Pakistan Stock Exchange absorbs interest rate hike shock

Bearing trend continues to rule over Pakistan Stock Exchange as the market remained in red zone with a large reduction in the number of shares being traded.

By the time trading was closed, the benchmark KSE-100 Index was down by 107.87 points (0.26 percent) when compared with the previous day to close at 41,711.42.

The total volume of the KSE-100 Index stood at 28.66 million shares, representing a decrease of 58.72 percent against Wednesday’s figures of 69.41 million shares.

On Wednesday, the trading volume had jumped by 49.62 percent. But it was much less than 46.39 million shares traded on Tuesday, showing lack of confidence on the part of investors.

Shares of 87 companies were traded on Thursday, of which 63 recorded a fall, 21 registered an increase, whereas three remains unchanged.

In terms of sectors, cement, commercial banks and technology negatively contributed 94.05 points. However, the miscellaneous closed the session positively, gaining 36.59 points by the day’s end.

Meanwhile, the volume leaders on the benchmark index were Sui Northern Gas Pipelines Limited 4.68 million, Yousaf Weaving Mills Limited 3.28 million, Pioneer Cement Limited 2.42 million, Cnergyico PK Limited 1.13 million and K-Electric Limited 1.09 million.

The stocks that emerged as net losers during the day included: Highnoon Laboratories Limited 2.35 percent, Services Industries Limited 1.61 percent), Shifa International Hospitals Limited 4.62 percent, ICI Pakistan Limited 0.74 percent and Cherat Cement Company Limited 2.89 percent.

On the other hand, the top gainers were: Pakistan Services Limited 7.50 percent, Millat Tractors Limited 1.02 percent, Dawood Hercules Corporation Limited 1.99 percent, Mari Petroleum Company Limited 0.11 percent and Engro Corporation Limited 0.45 percent.

The lack of confidence prevailing among traders and market in general is alarming given the fact that even the reports about positive movement in IMF talks and Saudi Arabia promising assistance to fix Pakistan’s finances did not generate any positive sentiments.  

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