March 13, 2024 (MLN): Bears continued their domination at the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark KSE-100 index plunging another 753.26 or 1.16% to close at 64,048.44.
Yesterday, the index had lost 953.60 points or 1.45%.
Throughout today’s session, the index traded in a range of 1,186.86 points showing an intraday high of 65,043.38 (+241.67) and a low of 63,856.51 (-945.19) points.
The total volume of the KSE-100 index was 125.291 million shares.
A market-wide sell-off was witnessed, with most of the stocks taking a beating.
Of the 100 index companies 84 closed down, and only 8 managed to close up. While 2 remained unchanged, and 6 remained untraded.
The International Monetary Fund (IMF) mission is set to hold economic review discussions from March 14 for the final review of the Stand-By Arrangement (SBA), raising concerns regarding the stringent measures the IMF may require.
Market expectations for a rate cut have also likely diminished, dampening sentiments. For the first time in months, experts are divided on the appropriate action for the State Bank of Pakistan in the upcoming meeting.
On Monday, Muhammad Aurangzeb assumed the role of Finance Minister, tasked with steering the country out of one of its worst crises in history.
With the current International Monetary Fund (IMF) loan program nearing its end in April, the country urgently needs a longer and larger new program to meet its high debt obligations.
In Wednesday's trading session, KSE-100 index was let down by Oil & Gas Exploration Companies with 160.62, Commercial Banks with 96.2, Oil & Gas Marketing Companies with 66.69, Technology & Communication with 63.71, and Power Generation & Distribution with 61.39 points.
On the flip-side, the only sectors that landed in the green zone were Automobile Parts & Accessories with 1.2, Real Estate Investment Trust with 0.17, and Close – End Mutual Fund with 0.08 points.
Companies that dragged the index lower were MARI with 61.44, PPL with 52.4, PSO with 47.1, MTL with 46.62 and OGDC with 40.84 points.
On the other hand, companies that added points to the index were CHCC with 4.03, PIOC with 3.79, UPFL with 1.91, ABL with 1.41, and THALL with 1.2 points.
In the broader market, the All-Share index closed at 42,559.76 with a net loss of 528.50 points.
Total market volume was 252.752 million shares compared to 321.709 from the previous session while traded value was recorded at Rs9.25 billion showing a decrease of Rs1.62bn.
There were 134,760 trades reported in 326 companies with 51 closing up, 255 closing down and 20 remaining unchanged.
| Company | Volume |
|---|---|
| CNERGY | 19,852,025 |
| BOP | 18,744,663 |
| KEL | 14,394,256 |
| PIAA | 11,752,000 |
| KOSM | 11,153,500 |
| PRL | 11,137,045 |
| HASCOL | 11,042,000 |
| WTL | 9,643,954 |
| PTC | 8,779,590 |
| TELE | 8,633,327 |
To note, the KSE-100 has gained 22,596 points or 54.51% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 1,597 points, equivalent to 2.56%.
Copyright Mettis Link News
Posted on:2024-03-13T14:21:26+05:00
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