Losses continued to pile up for Pakistan stocks on Thursday as limbo over talks with the International Monetary Fund (IMF) for the next tranche of the loan programme and a troubled rupee kept investors away.
Pakistan Stock Exchange’s benchmark KSE-100 shares index lost 164.03 points or 0.38% to close at 42,819.72 points.
The market opened on a positive note to make an intraday high of 43,099.75 points but soon came under selling pressure and closed at 42,819.72 points.
JS Research in its market wrap said the apex bourse remained under pressure throughout the day due to a lack of positive triggers. The JS analysts added that profit-taking remained the order of the day across the board.
“Moving forward, we recommend investors to avail any downside as an opportunity to buy in the construction and export-oriented sectors,” JS Research said.
According to Arif Habib Limited (AHL), a brokerage house, the PSX got up on the right side of the bed; however, weakened rupee-dollar parity and delay in the review of the IMF loan programme shook investor confidence.
“This shoved the stocks down. Overall, investor participation remained low with third-tier scrips generating most of the volumes,” the brokerage said.
Sectors that brought the market down were technology and communication (-28 points), oil and gas marketing companies (-27.1 points), exploration and production (-25.2 points), food and personal care products (-18.8 points), vanaspati and allied industries (-12.6 points).
Volumes decreased from 186.7 million shares to 181.2 million, down 2.9%, while average traded value shrank 7.7% to $27.7 million as against $29.9 million.
Stocks that contributed volumes significantly were Bank Islami Pakistan Limited, Unity Foods, Telecard Limited, Ghani Chemical Industries Limited, and WorldCall Telecom Limited.