Connect with us

Business

Trading volumes drop to 20-month low at PSX

Published

3 years ago

on

  • Political unrest, rupee depreciation add to woes of local investors.
  • KSE-100 index sheds 286.44 points to settle at 43,366.89.
  • Shares of 334 companies were traded during the session.

 KARACHI: Trading volumes at the Pakistan Stock Exchange (PSX) dropped to a 20-month low on Monday with 115 million shares changing hands during the trading session.

Overall trading volumes declined to 115.11 million shares compared with Friday’s tally of 149.29 million. The value of shares traded during the day was Rs3.64 billion.

The lacklustre performance at the bourse was witnessed due to rising political unrest in the country in the wake of a no-confidence motion against Prime Minister Imran Khan.

Moreover, the depreciation of the Pakistani rupee against the US dollar — which dropped to an all-time low of Rs178.98 — coupled with rising commodity prices in the international market added fuel to the downtrend.

Investor interest was mostly witnessed in the fertiliser sector over increasing urea prices where Engro Fertiliser, Fauji Fertiliser and Fauji Fertiliser Bin Qasim closed on a higher note

At the close, the benchmark KSE-100 index shed 286.44 points, or 0.66%, to settle at 43,366.89 points.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

Arif Habib Limited in its post-market commentary noted that a range-bound session was observed today due to political unrest.

“The market opened in the green zone and stayed volatile throughout the day,” it said, adding that mainboard activity remained dull.

On the flip-side, activity continued to remain side-ways as the market witnessed hefty volumes in the third-tier stocks. The brokerage house stated that in the last trading hour, across the board selling was witnessed which led the index to close in the red zone.

Sectors contributing to the performance included exploration and production (-57.7 points), banks (-56.7 points), cement (-56.5 points), technology (-52.2 points) and power (-29 points).

Shares of 334 companies were traded during the session. At the close of trading, 79 scrips closed in the green, 242 in the red, and 13 remained unchanged.

Flying Cement was the volume leader with 11.6 million shares traded, losing Rs0.10 to close at Rs0.16. It was followed by Pak Elektron with 8.14 million shares traded, gaining Rs0.18 to close at Rs2, and Ghani Global Holdings with 7.02 million shares traded, losing Rs0.64 to close at Rs14.68.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

Published

12 hours ago

on

By

The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

Continue Reading

Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

Published

12 hours ago

on

By

The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

Continue Reading

Business

Discos report losses of Rs239 billion.

Published

12 hours ago

on

By

When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

Continue Reading

Trending