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Positive economic indicators fail to impress investors as PSX ends negative

Positive economic indicators fail to impress investors as PSX ends negative

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday again closed negative as the benchmark KSE 100-share Index recorded a decrease of 52.66 points or 0.14% to settle at 38,063.15.

On the economic front, Finance Minister Asad Umar, while addressing the standing committee on finance, said that financial aid received from Saudi Arabia, China and the United Arab Emirates (UAE) will be adequate to cover the fiscal deficit for the current year. He further commented that oil facility offered by Saudi Arabia would come into effect from January and negotiations with UAE and the Chinese are in closing stages.

The KSE 100 reached its day’s low of 37,859.18 after losing 256.63 points. It then settled lower by 52.66 points at 38,063.15. The KMI 30 index declined by 423.80 points and closed at 63,847.70, while the KSE All Share index was down by 73.87 points, ending at 28,103.77. Out of the total traded scripts, only 112 advanced while 185 declined.

Trading volumes improved from 90.62 million in the preceding session to 101.04. K-Electric Limited (KEL -0.34pc) managed to maintain its position on the volume chart and ended as the most traded script of day with a volume of 12.46 million, followed by Engro Polymer and Chemicals Limited (EPCL +2.32pc) and Trust Investment Bank (TRIBL -28.67pc) with 7.73 million shares and 5.65 million shares respectively.

Following the decline in global oil prices by 4pc due to oversupply, oil and gas exploration sector lost -2.13pc from its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC) declined by -2.31pc, Pak Petroleum Limited (PPL) by -2.50pc and Pakistan Oilfields Limited (POL) by -2.45pc. Mari Petroleum Company Limited (MARI -0.03pc) also ended in slight red.

Top losers included woolen sector (-3.10pc), technology and communication sector (-2.79pc), oil and gas exploration sector (-2.13pc), jute sector (-1.70pc) and synthetic and rayon sector (-1.60pc), whereas the miscellaneous sector (+2.63pc), chemical sector (+1.72pc) and leather and tanneries sector (+0.69pc) ended as the top gainers of the day.