- The power generation and distribution sector lost 2.42pc from its cumulative market capitalisation following the news regarding an increase in power tariff
KARACHI: Continuing with its downward trend, the Pakistan Stock Exchange (PSX) ended Thursday’s session in the red. The indices traded in the negative zone right from the word go amidst an absence of positive triggers.
Foreign investors continued as net sellers on Wednesday with a net outflow of $0.448 million.
On the economic front, the Asian Development Bank (ADB), in its recent report, has forecast Pakistan’s economic growth rate to slow down to 3.9pc. The report also stated that the country’s inflation rate is expected to increase, while it will continue to face macroeconomic challenges, besides pressure on the exchange rate and current account deficit.
Moreover, the finance minister, in reply to a query on the country’s current state of the economy, said that the Pakistani Rupee will deteriorate further and that “new investments will stop if Pakistan does not strike a deal with International Monetary Fund (IMF)”. He added that an arrangement with the IMF would be reached soon.
Breaking the 38,000 mark, the KSE 100 index benchmark touched its intraday low of 37,413.09 after shedding 609.71 points. It settled lower by 506.69 points at 37,516.11. The KMI 30 index sunk by 1,054.21 points or -1.69pc to end at 61,476.86, while the KSE All Share index drowned by 381.40 points, closing day at 27,429.00.
Market volumes declined from the previous session and were recorded at 127.78 million, of which 37.49 million came from Unity Foods Limited’s right shares (UNITYR1 +14.33pc). Worldcall Telecom (WTL -2.65pc) and K-Electric Limited (KEL -2.11pc) also secured positions among the volume leaders. The scripts had swapped 10.43 million and 8.77 million shares respectively.
The power generation and distribution sector lost 2.42pc from its cumulative market capitalization following the news regarding an increase of Rs 0.81 per unit in the power tariff by National Electric Power Regulatory Authority (NEPRA).
Altern Energy Limited (ALTN -4.99pc) touched its lower lock, while Hub Power Company Limited (HUBC -3.59pc), Saif Power Limited (SPWL -2.64pc), K-Electric Limited (KEL -2.11pc) and Engro Powergen Qadirpur Limited (EPQL -2.28pc) also closed the session in the red.
