Karachi: Pakistan Stock Exchange (PSX) KSE-1000 index saw muted session and KSE-100 Index fell 0.75 percent as reports circulated that Finance Minister Ishaq Dar has pulled out of his visit to World Bank and International Monetary Fund spring meetings shattered investor sentiment.

At close, KSE-100 Index settled at 40,049.65, decrease of 301.24 points. Trading began upward but selling pressure emerged that erased the gain. Market fell steadily for rest of day and closed with loss.

Automobile, cement, chemical, banking and oil sectors saw selloff and closed in red.

Sectors pushing benchmark KSE-100 lower included, oil and gas exploration (96.74 points), fertiliser (56.69 points) and technology and communications (29.76 points).

Volume on all-share index dropped to 135.1 million from 171.4 million on Thursday while value of shares traded fell to Rs 3.2 billion from Rs 5.1 billion recorded in previous session.

JS Bank was the volume leader with 26.2 million shares followed by WorldCall Telecom with 13.1 million shares and Silk Bank Limited with 10.2 million shares. Shares of 301 companies were traded of which 90 registered an increase, 188 recorded fall and 23 remained unchanged.

Report from Capital Stake stated, “Indices plunged shortly after starting out on positive note whereas volumes fell from last close.” “Main board volumes continue to remain sluggish whereas third tier stock led board,” it said.

Published in The Daily National Courier, April, 08 2023

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