PSX Closing Bell: KSE-100 Index sheds by 502.76 points

January 09, 2023 (MLN):The benchmark KSE-100 Index sheds by 502.76 points (1.23% DoD) to close at 40,504.76 level, however, Pakistan stock exchange ended first week of the new year higher by 1.45% WoW.

Markets closed lower on Tuesday due to uncertainty over the Pak-IMF talk at the Geneva International Conference and a statement by Finance Minister Ishaq Dar on Saudi Arabia's foreign assistance to help deplete foreign reserves.

Moreover, the Resource Group International Limited (TRG International) in a notice to PSX informed that the company has filed Suit against JS Bank Limited, JS Global Capital Limited (JSGCL), Bank AL Habib Limited (BAHL), DJM Securities Limited, Muhammad Ziaullah Khan Chishti, Sarah Jennifer Pobereskin and others on violation of the Stock Purchase Agreement (SPA) which has also smashed the investors confidence.

By the session’s end, the total volumes of the KSE-100 index stood at 97.52mn shares, decreased by 14.18% DoD from 113.64 shares traded on Friday.

Out of 100, shares of 93 companies were traded on Monday, of which 75 recorded a decrease, 15 registered a fall, and three remained unchanged.

In terms of sectors, most of the negative contributions came from commercial banks, technology and communication, cement, fertilizer, and power gencos which cumulatively added 453.74 points to the index tally by the day’s end.

Meanwhile, the volume leaders on the benchmark index were PPL (13.97mn), CNERGY (12.37mn), TRG(9.83mn), OGDC (9.55mn), and KEL 8.82mn).

The scrips which lose the most during the session included: COLG (2.10%), MARI(1.70%), HINOON (4.27%), ARPL (2.50%), and LUCK (2.20%). On the other hand, the stocks that emerged as net gainers during the day included NESTLE (3.70%), POML (4.50%), ATRL (2.78%), ATLH (1.06%), and PPL (3.87%).

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