January 17, 2023 (MLN): The Pakistan Stock Exchange (PSX) on Tuesday endured massive selling pressure as investors react negatively to political uncertainty and delay in the International Monetary Fund's (IMF) ninth review.
As a result, the benchmark KSE-100 index lost 1,378.54 points (3.47% DoD), to settle at 38,342.21 level while marking an intraday low of 38,287.81 points around 3:23 pm, bleeding by 1,432 (3.74%).
By the session’s end, the total volumes of the KSE-100 index stood at 125.78mn shares, increased by 58.6% DoD from 52.07 shares traded on Monday.
Out of 100, shares of 91 companies were traded on Tuesday, of which 84 recorded a fall, 5 registered an increase and two remained unchanged.
Head of Research Analyst at Ismail Iqbal Securities, Fahad Rauf said, “There is certainly an increasing sense of fear among the investor community as there is turmoil on both political and economic fronts.”
“The clock is ticking and IMF resumption is not in sight. If this situation persists, markets would remain under pressure”, he stressed.
In terms of sectors, most of the negative contributors were oil & gas exploration, technology, commercial banks, cement, and fertilizer which negatively contributed 951.95 points.
Meanwhile, the volume leaders on the benchmark index were KEL (29.91mn), SNGP (9.67mn), PPL (8.64mn), CNERGY (8.06mn), and OGDC (5.11mn).
The stocks that emerged as net losers during the day included: PAKT (7.50%), MARI (3.59%), INDU (4.45%), SYS (6.05%), and LUCK (6.79%). On the other hand, the scrips which gained the most during the session included NESTLE (3.63%), PSEL (5.09%), EFUG (2.13%), BNWM (1.53%), and FHAM (1.11%).
