KSE-100 index falls on uncertainty in IMF negotiations

KSE-100 index falls on uncertainty in IMF negotiations

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 192 points on Monday. The index declined owing to uncertainty in dialogues of the government authorities with the IMF.

The index closed at 44,629 points as against last Friday’s closing of 44,821 points.

Analysts at Arif Habib Limited said that the market took pressure from the negative news vibes due to delay in negotiating the resumption of IMF package.

Though, the Ministry of Finance highlighted that the negotiations are ongoing and underlying terms will be negotiated soon, the investors had not like the uncertainty.

Oil chain and banking stocks went positive earlier in the session that added a total of 169 points on the index, however, selling pressure eroded this gain and MoC brought the Index in negative territory.

Among scrips, HUMNL topped the volumes with 25.1 million shares, followed by WTL (20.8 million) and HASCOL (13.8 million).

Sectors contributing to the performance include Technology (-146 points), Cement (-47 points), Engineering (-27 points), Textile (-24 points) and Refinery (-18 points).

Volumes declined from 334.3 million shares to 248.3 million shares (-26 per cent DoD). Average traded value also declined by 25 per cent DoD to reach US$ 51 million as against US$ 68.2 million.

Stocks that contributed significantly to the volumes include HUMNL, WTL, HASCOL, UNITY and DSL, which formed 34 per cent of total volumes.

Stocks that contributed positively to the index include HBL (+48 points), MCB (+31 points), OGDC (+30 points), PPL (+29 points) and ENGRO (+27 points). Stocks that contributed negatively include TRG (-88 points), SYS (-47 points), BAHL (-42 points), FFC (-22 points) and UNITY (-17 points).

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