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PSX loses momentum as KSE-100 index plunges by 348 points

KARACHI: A day after a spectacular bull run, the Pakistan Stock Exchange (PSX) lost momentum on Wednesday and ended the day on a negative note.

The benchmark KSE-100 index lost 348.49 points (0.75%) and closed at 46.194.42 points. The bourse plunged in early trading to and reached its lowest level of 46,071.98 points. It quickly regained control to overcome its losses before it decline further and ended on a negative note. The total volume of shares were 93.572 million valued at Rs7.119 bn.

The lower-bench KSE-30 index declined by 146.39 points (-0.81%) and closed at 17,952.03 points. The total volume of shares was 53.484 million.

The KMI-30 index decreased by 744.29 points (-0.99%) and closed at 74,654.27 points, while All-Share Index also dropped by 204.85 points (-0.65%) and closed at 31,444.42 points. The total volume of shares traded were 238.468 million.

The most active stock was Service Fabric Ltd (SERF) which saw 18.935 million shares traded at the stock market. This was followed by TRG Pakistan (TRG -7.50%), Ghani Global Ltd (GGL -6.17%) and TPL Properties Ltd (TPLP -3.43%).  The total volume of scripts were 15.965 million, 13.965 million, and 12.582 million respectively.

A day earlier, bulls staged a spectacular comeback at the stock market as the benchmark KSE-100 index snapped a three-day losing streak and powered past the 46,000-point level. However, the bourse lost the winning streak on Wednesday.

The State Bank of Pakistan (SBP) has convened the monetary policy committee (MPC) meeting a week earlier on Friday November 19 to set its policy rate for the next two months ahead of the resumption of IMF loan programme.

The meeting was scheduled for November 26. The central bank is expected to increase the benchmark interest rate in the upcoming meeting to clear the way for the revival of bailout programme.

Finance Adviser Shaukat Tarin said the introduction of Finance Bill in the National Assembly to increase taxes and approval of the State Bank of Pakistan (SBP) Amendment Bill are pre-conditions for the revival of the loan programme. The hike in taxes has dampened investor confidence which impact the stock market.

 

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