KARACHI: The Pakistan Stock Exchange (PSX) witnessed a dull session on Tuesday as indices kept shedding gains all day long while volumes remained thin. Foreign investors, keeping up with their trend ended as net sellers on Monday with a net outflow of $2.51 million.
As per media reports, the World Bank has annulled a $250 million emergency relief loan for Pakistan after both sides failed to reach on a new macroeconomic framework due to deteriorating external-sector conditions of Pakistan.
Moreover, as reported by the State Bank of Pakistan (SBP) on Monday, Remittances sent home by overseas Pakistanis dropped by a massive $400 million or 20pc to $1.6 billion in November 2018. The remittances stood at $2 billion in the month of October 2018.
Breaking below the 39,000 mark again, the KSE 100 index benchmark depreciated by 498.50 points or 1.28pc to touch its intraday low of 38,801.13. The index closed lower by 447.67 points at 38,851.96. The KMI 30 index declined by 875.21 points and ended at 65,548.16, while the KSE All Share index fell short by 241.52 points, settling at 28,551.59. The advancers to decliners ratio stood at 163 to 219.
Trading volumes declined from 154.17 million in the preceding session to 124.01 million. Pak Elektron Limited (PAEL -0.24pc), Amreli Steels Limited (ASTL +2.73pc) and K-Electric Limited (KEL -0.84pc) were the volume leaders of the day. The scripts had traded 9.15 million shares, 8.57 million shares and 7.79 million shares respectively.
The technology and communication sector (-3.36pc), textile weaving sector (-2.66pc), insurance sector (-2.55pc), investment banking sector (-2.51pc) and woolen sector (-2.17pc) all ended on the losing side, while the miscellaneous sector (+1.91pc), modarba sector (+0.54pc), automobile parts and accessories sector (+0.46pc), tobacco (+0.45pc) and food and personal care products sector (+0.33pc) emerged as major winners of the day.
Following the declining trend of global oil prices, the oil and gas exploration sector lost 1.27pc from its cumulative market capitalization. Oil and Gas Development Company Limited (OGDC) declined by -1.20pc while Pak Petroleum Limited (PPL) by -1.42pc. Pakistan Oilfields Limited (POL -1.46pc) and Mari Petroleum Company Limited (MARI -1.77pc) also ended negative.
