KARACHI: Pakistani stock exchange plummets on Monday due to expectations of steep hike in in policy rate in Monetary Policy Statement (MPS), except rising political tension.
“Secondary market productivity already peak. Political tension and uncertainty also high in commemoration of PTI call for long march on May 25th. how result, market marked intraday low of 42,345, loss 756 points close at 42,440”, analyst in Pearl Securities said.
“As expected, the State Bank of Pakistan (SBP) rose policy rate at 150 bps. Therefore, going forward we expect market to remain under pressure. Therefore, we recommend that our investors use the “Sell” strategy. on Strength” strategy in upcoming sessions.
Pakistan Stock Exchange KSE-100 shares The index lost 1.53%, or 660.46. points to close at 42,440.25 points. KSE-30 shares The index lost 1.68%, or 274.17. points to close at 16,092.94. points.
314 scripts were released. active of of which 48 advanced, 250 declined and 16 remained unchanged.
Ready market volumes amounted to 118.98 million shares in comparison with turnover of 189.92 million shares in in last trading session.
An analyst Arif Habib Limited stated that market witnessed a bloodbath session as investors remained under pressure throughout the day.
“The underlying KSE-100 fell sharply from the start. of in session as an increase in political noise over holidays and uncertainty about resumption of Program of the International Monetary Fund (IMF), together with with ongoing depreciation of rupee and rumors of rate to travel on foot in monetary policybreaking investors confidence,” is he added.
Companies that reflected highest profit includes Bhanero Tex up Rs 102.45 to close at Rs 1525/share and Blessed Tex up Rs 19.99 to close at Rs 509.99/share.
The companies that recorded the largest losses included Bata (Pak) down Rs 99 to close at Rs 1900/share and Rafhan Corn down Rs 90 to close at Rs 9,900/share.
highest volumes have been attested in Silk Bank Ltd with turnover of 9.97 million shares. Script got 4 pice and closed at Rs 1.32.sharethen WorldCall Telecom with turnover of 7.62 million shares. It lost 9 pice to close at Rs 1.50.share. LLC “K-Electric” remains the third with turnover of 6.12 million shares. He lost 8 paise to finish at Rs 2.50/share.
