MM News

KARACHI: The Pakistan Stock Exchange (PSX) observed a volatile session on Friday and end on negative note due to the lack of triggers and economic challenges.

The benchmark KSE-100 surged in early trading and reached to highest point of 45,774.85 points. It plunged soon after in later day trading before trading was suspended. The bourse dropped by 99.60 (-0.22%) and closed at 45,553.02 points. The total volume of shares were 89.52 million valued at Rs3.27 billion.

The lower bench KSE-30 index observed minor gain of 19.37 points (0.11%) and closed at 17,589.31 points. The total volume of shares was 63.203 million. The KMI 30 index increased by 164.84 points (0.22%) and closed at 74.560 points, while the All Share Index also decreased by 41.65 points (-0.13%) and closed at 31,013.92 points. The total volume of shares traded were 217.550 million at the stock market.

The highest number of shares traded belonged to Cnergyico PK Ltd, (CNERGY 2.46%) which traded 23.649 million shares. This was followed by Hum Network Ltd (HUMNL 4.85%). Lotte Chemical Ltd (LOTCHEM -3.89%) and TPL Properties Ltd (TPLP -0.73%). The number of scrips traded were 23.608 million, 19.593 million, and 15.614 million, respectively.

Of the 92 traded companies in the KSE-100 Index , 42 closed up, 50 closed down, while none remained unchanged. Total companies traded were 316 compared to 311 from the previous session. Of the scrips traded 162 closed up, 132 closed down while 22 remained unchanged.

Sector-wise, the index was let down by Miscellaneous with 67 points, Chemical with 31 points, Fertilizer with 26 points, Commercial Banks with 25 points and Power Generation & Distribution with 21 points.

Sectors propping up the index were Oil & Gas Exploration Companies with 54 points, Technology & Communication with 31 points, Textile Composite with 18 points, Food & Personal Care Products with 13 points, and Oil & Gas Marketing Companies with 8 points.

The stock market is feeling selling pressure due to rising T-bill yields and ongoing economic challenges. Finance minister Miftah Ismail is expected to meet with International Monetary Fund (IMF) officials for the resumption of the loan programme. The stock market also face pressure as the returns on short-term Treasury Bills (T-bills) have increased up to 70 basis points.