PSX begins rollover week on negative note over mini-budget uncertainty


— AFP/File
— AFP/File
  • KSE-100 index endures another round of stock selling, dipping over 200 points by the end of the session.
  • Uncertainty about mini-budget keeps the investment climate negative.
  • Shares of 342 companies were traded during the session.

KARACHI: Stocks struggled to find a floor on the first day of the future rollover week on Monday due to weak cues coupled with internal and external headwinds.

Uncertainty about the mini-budget, coupled with concerns regarding rupee-dollar parity, kept the investment climate negative.

According to reports, the government is all set to introduce the amended Finance, and State Bank of Pakistan (SBP) autonomy bills in Parliament for approval tomorrow (Tuesday) ahead of the sixth review of the $6 billion Extended Fund Facility (EFF) by the International Monetary Fund’s (IMF) executive board on January 12.

The bears dominated the proceedings and the benchmark KSE-100 index endured another round of stock selling, dipping over 200 points by the end of the session.

Arif Habib Limited in its report stated that the market remained choppy due to the upcoming mini-budget.

“Profit-taking was witnessed in the last trading hour while market battled between the bulls and bears throughout the day,” it said, adding that the mainboard volumes remained on the dull note due to lack of any trigger.

Sectors contributing to the performance included oil and gas exploration companies (-63 points), technology and communication (-55 points), power generation and distribution (-34 points) commercial banks (-33 points) and food and personal care products (-20 points).

Benchmark KSE-100 index trading curve. — PSX data portal
Benchmark KSE-100 index trading curve. — PSX data portal

A report from Topline Securities in its post-market commentary noted that Pakistan equities started the week on a lacklustre note where the market remained in the band of 320 points during trading hours.

“The investors opted to remain on the sideline ahead of tomorrow’s parliament session where Finance Act and SBP Autonomy bills will be introduced for the approval,” it said.

Technology, exploration and production and power sector stocks witnessed profit-taking where TRG Pakistan, Mari Petroleum and Hubco cumulatively lost 127 points.

Today, the benchmark KSE-100 index fell 204.95 points, or 0.46%, to close at 43,913.44 points.

Shares of 342 companies were traded during the session. At the close of trading, 116 scrips closed in the green, 196 in the red, and 30 remained unchanged.

Overall trading volumes plunged to 114.66 million shares compared with Friday’s tally of 223.4 million. The value of shares traded during the day was Rs4.41 billion.

Cnergy PK was the volume leader with 10.87 million shares traded, gaining Rs0.02 to close at Rs6.32. It was followed by TRG Pakistan with 9.5 million shares traded, losing Rs5.43 to close at Rs112.97.Unity Foods Limited (R) with 9.25 million shares traded, losing Rs0.24 to close at Rs1.55.



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