PSX Closing Bell: Betrayed

June 19, 2023 (MLN): The capital market on Monday endured massive selling pressure as the benchmark KSE-100 Index bled 680.08 points to settle the trading session at 40,621.21. 

Investors' sentiments were crushed on the back of looming default threats in the absence of an IMF tranche.

In addition, Pakistan's absence from the International Monetary Fund's (IMF) tentative calendar of formal meetings has ignited speculation as market participants jumped to premature conclusions without knowing the reason.

The reason behind this absence lies in the fact that the government and IMF have yet to finalize the Staff Level Agreement (SLA). Once the agreement is signed, Pakistan's name will promptly find its place in the calendar.

The index traded in a range of 874.05 points showing an intraday high of 41,484.32 and a low of 40,610.27.

The total Volume of the KSE100 Index was 93.209 million shares.

Of the companies in KSE100 13 closed up, 78 closed down, 2 were unchanged while 7 remained untraded.

KSE100 Index was let down by Oil & Gas Exploration Companies with 140.44, Technology & Communication with 102.29, Commercial Banks with 98.17, Fertilizer with 84.58 and Power Generation & Distribution with 64.62 points.

Companies dragging the index lower were SYS with 71.29, HUBC with 56.77, ENGRO with 45.66, OGDC with 41.81 and PPL with 41.22 points.

KSE100 index was supported by Chemicals with 28.32, Tobacco with 12.68, Food & Personal Care Products with 3.27, Textile Spinning with 2.37 and Modarabas with 0.48 points.

Companies adding points to the index were COLG with 52.25, PAKT with 12.68, SHEL with 7.55, NATF with 6.42 and SNGP with 3.52 points.

In the broader market, the All-Share index closed at 27,660.03 with a net loss of 260.63 points.

The total market volume was 179.78 million shares with traded value being recorded at 5.58 billion.

There were 83,973 trades reported in 318 companies with 54 closing up, 242 closing down and 22 remaining unchanged.

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