Karachi: Benchmark KSE-100 Index fell below 40,000 level while volumes plunged as uncertainty over revival of International Monetary Fund (IMF) programme and continuous political volatility played on investors’ minds.

At close, benchmark index settled at 39,942.05, witnessing decrease of 434.05 points or 1.08 percent. On weekly basis, KSE-100 was down 3.36 percent.

Across-the-board buying pressure was witnessed throughout day as index-heavy sectors including automobile, cement, chemical, banking, oil, fertiliser and pharmaceutical sectors ended in losses.

Sectors dragging benchmark KSE 100 index lower included, oil and gas exploration (61.68 points), technology and communication (61.41 points) and miscellaneous (47.92 points).

Volume on all-share index plunged to 46.7 million from 148.5 million on Wednesday. Value of shares traded fell to Rs 1.3 billion from Rs 3.9 billion recorded in previous session.

WorldCall Telecom was volume leader with 4 million shares followed by Telecard Limited with 3.9 million shares and TPL Properties with 1.8 million shares. Shares of 290 companies were traded on Friday of which 77 registered an increase, 194 recorded fall and 19 remained unchanged.

Sana Tawfik, an analyst at Arif Habib Limited said market fears that IMF programme could be delayed further over government’s recently announced fuel subsidy package.

Published in The Daily National Courier, March, 25 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.