PSX Closing Bell: Under the Weather

December 21, 2022 (MLN): Pakistan equities on Wednesday continued to endure selling pressure amid political and economic melancholy as investors opted to shift their investment from equities to precious metals.

Meanwhile, the rising oil prices in the international market and the depreciation of local currency have also forced investors to stay out of the PSX. 

Accordingly, the benchmark KSE-100 index slid by over 489.56 points or 1.23% DoD to close at 39,342.89, marking an intraday low of 39,276.70.

Speaking to Mettis Global, Ahsan Mehanti, CEO of Arif Habib Commodities said, "Stocks fell across the board as political crises persist ahead of PTI call for the dissolution of provincial assemblies on Friday. 

Rupee instability and likely massive surge in energy prices for the revival of the IMF program played a catalyst role in the bearish activity, he added.

By the session’s end, the total volumes of the KSE-100 index stood at 65.409mn shares decreased by 49% DoD from 128.22mn shares traded on Tuesday.

Shares of 92 companies were traded on Tuesday, of which 66 recorded a fall, 25 registered an increase and three remained unchanged.

In terms of sectors, most of the negative contributors were technology, commercial banks, oil & gas exploration, cement, and fertilizer exploration which negatively contributed 337 points.

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