December 28, 2022 (MLN): KSE-100 index witnessed selling pressure on Wednesday, losing 523.48 points (1.32%) to close at 39,279.43 after marking an intraday low of 39,027.51.
The benchmark KSE-100 Index, closed at its lowest level since November 2, 2020, as on this date index was closed at 39,112.18.
Bearish trend continued at Pakistan Stock Exchange (PSX) due to economic uncertainty in the country.
Speaking to Mettis Global, Ahsan Mehanti Chief Executive Officer at Arif Habib Commodities said, "Yesterday PM Shahbaz Sharaif hints over implementation of IMF program and conditions with no option."
Furthermore, power sector debt surging to over Rs2.5trillion in addition to Rs2.6trn circular debt crises, political noise and rupee instability played a catalyst role in bearish close, he added.
To note, in a recent data published by State Bank of Pakistan showed that multinational companies operating in Pakistan repatriated $128.7 million in profit and dividends on investments in the country slipped by 83.41% YoY during the 5MFY23 as compared to the profits of $776mn repatriated in the corresponding period last year.
The data further revealed that during the period, foreign companies repatriated $102mn worth of profit against the foreign direct investments (FDI) in various businesses compared to $693.8mn in SPLY.
By the session’s end, the total volumes of the KSE-100 index stood at 163.84 shares, increased by 37.46% DoD from 102.46 shares traded on Tuesday.
Out of 100, Shares of 90 companies were traded on Wednesday, of which 69 recorded a fall, 20 registered an increase and one remained unchanged.
In terms of sectors, most of the negative contributors were technology and communication, commercial banks, fertilizer, chemical, and oil& gas exploration contributed 408.24points.
Meanwhile, the volume leaders on the benchmark index were BAFL (57.89mn), KEL (17.79mn), HUBC (6.40mn), PPL (6.19mn), and DGKC (5.63mn).
The stocks that emerged as net losers during the day included: NESTLE (2.92%), RMPL (1.53%), COLG (2.88%), MTL (4.21%), and MARI (1.35%). On the other hand, the scrips which gained the most during the session included PAKT (2.72%), HCAR (6.58%), PSMC (6.06%), INDU (0.49%) and PSO (2.28%).
Copyright Mettis Link News
Posted on: 2022-12-28T16:37:23+05:00
