KSE-100 Index settles at 184,129.58 points, down 3,702.5 points, or 1.97%
\n islamabad
\nThe Pakistan equity market tumbled on Friday, losing more than 3,000 points as investors grappled with concerns over a super tax on high-earning corporates and monitored developments on a US-India trade deal, while a surge in government bill yields limited risk appetite.
\nThe benchmark KSE-100 Index settled at 184,129.58 points, down 3,702.5 points, or 1.97%, from 187,832.08 points on the previous trading day.
\nDuring the session, the ready market recorded a trading volume of 1.27 billion shares with a traded value of Rs60.36 billion, from 1.19 billion shares valuing Rs44.1 billion in the previous session.
\nMarket capitalisation declined to Rs20.88 trillion from Rs21.27 trillion a day earlier.
\nOut of 480 active companies in the ready market, 113 advanced, 323 declined, while 44 remained unchanged.
\nK-Electric Limited topped the volume chart with 517.815 million shares, followed by National Bank of Pakistan(XD) with 51.242 million shares, while First National Equities remained the third with 50.264 million shares.
\nThe top gainers included Sazgar Engineering Works Limited, which rose by Rs75.78 to close at Rs2,332.25, and Shield Corporation Limited, which gained Rs70.47 to settle at Rs775.17.
\nMeanwhile, Unilever Pakistan Foods Limited declined by Rs429.09 to close at Rs26,779.08, while PIA Holding Company Limited(B) fell by Rs270 to close at Rs19,232. On a week-on-week basis, the benchmark index closed on a flat note due to the lack of triggers in the market, an analyst at the Topline Security said.
\n\u201cDuring the week, mutual funds and local companies continue offer support to the index, as they cumulatively purchased equities worth $22.7 million and $5 million respectively as of last working day (Wednesday, Feb 4),\u201d according to the analyst. Arif Habib Commodities Managing Director and CEO Ahsan Mehanti said that stocks staged a massive selloff amid the impact of the super tax on high-earning corporates and the US-India deal.
\n\u201cFalling global crude oil prices and a surge in government bond yield in recent SBP [State Bank of Pakistan] auction played a catalyst role in bearish activity at PSX,\u201d he added.
\nThe government raised Rs784 billion (realised value) at Wednesday\u2019s market Treasury bills auction, with cut-off yields moving back into double digits across tenors, according to the SBP.
\nThe one-month cut-off rose 30 bps to 10.1977%, the three-month advanced 30 bps to 10.1983%, the six-month increased 37 bps to 10.3237%, and the 12-month was up 40 bps to 10.3997%.
\nThe government raised Rs823 billion (face value) against a target of Rs650 billion and maturities of Rs697 billion, with total participation of Rs2.355 trillion.
\nIndia\u2019s Trade Minister Piyush Goyal said India and the United States expect to sign a formal trade deal in March, with a joint statement due within four to five days.
\nUnder the timeline he outlined, Washington would cut duties on Indian exports to 18% from 50%, while India would lower tariffs on US goods and purchase about $500 billion worth of US products over five years, including $70\u201380 billion of Boeing aircraft.
\nHe said aircraft orders placed or ready to be placed, including engines and parts, could total about $100 billion, alongside higher purchases of US energy and chips.
\n\u201cIt appears to be an overall correction in the market. But sentiment dampener is a comment from Barrick,\u201d added AAH Soomro, an independent investment and economic analyst.<\/p>\n","protected":false},"excerpt":{"rendered":"
KSE-100 Index settles at 184,129.58 points, down 3,702.5 points, or 1.97% islamabad The Pakistan equity market tumbled on Friday, losing more than 3,000 points as investors grappled with concerns over a super tax on high-earning corporates and monitored developments on a US-India trade deal, while a surge in government bill yields limited risk appetite. The […]<\/p>\n","protected":false},"author":2,"featured_media":486907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-529892","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n