• The Pakistan Stock Exchange KSE-100 shares Index shed 24.96 points, or 0.06 per cent, to close at 42,348.63 points.
• Analysts suggest investors adopt the “Sell on Strength” strategy in the upcoming sessions.
• The ready market volumes stood at 120.19 million shares, compared with the turnover of 139.20 million shares in the last trading session.

KARACHI: The Pakistan bourse closed in the red zone on Wednesday after remaining under pressure, witnessing a dull session with low volumes, analysts said.

An analyst at Pearl Securities said that the lackluster activity by the investor was due to the political uncertainty and uncertain economic direction besides Pakistan having to repay a $1 billion international bond due in a few days.

“Additionally, the International Monetary Fund (IMF) has asked Pakistan to reduce expenses before talks on the ninth review of a $7 billion loan programme,” he added.

The Pakistan Stock Exchange KSE-100 shares Index shed 24.96 points, or 0.06 per cent, to close at 42,348.63 points. The KSE-30 shares Index shed 33.27 points, or 0.21 per cent, to close at 15,632.16 points.

As many as 334 scrips were active of which 153 advanced, 156 declined and 25 remained unchanged.

Commodities expert Ahsan Mehanti said that the stocks closed lower over the economic uncertainty after surge in the government bond yields following the State Bank of Pakistan’s decision to raise key policy rate to 16 per cent and a slump in the global equities.

“Political noise, uncertainty over rupee parity and speculations over the outcome of Pakistan’s negotiations with the IMF for the next tranche played a catalyst role in the negative close,” he added.

Going forward, the analysts expect the market to remain under pressure due to political unrest and the economic situation. Hence, suggest investors adopt the “Sell on Strength” strategy in the upcoming sessions.

The ready market volumes stood at 120.19 million shares, compared with the turnover of 139.20 million shares in the last trading session.
The companies which reflected the highest gains included Rafhan Maize up Rs610 to close at Rs10,990/share, and Sapphire Textile up Rs59.24 to close at Rs1,100.24/share.

The companies which reflected the most losses included Nestle Pakistan down Rs90 to close at Rs5,810/share, and Premium Textile down Rs19.71 to close at Rs688.99/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 8.47 million shares. The scrip shed 1 paisa to close at Rs1.36/share, followed by Nishat ChunPow with a turnover of 6.67 million shares. It gained Rs1.05 to close at Rs15.15/share. Dewan Motors remained the third with a turnover of 5.83 million shares. It gained Re1 to close at Rs12.98/share.

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