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PSX sinks below 41,000 amid political uncertainty

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2 years ago

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  • KSE-100 sheds over 300 points as bears resort to stock selling.
  • Depreciation of rupee further dented investor interest.
  • Decent volumes were observed on the mainboard.

Pakistan Stock Exchange (PSX) on Monday lost ground in the face of political uncertainty that grew with the Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s announcement to dissolve Punjab and Khyber Pakhtunkhwa assemblies on December 23.

The benchmark KSE-100 index shed over 300 points as bears resorted to stock selling due to emerging political developments.

The market came under selling pressure, which persisted throughout the trading session, dragging the index below the 41,000- point mark. Depreciation of the rupee against the US dollar further dented investor interest.

Earlier, the session kicked off on a positive note, however, the market dipped within an hour of trade. It remained under selling pressure, touching an intra-day low of 40,814.95 points.

At close, the benchmark KSE-100 index recorded a decrease of 330.66 points, or 0.80%, to settle at 40,970.82.

Arif Habib Limited, in its post-market commentary, noted that the week started on a negative note at the PSX due to the ongoing political uncertainty, which kept investors squaring up their position in the market, with the index shedding 486.53 points during the intraday.

Decent volumes were observed on the mainboard although third-tier stocks remained in the spotlight.

Sectors contributing to the performance included power generation and distribution (-53.5 points), fertiliser (-51.5 points), technology and communication (-51.5 points), exploration and production (-47.1 points), automobile assembler (-33.7 points).

Shares of 317 companies were traded during the session. At the close of trading, 82 scrips closed in the green, 220 in the red, and 15 remained unchanged.

Overall trading volumes rose to 142.57 million shares compared with Friday’s tally of 139.65 million. The value of shares traded during the day was Rs3.81 billion.

Bank AlFalah was the volume leader with 29.01 million shares traded, losing Rs0.07 to close at Rs30.68. It was followed by WorldCall Telecom Limited with 12.44 million shares traded, losing Rs0.04 to close at Rs1.23 and Hascol Petrol with 9.45 million shares losing Rs0.71 to close at Rs6.09.

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A bid of ten billion rupees has been submitted by Blue World Consortium for the privatization of the Pan-India Airport (PIA).

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20 hours ago

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A bid of 10 billion rupees has been made by the Consortium to privatize Pakistan International Airlines.

There is only one bid from the Blue World Consortium.

The Blue World City Consortium has been the only group to submit documentation.

Through circulation, the Federal Cabinet will approve the reserve price of PIA.

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Business Leaders Are Encouraged To Keep Up With New Regulations Regarding Pakistan’s Textile Exports To Germany

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22 hours ago

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Despite the fact that Pakistan is a significant exporter of textiles to Germany, business leaders in Pakistan need to remain updated about developing laws. A conference on textiles was organized in Karachi, and German Consul General Dr. Rudiger Lotz underlined this point at the event.

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Business

During his meeting with the Qatar Businessmen Association, the Prime Minister of Pakistan extended an invitation to invest in key sectors.

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Meeting with the Qatar Businessmen Association (QBA) delegation, Prime Minister Muhammad Shehbaz Sharif talked about strengthening economic ties and looking into new cooperation opportunities.

His Excellency Sheikh Faisal Bin Qassim Al-Thani led the QBA delegation, which was made up of prominent businesspeople from Qatar who each represented important economic sectors. During the discussion, prominent members of Qatar’s business sector and important leaders from Pakistan discussed how to improve trade, investment, and economic ties.QBA members in attendance included Sheikh Mansoor bin Jassim Al Thani, Chairman of the Mansoor Jassim Al Thani Group; Mr. Nabil Abu Issa, CEO of Blue Salon; Mr. Khalid Ahmed Al Mannai, Executive Director of Mannai Corporation; Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank; Mr. Yousuf Ebrahim Al-Mahmoud, Director of Sendian Group; and Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank.

By highlighting the many prospects in industries like energy, infrastructure, and finance, the prime minister made Pakistan an alluring place for foreign investment.

All of these delegates showed interest in Pakistan’s economic situation, namely in the future energy, technological, and infrastructure development initiatives under consideration.
Throughout the discussion, both parties looked at possible partnerships that may promote innovation, job creation, and sustainable development in both nations. The QBA members expressed interest in increasing their investments in Pakistan’s infrastructure and energy sectors in a positive response to the Prime Minister’s request. The significance of bilateral cooperation was emphasized in order to support regional economic growth and stability.

The meeting was also attended by Federal Ministers for Commerce Kam Kamal Khan, Finance and Revenue Mohammad Aurangzeb, and Information and Broadcasting Attaullah Tarar, as well as Deputy Prime Minister and Foreign Affairs Senator Mohammad Ishaq Dar and Defense Minister Khawaja Muhammad Asif.

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