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PSX ends fourth successive session in red, sheds 473pts

PSX ends fourth successive session in red, sheds 473pts

KARACHI: The Pakistan Stock Exchange on Thursday ended its fourth successive session in the red and dropped another 473 points or 1.17% to settle at 40,087.12 at closing.

Earlier, the PSX benchmark index plunged over 550 points in intra-day trading. After a positive open, the KSE-100 index spiralled downwards and fell below the 40,000-point mark.

Selling pressure mounted on the back of strict measures proposed by the International Monetary Fund (IMF) to put the national economy on a sound footing. It suggested a further hike in interest rate and more depreciation of the rupee against the US dollar, which spooked investors.

Resultantly, the market hit an intra-day low of 39,994 points. Although a slight recovery was witnessed at the end of the session, it failed to make any significant impact.

On the corporate front, Fauji Fertilizer Bin Qasim (+2.76%) and other shareholders appointed financial and legal advisers to press ahead with the proposed divestment of 51% shareholding in Fauji Foods Limited (+2.50%) to Inner Mongolia Yili Industrial Group Co Limited.

Overall, trading volumes improved to 110.5 million shares compared with Wednesday’s tally of 90 million. The value of shares traded during the day was Rs4.2 billion.

Shares of 365 companies were traded. At the end of the day, 67 stocks closed higher, 272 declined and 26 remained unchanged.

Fauji Foods was the volume leader with 8.4 million shares, gaining Rs0.78 to close at Rs32.04. It was followed by TRG Pakistan with 8.3 million shares, losing Rs0.30 to close at Rs26.95 and Unity Foods with 7.6 million shares, losing Rs0.18 to close at Rs30.84.