Karachi: Pakistan Stock Exchange (PSX) remained under pressure and KSE-100 Index shed 0.58 percent owing to lack of positive triggers. Although status quo in interest rate by State Bank of Pakistan was taken as positive cue by market, it was insufficient to prop it upward. At end of session, benchmark index was down 244.21 points to close at 41,538.72. Following brief jump at open, market began its descent in initial hour and continued to fall for remaining part of day. Index-heavy automobile, cement, fertiliser and banking sectors ended in red.

Sectors painting benchmark KSE-100 Index in red included, cement (67.37 points), technology and communication (53.90 points) and fertiliser (47.91 points). Volume on all-share index fell to 144.2 million from 179.1 million on Monday, while value of shares traded dropped to Rs 4.1 billion from Rs 5.6 billion recorded in previous session. Hascol was volume leader with 14.4 million shares followed by TPL Properties with 13.5 million shares and WorldCall Telecom with 13 million shares. Shares of 327 companies were traded of which 91 registered an increase, 208 recorded fall and 28 remained unchanged.

Arif Habib Limited stated, “Market opened in green after SBP kept interest rate unchanged in MPC meeting. Capital Stake’s report said, “Indices swung high and low while volumes contracted from last close.”

Published in The Daily National Courier, June, 14 2023

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