The benchmark KSE-100 Index close at 40,621.22 points
\nKARACHI
\nPakistan Stock Exchange (PSX) witnessed a bloodbath on Monday amid concerns over revival of the International Monetary Fund (IMF) loan programme, with the benchmark KSE-100 Index losing 680.1 points (-1.65 percent) to close at 40,621.22 points.
\nThe market opened on a positive note and remained stable during the first four hours trading. However, the news about Pakistan\u2019s absence from the IMF\u2019s tentative calendar of formal meetings for June ignited speculations and the indices came under heavy selling pressure. Across-the-board selling was witnessed among index-heavy sectors including automobile, cement, chemicals, commercial banks, fertilizer, oil & gas exploration companies and oil & gas marketing companies.
\nExperts attributed the sudden fall to the continued uncertainty over the resumption of the IMF programme, which has remained stalled since November last year. They said that reports about the IMF\u2019s Executive Board\u2019s meetings scheduled till June 29 where Pakistan is not part of any agenda, have led to a negative reaction from investors.
\nThey added that recent reported statements of Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar regarding re-engagement with the international lender were also seen negatively by market participants. They said that the market has shed around 1,300 points since the presentation of the budget for the fiscal year 2023-24 as it was not hailed by the IMF.
\nThe KSE-100 Index moved in a range of 874.05 points showing an intraday high of 41,484.32 points and a low of 40,610.27 points. Among other indices, the KSE All Share Index shed 260.63 points (-0.94 percent) to close at 27,660.03 points, while KMI All Share Islamic Index shed 245.35 points (-1.21 percent) to close at 20,242.40 points.
\nTotal volumes traded for the KSE-100 Index remained 93.21 million against 60.08 million a session earlier, showing an increase of 33.13 million shares. The overall market volumes increased by 23.76 million to 179.78 million shares against 156.02 million shares a session earlier.
\nAmong scrips, WTL topped the volumes with 27.67 million shares, followed by KEL (11.38 million) and CNERGY (9.34 million). Stocks that contributed significantly to the volumes included WTL, KEL, CNERGY, TPLP, and PIBTL, which formed over 35 percent of total volumes.
\nA total of 318 companies traded shares in the stock exchange as compared to 323 a session earlier. Out of traded companies, shares of 54 closed up, shares of 242 closed down while shares of 22 companies remained unchanged. A total of 93 companies traded shares in the KSE-100 Index against 94 companies a session earlier, out of which shares of 13 companies closed up, 78 closed down and two remained unchanged.
\nThe number of total trades increased by 13,336 to 83,973 against 70,637 a session earlier, while the value traded increased by Rs1.83 billion to Rs5.58 billion.
\nThe sectors taking the index towards south were oil & gas exploration companies (140 points), technology & communication (102 points), commercial banks (98 points), fertilizer (85 points), and power generation & distribution (65 points). The major companies depriving the index of points remained SYS (71 points), HUBC (57 points), ENGRO (46 points), OGDC (42 points), and PPL (41 points).
\nThe sectors taking the index towards north were chemicals (28 points), tobacco (13 points), food & personal care products (3 points), and textile spinning (2 points). The major companies adding points to the index remained COLG (52 points), PAKT (13 points), SHEL (8 points), NATF (6 points), and SNGP (4 points).<\/p>\n","protected":false},"excerpt":{"rendered":"
The benchmark KSE-100 Index close at 40,621.22 points KARACHI Pakistan Stock Exchange (PSX) witnessed a bloodbath on Monday amid concerns over revival of the International Monetary Fund (IMF) loan programme, with the benchmark KSE-100 Index losing 680.1 points (-1.65 percent) to close at 40,621.22 points. The market opened on a positive note and remained stable […]<\/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-338834","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n