 amid coverage fee issues.
  • The typical traded worth declined by 51% to achieve $47.9 million.
  • Sectors contributing to the efficiency embody exploration and manufacturing, textile, fertiliser, miscellaneous and banks.

KARACHI: Shares struggled to discover a ground on the primary day of the rollover week as bears took management of the market and the benchmark KSE-100 index endured one other spherical of battering, falling over 400 factors through the session.

Market individuals remained cautious forward of the financial coverage announcement of the State Financial institution of Pakistan later within the night.

The central financial institution hiked the coverage fee by 25 foundation factors to 7.25% for the subsequent two months.

Shares misplaced floor within the wake of widening present account deficit and a year-on-year drop in international direct funding, which dented traders’ sentiment.

KSE-100 index intra-day curve
KSE-100 index intra-day curve

The benchmark KSE-100 index shed 107.87 factors or 0.23% on Monday, to shut at 46,528.21 factors.

A report from Arif Habib Restricted famous that the market took a battering on the primary day of the rollover week and misplaced a complete of 421 factors through the session.

“The sentiment obtained dented early on which was apparent from the low volumes on the bourse, the place the benchmark KSE-100 posted a complete of 75.2 million shares, and All Shares Index posted 195 million,” the report added.

Expertise, oil and fuel chain (exploration and manufacturing, oil advertising firms, refinery) tumbled, whereas restricted optimistic exercise was noticed in energy and cement sectors.

“Financial coverage, which was to be introduced after market shut, met a hike of 25bps towards a road consensus of no change,” the report added.

Within the morning, buying and selling kicked off on a optimistic notice, nevertheless, the optimism was short-lived and the KSE-100 index dived however later bears and bulls wrestled all through the day for management of the market with the previous sustaining a stronghold.

In the course of the session, shares of 512 listed firms have been traded. On the finish of the session, 135 shares closed within the inexperienced, 365 within the purple, and 12 remained unchanged.

Volumes declined from 387.2 million shares to 194.7 million shares (-50% day-on-day). The typical traded worth additionally declined by 51% to achieve $47.9 million as towards $96.2 million.

Telecard Restricted was the quantity chief with 19.8 million shares, dropping Rs0.04 to shut at Rs22.01. It was adopted by WorldCall Restricted with 13.4 million shares, dropping Rs0.06 to shut at Rs3.19, and Byco Petroleum with 11.3 million shares, dropping Rs0.13 to shut at Rs8.8.

Sectors contributing to the efficiency embody exploration and manufacturing (-33 factors), textile (-26 factors), fertiliser (-16 factors), miscellaneous (+45 factors) and banks (+16 factors).

Individually, shares that contributed positively to the index included Pakistan Providers (+46 factors), MCB (+42 factors), UBL (+20 factors), Fortunate Cement (+13 factors) and Sui Northern Gasoline Pipelines (+11 factors). 

Shares that contributed negatively have been Oil and Gasoline Growth Firm (-22 factors), Programs Restricted (-17 factors), Kohat Cement (-14 factors), Engro Company (-14 factors) and Meezan Financial institution (-13 factors).

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