The Pakistan Stock Exchange (PSX) witnessed a volatile session on Tuesday and the KSE-100 Index fell 0.88% as gloomy macroeconomic environment took a toll on investor sentiment.
Delay in the next review of Pakistan’s economy by the International Monetary Fund (IMF) added further fuel to the fire.
By the end of the session, the KSE-100 Index was down 352.25 points or 0.88% to end at the 39,802.91 level.
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Trading began with a spike but the market was unable to sustain the uptrend and began declining towards midday. The drop accelerated in the final hours and added to the losses.
Index-heavy cement, chemical and banking segments closed in the red while automobile sector closed mixed.
A report from Capital Stake said that taking a U-turn from previous session, the PSX closed the session on Tuesday in red.
“Indices slipped lower and lower for most part of the day while volumes inched up from last close,” it said.
A report from Topline Securities stated that “lack of confidence over Pakistan economy and delayed IMF programme led the market to witnessed profit taking where market make an intraday low of 449 points.”
On the economic front, rupee ended with a loss for the sixth successive session against the US dollar and fell Re0.33 or 0.15% to close at 226.15.
Sectors painting the benchmark KSE-100 index in red included fertiliser (74.16 points), banking (71.21 points) and miscellaneous (62.50 points).
Volume on the all-share index rose to 153.7 million from 146.9 million on Monday. The value of shares traded increased to Rs5.54 billion from Rs5.13 billion recorded in the previous session.
Bank Al-Falah was the volume leader with 16.4 million shares, followed by Pakistan Petroleum with 12.5 million shares, and Bank of Punjab with 7.7 million shares.
Shares of 322 companies were traded on Tuesday, of which 98 registered an increase, 212 recorded a fall, and 12 remained unchanged.
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