Pakistan bourse closes lower over political, economic uncertainty

Pakistan bourse closes lower over political, economic uncertainty

Latifur Rehman
October 17, 2022

Pakistan bourse closes lower over political, economic uncertainty

The Pakistan Stock Exchange KSE-100 shares Index shed 193.05 points, or 0.46 per cent to close at 41,755.45 points.
Analysts said that the market is under pressure due to a lack of economic triggers.
The ready market volumes stood at 144.31 million shares, compared with 328.65 million shares in the last trading session.

KARACHI: The Pakistan equity market closed lower on Monday after witnessing a range-bound session as the investors’ remained on the sidelines due to economic and political uncertainty, analysts said.

An analyst at Pearl Securities said that the market is under pressure due to a lack of economic triggers. Meanwhile, Pakistan Tehreek-e-Insaf’s win in the bi-elections emboldened it to demand early elections, creating political and economic tensions, he added.

“The finance team’s meetings with the International Monetary Fund (IMF) and World Bank (WB) have not resulted in concrete concessions, while the rupee depreciated against the dollar,” he added.

The Pakistan Stock Exchange KSE-100 shares Index shed 193.05 points, or 0.46 per cent to close at 41,755.45 points. The KSE-30 shares Index shed 109.46 points, or 0.70 per cent, to close at 15,424.17 points.

An analyst at Arif Habib Limited said that the stocks witnessed a range-bound session where the KSE-100 Index shed 193 points due to political unrest after starting the session in the green zone.

“The volumes declined dramatically in the main board. However, decent volumes were recorded in the third tier stocks,” he added.
As many as 348 scrips were active of which 127 advanced, 205 declined and 16 remained unchanged.

The ready market volumes stood at 144.31 million shares, compared with the turnover of 328.65 million shares in the last trading session.
The companies which reflected the highest gains included Rafhan Maize up Rs700 to close at Rs11,000/share, and Sanofi-Aventis up Rs57 to close at Rs1,185/share.

The companies which reflected the most losses included Sapphire Fiber down Rs76.52 to close at Rs1,259.38/share, and Colgate Palm down Rs46.80 to close at Rs2,039.50/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 18.04 million shares. The scrip shed 4 paisas to close at Rs1.55/share, followed by Dewan Cement with a turnover of 6.78 million shares. It shed one paisa to close at Rs5.72/share. Lotte Chemical remained the third with a turnover of 5.77 million shares. It shed 17 paisas to close at Rs31.92/share.

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