November 14, 2022 (MLN): Benchmark KSE-100 Index closed in the red zone on Monday, losing 242.12 points (0.56%) to close at 42,850.83.
The Pakistan Stock Exchange has experienced a bearish trend today as profit-taking was witnessed during market hours. However, today’s downtrend is attributed to political uncertainty in the country and Saudi Crown Prince Mohammad Salman postponed his visit to Pakistan owing to the G20 summit.
Head of Research Analyst at Ismail Iqbal Securities, Fahad Rauf said, “I see a rangebound market as there are no major triggers, while political uncertainty continues”.
While speaking to MG link news, Arif Habib Commodities Cheif Executive Officer Ahsan Mehanti said that, Market will remain volatile with political noise and global equity uncertainty.
"Stocks fell across the board on institutional profit taking after reports of IMF Rs800bn additional revenue target for FY23 and investor concerns for political noise, weak sales data for cement, auto and oil sector in Oct’22", he added.
He further said, the global equities uncertainty, likely mini budget to tax and postponement of Pak -IMF talks plays catalyst role in bearish close.
By the session’s end, the total volumes of the KSE-100 index stood at 82.38mn shares, decreased by 20.12% from 103mn shares traded last week Friday.
Shares of 93 companies were traded on Monday, of which 72 recorded a fall, 18 registered an increase, whereas three remain unchanged.
In terms of sectors, most of the negative contributors were cement, oil & gas exploration, and fertilizer which negatively contributed 161.98 points. On the flip side, the technology sector closed the session positive, gaining 84.28 points by the day’s end.
Meanwhile, the volume leaders on the benchmark index were PTC (12.83mn), LOTCHEM (10.23mn), TRG (10.08mn), CNERGY (6.13mn), and PPL (4.94mn).
The stocks that emerged as net losers during the day included: PSEL (7.26%), PAKT (3.12%), MTL (1.19%), INDU (0.83%), and POL (1.67%). On the other hand, the scrips which gained the most during the session included TRG (7.49%), ARPL (1.10%), FCEPL (3.45%), LOTCHEM (7.48%), and THALL (0.73%).
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Posted on: 2022-11-14T17:55:16+05:00