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KSE-100 drops 467 points amid uncertainty about Finance Bill

KARACHI: The Pakistan Stock Exchange (PSX) extended its decline on Wednesday as the KSE-100 shed 1.12% to fall below 41,500 points.

Debate on the amendments related to Finance Bill 2022 in the National Assembly and its approval kept market participants on the sidelines and the equity market witnessed thin trading volumes. The amendment to the Finance Bill 2022 was passed after the market closed.

Meanwhile, the benchmark KSE-100 index closed the session at 41,297.73, down 467.89 points.

Trading began with minor fluctuations and the KSE-100 index remained range-bound during the first half of the session. The market dipped in the second half, although a buying spell in the final minutes erased some of the losses.

Index-heavy automobile, cement, banks, and oil and gas exploration sector saw massive sell-offs.

A report from Capital Stake stated that bearish sentiments prevailed at the PSX for a second consecutive session. Indices dropped lower for the most part of the day, while volumes declined from the last close.

As per analysts, investors preferred to stay on the sidelines as they waited for the approval of Finance Bill 2022.

Sectors dragging the benchmark KSE-100 index lower included banking (271.55 points), oil and gas exploration (58.63 points), and technology and communication (56.76 points).

Volume on the all-share index fell to 142.2 million from 257.2 million on Tuesday. The value of shares traded dropped to Rs5.35 billion from Rs7.7 billion recorded in the previous session.

K-Electric was the volume leader with 14.37 million shares, followed by WorldCall Telecom with 11.62 million shares, and Hascol with 7.56 million shares.

Shares of 316 companies were traded on Tuesday, of which 124 registered an increase, 168 recorded a fall, and 24 remained unchanged.

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