Unable to sustain gains, the benchmark KSE-100 lost 192 points in a subdued session on the first day of the week, as ambiguity regarding Pakistan's negotiations with the International Monetary Fund (IMF) and rising POL rates hurt investor sentiment.
The index opened negative before recovering. However, at close on Monday, the KSE-100 Index finished with a loss of 192.08 points or 0.43% to settle at 44,629.45. Volume and value of shares traded remained on the lower side.
“A hike in petroleum prices coupled with a delay in the IMF negotiation for the resumption of the EFF (Extended Fund Facility) dampened investor sentiment,” said Topline Securities in its post-market comment.
“However, the E&P sector saw renewed investor interest after international oil prices hit the highest level in years… moreover, the commercial banks sector also continues to witness buoyant buying throughout the day as investors braced themselves for an interest rate hike in the near term owing to high inflation expectations,” it added.
On the economic front, foreign direct investment (FDI) went up by 16% YoY during Sep’21 to $236 million. During 1QFY22, FDI was down 4% YoY to $439 million.
On the corporate front, Engro Polymer (EPCL) announced its 9MCY21 financial results, with a net consolidated profit at Rs10.37 billion alongside an EPS of Rs11.41, compared to Rs2.10 billion and an EPS of Rs2.31 in the same period last year.
On Monday, sectors driving the benchmark KSE-100 index lower included technology and communication (150.34 points), cement (48.34 points), and engineering (27.91 points).
Volume on the all-share index decreased from 334.3 million on Friday to 248.3 million on Monday. The value of the shares trade also declined, amounting to Rs8.82 billion from Rs11.79 billion on Friday.
Hum Network was the volume leader with 25.10 million shares, followed by WorldCall Telecom with 20.84 million shares, and Hascol Petrol with 13.83 million shares.
Shares of 330 companies were traded on Monday, of which 110 registered an increase, 209 recorded a fall, while 11 remained unchanged.