December 5, 2022 (MLN): Pakistan equities on Monday witnessed a volatile session as investors opted for profit booking which led the benchmark KSE-100 index to lose 537.43 points (1.27% DoD), marking an intraday low of 41,514.81.
Accordingly, the session closed at 41,612.67 points.
Bleak macros and earnings outlook the investors remained cautious throughout the day. In addition to it, the weakening of PKR and the latest statement by Finance Minister Ishaq Dar regarding IMF have also crushed investors’ confidence.
On Friday, Finance Minister Ishaq Dar during an interview said, “the IMF cannot dictate what Pakistan should do, if the money does not come in, we will manage”.
Arif Habib Commodities, Chief Executive Officer Ahsan Mehanti said that the bearish trend is attributed to declining in POL sales, cement sales, and cotton arrivals for November 2022.
Furthermore, falling foreign exchange reserves, and Finance Minister hints over tough Pak-IMF talks played a catalyst role in the bearish close.
The benchmark KSE-100 index made an intraday high of 42,248.53 and an intraday low of 41,514.81 during the day.
By the session’s end, the total volumes of the KSE-100 index stood at 56.41mn shares, increased by 5.08% DoD from 59.43mn shares traded last week Friday.
Shares of 93 companies were traded on Friday, of which 77 recorded a fall, 15 registered an increase, whereas one remains unchanged.
In terms of sectors, most of the negative contributors were cement, commercial, and technology which negatively contributed 290.31 points. On the flip side, the miscellaneous closed the session positively, gaining 27.25 points by the day’s end.
Meanwhile, the volume leaders on the benchmark index were FCCL (9.48mn), KEL (6.84mn), CNERGY (4.65mn), TRG (3.15mn), and LOTCHEM (2.38mn).
The stocks that emerged as net losers during the day included: MTL (3.06%), COLG (0.88), LUCK (3.44%), SYS (2.79%), and ICI (1.44%). On the other hand, the scrips which gained the most during the session included PSEL (7.49%), PAKT (1.63%), MUREB (1.48%), THALL (1.26%), and HCAR (1.47%).
Copyright Mettis Link News
Posted on: 2022-12-05T17:34:42+05:00
