KARACHI
\nPakistan Stock Exchange (PSX) nosedived for the second straight day on Tuesday due to a rise in interest rate and crackdown on workers of Pakistan Tehreek-e-Insaf (PTI), with the benchmark KSE-100 Index shedding 489.93 points (-1.15 percent) to close at 41,950.32 points.
\nOverall, the benchmark index has lost 1,150.39 points and dropped below the 43,000 and 42,000 levels during the last two sessions. The uncertainty looming over the International Monetary Fund (IMF) loan revival programme amid the government\u2019s hesitation to lift up the subsidies on petroleum products also triggered a sell-off in the market.
\nThe investors preferred to remain sideline on possible law and order situation in the country due to the PTI\u2019s long march. The Monetary Policy Committee (MPC) of the State Bank decided to raise the policy rate by 150 basis points (bps) to 13.75 percent a day earlier.
\nThe market opened on a negative note but indices switched between the red and green territories for the first hour of the session. Later, the market remained negative for the rest of the session.
\nThe KSE-100 Index moved in a range of 721.56 points, showing an intraday high of 42,637.54 and a low of 41,915.98 points. Among other indices, the KSE All Share Index shed 236.89 points (-0.82 percent) to close at 28,715.9 points, while KMI All Share Islamic Index shed 189.55 points (-0.92 percent) to close at 20,516.74 points.
\nA total of 334 companies traded shares in the stock exchange compared to 336 a session earlier. Out of traded companies, shares of 104 closed up, shares of 213 closed down while shares of 17 companies remained unchanged. A total of 92 companies traded shares in the KSE-100 Index, out of which 17 closed up, 70 closed down and five remained unchanged.
\nThe overall market volumes increased by 50.72 million to 169.71 million shares. Total volumes traded for the KSE-100 Index increased by 21.58 million to 76.03 million shares. The number of total trades increased by 23,067 to 91,032, while the value traded increased by Rs1.86 billion to Rs5.44 billion. Overall market capitalisation decreased by Rs56.95 billion.
\nAmong scrips, PRL topped the volumes with 15.74 million shares, followed by SILK (14.67 million) and TPLP (10.6 million). Stocks that contributed significantly to the volumes included PRL, SILK, TPLP, GGL, and CNERGY, which formed over 34 percent of total volumes.
\nIn terms of rupee, SAPT remained the top gainer and witnessed an increase of Rs34.15 (+3.4 percent) per share, closing at Rs1,038.7. The runner-up remained GATI, the share price of which climbed up by Rs27.99 (+6.88 percent) to Rs434.99. RMPL remained the top loser in terms of rupee and witnessed a decrease of Rs100 (-1.01 percent) per share, closing at Rs9,800, followed by SAPL, the share price of which fell by Rs49.79 (-5.86 percent) to close at Rs800.21 per share.
\nThe sectors taking the index towards south were commercial banks (109 points), technology & communication (75 points), cement (72 points), fertilizer (56 points) and chemical (25 points). The most points taken off the index were by SYS (95 points), UBL (48 points), FFC (35 points), LUCK (32 points) and HUBC (22 points).
\nNo major sector closed in green. The most points added to the index were by TRG (19 points), POL (7 points), HBL (5 points), and INDU and FCEPL (3 points each).<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Pakistan Stock Exchange (PSX) nosedived for the second straight day on Tuesday due to a rise in interest rate and crackdown on workers of Pakistan Tehreek-e-Insaf (PTI), with the benchmark KSE-100 Index shedding 489.93 points (-1.15 percent) to close at 41,950.32 points. Overall, the benchmark index has lost 1,150.39 points and dropped below the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-262502","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n