MM News

KARACHI: The Pakistan Stock Exchange (PSX) Thursday witnessed major selling pressure as the benchmark KSE-100 index plunged over 500 points on concerns over a possible hike in the monetary policy rate.

The market opened in the red and the bears held a firm grip on the bourse during the day.

At close, the benchmark KSE-100 index recorded a decrease of 518.13 points, or 1.21%, to settle at 42,237.91 points.

A report from Arif Habib Limited noted the market continued selling momentum from the previous session, as a rise in three months’ T-Bills yields went up by 75 basis points to 15.25%, raising concerns over a possible hike in the policy rate.

“The KSE-100 index touched an intraday low of 623 points as selling pressure was witnessed across the board. Volumes remained dull although third-tier stocks were in the limelight,” it added.

Sectors contributing to the performance included banks (-105.8 points), fertiliser (-66.8 points), cement (-62.3 points), technology (-48.7 points), and chemicals (-45.8 points).

Shares of 345 companies were traded during the session. At the close of trading, 75 scrips closed in the green, 254 in the red, and 16 remained unchanged.

Overall trading volumes rose to 157 million shares compared with Wednesday’s tally of 194.39 million. The value of shares traded during the day was Rs5.28 billion.

Pakistan Refinery Limited was the volume leader with 14.99 million shares traded, gaining Rs0.19 to close at Rs17.95. It was followed by Unity Foods with 10.96 million shares traded, losing Rs0.44 to close at Rs21.86, and Cnergyico PK Limited with 9.87 million shares traded, losing Rs0.17 to close at Rs5.45.