PSX Closing Bell: Walking on eggshells

March 01, 2023 (MLN): The Pakistani stock market faced a bearish trend on Wednesday as the KSE-100 Index witnessed a downtrend of 97.60 points, closing at 40,412.77, marking an intraday high of 40,541.13 and a low of 40,029.99.

The delay in the IMF deal and the anticipated rate hike by MPC have led to significant selling pressure, causing a decline in stock prices.

Adding to the woes, Moody's has downgraded the country's local and foreign currency issuer and senior unsecured debt rating from Caa1 to Caa3. This has further impacted investors' sentiments, leading to a decrease in the demand for stocks.

Moreover, the IMF has laid down four prior actions that need to be taken before reaching a staff-level agreement (SLA), causing more concerns among investors. The news has led to a decline in the stock market's trading volume, as traders adopt a cautious approach to avoid any potential losses.

Of the 92 traded companies in the KSE100 Index 30 closed up 54 closed down, while 8 remained unchanged. The total volume traded for the index was 102.78 million shares.

Sector-wise, the index was let down by Oil & Gas Exploration Companies with 59 points, Cement with 38 points, Commercial Banks with 14 points, Miscellaneous with 7 points, and Sugar & Allied Industries with 5 points.

The most points taken off the index were by OGDC which stripped the index of 30 points followed by PPL with 18 points, LUCK with 17 points, UBL with 16 points and SYS with 13 points.

Sectors propping up the index were Food & Personal Care Products with 13 points, Technology & Communication with 9 points, Power Generation & Distribution with 6 points, Automobile Parts & Accessories with 5 points, and Inv. Banks / Inv. Cos. / Securities Cos. with 3 points.

The most points added to the index were by TRG which contributed 26 points followed by NESTLE and HBL with 13 points each, MCB with 11 points, and SEARL with 6 points.

All Share Volume increased by 41.08mn to 167.40mn shares. Market Cap decreased by Rs10.07 billion.

The total companies traded were 320 compared to 334 from the previous session. Of the scrips traded 110 closed up, 178 closed down and 32 remained unchanged.

Total trades increased by 6,676 to 87,176.

Value Traded increased by 3.63bn to Rs9.28bn.

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