Stocks dip 281 points amid economic concerns

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KARACHI: The Pakistan Stock Exchange (PSX) experienced a volatile session on Tuesday amid a dearth of market triggers, the possibility of FATF blacklisting, lack of clarity on rupee depreciation and concerns over surging inflation.

On the economic front, the Petroleum Division has sought an increase of up to 200pc in the prices of gas for domestic consumers (expected to take effect from July 1). The summary prepared by the division on the decision of the Oil and Regulatory Authority has been forwarded to the Economic Coordination Committee for approval.

Meanwhile, as reported by Senate’s Standing Committee on Finance, Revenue and Economic Affairs, the Senate has unanimously accepted 65 recommendations of the Finance Bill 2019-20 along with 68 recommendations on the Public Sector Development Programme (PSDP) 2019-20.

Losing 487.35 points, the KSE-100 Index benchmark recorded intraday low of 33,984.60. It closed lower by 281.33 points at 34,190.62. The KMI-30 Index declined by 370.66 points to end at 54,773.68, while the KSE All Share Index depreciated by 218.93 points, settling at 25,056.88. The advancers to decliners ratio stood at 110 to 182.

The overall market volumes increased from 78.76 million in the last session to 144.85 million. K-Electric Limited (KEL -0.94pc) led the volume chart with 21.36 million shares exchanging hands, followed by Maple Leaf Cement Factory Limited (MLCF -1.33pc) and TRG Pakistan Limited (TRG -3.92pc). The scripts had traded 10.82 million shares and 7.72 million shares respectively.

The tobacco sector lost -2.15pc from its cumulative market capitalization. Pakistan Tobacco Company Limited (PAKT) was down by 4.36pc and Khyber Tobacco Company Limited (KHTC) by -3.05pc. Philip Morris Pakistan Limited (PMPK +3.88pc) on the other hand closed with decent gains.

The automobile assembling sector chipped off -1.45pc from its total market capitalization. Pakistan Suzuki Motors Company Limited (PSMC -4.93pc), Honda Atlas Cars (Pakistan) Limited (HCAR -2.17pc), Hinopak Motors Limited (HINO -3.76pc) and Indus Motor Company Limited (INDU -1.78pc) all closed in the red.

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