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PSX loses huge 545pts over uncertain economic situation

PSX loses huge 545pts over uncertain economic situation

KARACHI: The Pakistan Stock Exchange witnessed another bearish day on Thursday as news of failed talks with the International Monetary Fund (IMF) pushed the benchmark index down.

Foreign investors continued offloading with a net sale of $3.74 million due to uncertain economic situation of the country. The KSE 100 index benchmark declined by 1.53 per cent (623.28 points) to touch an intraday low. Failing to recover its losses, the index settled lower by 545.21 points at 40,874.03. The KMI 30 index depreciated by 1.48 per cent and after losing a massive 1,052.76 points, ended at 69,955.44. The KSE All Share index lost 453.66 points to reach intraday low. The index fell short by 382.41 points (1.29 per cent) to close at 29,546.16.

The market volumes declined by 9 per cent on a DoD basis and were recorded at 160.20 million.

Lotte Chemical Pakistan Limited (LOTCHEM -2.13 per cent) came out as the volume leader with 17.14 million shares exchanging hands, followed by Engro Polymer and Chemicals Limited (EPCL +0.17 per cent) and Pak Elektron Limited (PAEL -1.14 per cent). The scripts had traded 10.97 million and 9.96 million shares respectively.

The oil and gas exploration sector (-3.59pc), chemical sector (-2.47pc), vanaspati and allied industries sector (-1.89pc), close-end mutual fund sector (-1.89pc) and investment banking sector (-1.84pc) were among the major losers, while small cap sectors including synthetic and rayon sector (+2.10pc), paper and board sector (+0.81pc), miscellaneous sector (+0.76pc) and woolen sector (+0.53pc) were the top gainers.

Furthermore, the commercial banking sector lost 1.69pc from its cumulative market capitalisation. Big players Habib Bank Limited (HBL) and MCB Bank Limited (MCB) declined by 3.98pc and 0.78pc respectively, whereas Bank AL Habib Limited (BAHL) was down by -1.35pc, Bank AlFalah Limited (BAFL) by -1.39pc and Allied Bank Limited (ABL) by -1.62pc.

United Bank Limited (UBL -2.35pc) also ended in negative following a notification it had sent to the exchange. The bank has decided to voluntarily liquidate and surrender its license in New York. Earlier this year, the bank had been directed by Federal Reserve Bank of New York to strengthen its anti-money laundering policies as the regulator criticised them to be inadequate to track doubtful transactions.