PSX remains bearish, index loses 163 points

KARACHI: Bearish sentiments prevailed once again at the Pakistan Stock Exchange (PSX) on Thursday.

Keeping up with the preceding session’s trend, indices traded in red for the most part of the day. Foreign investors closed the session on Wednesday as net buyers with an inflow of $2.96 million.

As per news reports, State Bank of Pakistan Governor Tariq Bajwa said in an interview that inflation would decrease in the next fiscal year owing to the new economic policies adopted by the incumbent government. He added that inflation had jumped up by 8.20pc in February; however, the central bank doesn’t foresee average inflation for next year to breach double digits.

Moreover, Malaysian Prime Minister Mahathir Mohamad is arriving on a three-day visit to Pakistan. He would be accompanied by a high-level business delegation, who would participate in Pak-Malaysia Business Roundtable expected to take place on Friday 22nd March.

The KSE 100 index declined by 345.48 points during the morning session, reaching an intraday low of 38,202.28. It ended lower by 163.05 points at 38,384.71. The KMI 30 index fell short by 460.53 points or 0.74pc to close at 62,478.25, while the KSE All Share index was down by 145.30 points, settling at 28,101.04.

Trading volumes were recorded at 81.35 million. The Bank of Punjab (BOP -1.66pc), Pak Elektron Limited (PAEL -2.08pc) and Hub Power Company Limited (HUBC -2.10pc) led the volume chart. The scripts had exchanged 5.67 million shares, 4.18 million shares and 4.13 million shares respectively.

The oil and gas marketing sector lost 1.18pc from its cumulative market capitalization. Sui Northern Gas Pipe Line Limited (SNGP) was down by 1.29pc, Hascol Petroleum Limited (HASCOL) by 2.52pc and Sui Southern Gas Company Limited (SSGC -2.20pc). Attock Petroleum Limited (APL -1.67pc) and Burshane LPG (Pakistan) Limited (BPL -2.94pc) also closed in the red.

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