Capital market marks its worst single-day decline as political uncertainty likely triggered foreign outflows, analyst says
\n ISLAMABAD
\nThe 100-Index of the Pakistan Stock Exchange (PSX) turned around to bearish trend on Tuesday, losing 3,505.62 points more points, a negative change of 3.57 percent, closing at 94,574.16 points as compared to 98,079.78 points on the last trading day.
\nA total of 1,116,324,649 shares were traded during the day as compared to 640,258,528 shares the previous trading day, whereas the price of shares stood at Rs 43.291 billion against Rs.25.623 billion on the last trading day.
\nAs many as 456 companies transacted their shares in the stock market, 53 of them recorded gains and 355 sustained losses, whereas the share price of 48 companies remained unchanged.
\nThe three top trading companies were K-Electric Limited with 101,636,133 shares at Rs 4.65 per share, Bank of Punjab with 92,023,190 shares at Rs 6.85 per share and Hascol Petrol with 73,320,431 shares at Rs.13.59 per share.
\nSapphire Textile Mills Limited witnessed a maximum increase of Rs. 40.88 per share price, closing at Rs 1,177.99, whereas the runner-up was Mehmood Textile Mills Limited with Rs 35.02 rise in its per share price to Rs 535.40.
\nRafhan Maize Products Company Limited witnessed a maximum decrease of Rs 141.07 per share closing at Rs 7,813.48 followed by Unilever Pakistan Foods Limited with Rs 112.79 decline to close at Rs.19,019.35.
\nExplaining the decline, Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities, said: \u201cStocks remained bearish due to political uncertainty and concerns over foreign outflows.\u201d
\nHe added that PTI protests in the capital, consolidation amid the PSX futures contracts\u2019 rollover, and weak global crude oil prices led to the bearish spell.
\nThousands of PTI supporters, defying barricades and government restrictions, have marched on Islamabad, demanding the release of political prisoners, the reversal of the 26th Constitutional Amendment, and the restoration of their alleged \u201cstolen mandate.\u201d
\nThe protests have sparked heightened volatility, with investors adopting a wait-and-see approach.
\nTopline Securities in a post-close note attributed this steep drop to mounting political uncertainty triggered by PTI\u2019s march towards Islamabad, which significantly rattled investor confidence.
\n\u201cAdding to the turmoil, the State Bank of Pakistan\u2019s removal of the Minimum Deposit Rate on conventional banks for companies, coupled with its mandate for Islamic banks to pay at least 75% of the weighted average gross yield on Pakistani rupee savings deposits, further unsettled investors,\u201d the brokerage report said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Capital market marks its worst single-day decline as political uncertainty likely triggered foreign outflows, analyst says ISLAMABAD The 100-Index of the Pakistan Stock Exchange (PSX) turned around to bearish trend on Tuesday, losing 3,505.62 points more points, a negative change of 3.57 percent, closing at 94,574.16 points as compared to 98,079.78 points on the last […]<\/p>\n","protected":false},"author":2,"featured_media":387239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-445967","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n