- Index traded in both directions before losing 176 points
KARACHI: Investors of the Pakistan Stock Exchange (PSX) chose to liquidate positions on Thursday as they wait for clarity on the economic path ahead.
As per official reports, the government has managed to get duty-free access into China, which is likely to boost exports, however, the quantum of any further assistance remains unclear. The government officials are also in talks with the International Monetary Federation (IMF) for a bailout package.
The KSE 100 index was seen trading in both directions, touching an intraday high of 41,650.70 with a gain of 106.72 points during the early trading hours. The index was then down to 41,284.64 by noon, before settling at 41,367 points by the end of the session, lower by 176 points. The KMI 30 index and KSE All Share Index also put up a similar show. The KMI 30 index climbed 229.43 points (intraday high) before dropping 478.70 points (intraday low) to conclude the day at 71,241.37. The KSE All Share Index settled down by 114.61 points at 29,908.35. A total of 197 scripts declined while 114 managed to end the day in green.
Total market participation came down from 276.93 million in the last session to 224.68 million, a decline of 19 per cent. Over 59 per cent of the total volumes came from the KSE 100 index scripts.
The Bank of Punjab (BOP +0.90 per cent) led the volume chart with investors exchanging 31.86 million shares, followed by Lotte Chemical Pakistan Limited (LOTCHEM -0.64 per cent) with 22.52 million shares.
According to All Pakistan Cement Manufacturers Association (APCMA), dispatches surged 5.40 per cent year-on-year during the first four months of the current fiscal year however, domestic sales remained stagnant. Unlike in the recent past, the growth this time was fueled by exports. The fall in the value of currency helped expand the exports.
