PSX closes fourth consecutive session in red

KARACHI: The Pakistan Stock Exchange (PSX) continued with its losing streak for the fourth consecutive session on Thursday, as the indices that opened positively soon gave into pressure to close in the red zone.

On the economic front, the International Monetary Fund (IMF) is scheduled to meet on Wednesday (July 03) to consider the three-year extended fund facility of $6 billion for Pakistan.

Meanwhile, the federal government approved to increase gas tariffs by up to 190pc and electricity prices by Rs1.50 per unit to recover an additional Rs334 billion from consumers, fulfilling the remaining two major conditions of the IMF.

Moreover, the Pakistani Rupee continued with its downward journey and opened the session on Thursday at Rs164/164.5 in the interbank market.

Depleting by 567.18 points, the KSE-100 Index touched its intraday low of 33,521.38. failing to find any positive triggers, it closed lower by 314.14 points at 33,774.42. The KMI-30 Index declined by 697.54 points to end at 53,907.03, while the KSE All Share Index fell behind by 212.48 points, closing at 24,876.55. The advancers to decliners ratio stood at 129 to 156.

The trading volumes contracted from 159.68 million in the last session to 135.02 million. K-Electric Limited (KEL -0.48pc), Pak Elektron Limited (PAEL -2.40pc) and Fauji Fertilizer Bin Qasim Limited (FFBL +0.50pc) led the volume chart. The scripts had exchanged 24.99 million shares, 7.53 million shares and 6.49 million shares respectively.

The automobile parts and accessories sector lost -1.82pc from its cumulative market capitalization. General Tyre and Rubber Company of Pakistan Limited (GTYR -4.99pc) and Baluchistan Wheels Limited (BWHL -4.99pc) touched their lower lock, while Thal Limited (THALL -1.79pc) and Agriautos Industries Limited (AGIL -1.48pc) also ended the session in the red.

The oil and gas explorations sector (-1.500pc), tobacco sector (-1.49pc), cement sector (-1.40pc), cable and electrical goods sector (-1.23pc) and investment banking sector (-1.21pc) all closed as losers.

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  1. The PM needs to be admitted to a mental institute immediately as his decision of revenge and stubborness is leading the country to hyper inflation which will create chaos and anarchy.

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