Karachi: Pakistan Stock Exchange (PSX) KSE-1000 index closed in red as KSE-100 Index dropped nearly 1 percent owing to weak investor sentiment. Weakening macroeconomic cues and persistent political uncertainty kept investor participation low. At end of trading KSE-100 Index closed with loss of 396 points or 0.97 percent at 40,450.53.

Sectors driving benchmark KSE-100 index lower included cement (75.20 points), technology and communication (75.15 points) and fertiliser (71.34 points).

Volume on all-share index nearly halved to 191.3 million from 364.1 million on Thursday. Value of shares plummeted to Rs 7.1 billion from Rs 14.8 billion recorded in previous session.

Pak Refinery was volume leader with 14.2 million shares followed by Cnergyico PK with 13.2 million shares and Fauji Foods with 12.5 million shares. Shares of 333 companies were traded of which 76 registered an increase, 238 recorded fall and 19 remained unchanged. A report from Capital Stake stated “Failing to sustain gains made during day, PSX ended session on Friday in red.” Indices slipped lower and lower for most of day while volumes declined from last close.

“Depreciation of rupee against dollar, depletion of foreign exchange reserves and delay in agreement with IMF were some of major factors which dented investors’ confidence,” it said.

A report from Arif Habib Limited stated that PSX concluded week on mixed note. “Market opened in red zone and traded in same zone with sluggish activity throughout first trading owing to rupee dollar parity and political instability,” it said.

Published in The Daily National Courier, January, 28 2023

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