Connect with us

Hi, what are you looking for?

Online Business Success

Stocks at PSX fall ahead of monetary policy announcement tomorrow

393184 054151 updates

A person sitting in front of trading panel — Reuters/File
A person sitting in front of trading panel — Reuters/File
  • KSE-100 index sheds 0.33% to close at 45,763.20 points.
  • Expectations about SBP’s policy rate announcement sparks volatility.
  • Rising COVID-19 cases affects the investment climate negatively.

KARACHI: The bears staged a comeback at the Pakistan Stock Exchange (PSX) on Thursday as sceptical investors took a cautious stance ahead of the State Bank of Pakistan’s (SBP) monetary policy announcement tomorrow. Resultantly, the benchmark KSE-100 index shed over 150 points.

Mixed expectations about the central bank’s policy rate announcement sparked volatility with low investor participation resulting in thin volumes.

Moreover, the rising COVID-19 cases — as the country reported more than 3,000 coronavirus cases for the first time since September 15, 2021 — affected the investment climate negatively as investors resorted to profit booking during the session.

At the close, the benchmark KSE-100 index sheds 153.05 points, or 0.33%, to close at 45,763.20 points.

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

A report from Arif Habib noted that the market remained volatile today as the country reported the highest ever COVID-19 infections in the last four months.

“The market opened on a bleak note as investors remained risk-averse,” it said.

In the refinery sector, Cynergyico PK Limited remained in the limelight as its board approved the acquisition of a 57.37% stake in Puma Energy under which it will become the second-largest retail fuel network in Pakistan.

The report added that in the last trading hour, profit-taking was witnessed across the board.

Sectors contributing to the performance included technology and communication (-50.4 points), cement (-33.8 points), tobacco (-14.3 points), pharmaceutical (-12 points) and vanaspati (-11 points).

Advertisement. Scroll to continue reading.

Shares of 353 companies were traded during the session. At the close of trading, 135 scrips closed in the green, 196 in the red, and 22 remained unchanged.

Overall trading volumes plunged to 327.6 million shares compared with Wednesday’s tally of 514.38 million. The value of shares traded during the day was Rs6.48 billion.

Cynergyico PK Limited was the volume leader with 74.07 million shares traded, gaining Rs0.43 to close at Rs7.31. It was followed by WorldCall Telecom Limited with 47.8 million shares traded, remaining unchanged at Rs2.53, and Hascol Petroleum with 23.39 million shares traded, gaining Rs0.20 to close at Rs7.11.

Source link

Click to comment

Leave a Reply


Top Stories

UNI needs to break above a key technical resistance level to trigger its 100% bull run scenario. Otherwise, a bear flag awaits a 45%...


We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – 28. Join AI and data leaders for insightful...

Top Stories

The provision in the U.S. infrastructure bill signed into law in November, which will require financial institutions and crypto brokers to report additional information,...

Social Media

As it looks to add more ways to help creators to build their presence, and monetize their work in the app, Facebook is launching...


In context: Tensor cores have been one of the main advantages of Nvidia’s RTX graphics cards, enabling machine learning-based image upscaling, which significantly improves...

Online Business Success

Small Town Cultures pickles. Small Town Cultures Small Town Cultures A family-based fermentation company located in upstate New York, bring simple, clean fermented foods...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...