KSE-100 index sheds 585 points on mini-budget reports

KSE-100 index sheds 585 points on mini-budget reports

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) fell by 585 points on Wednesday as investors feared on mini-budget reports.

The index closed at 44,364 points from the previous day’s closing of 44,948 points.

Analysts at Arif Habib Limited said that bears continued to dominate over the bulls for the straight three consecutive sessions in a week as investors feared the upcoming mini-budget.

Moreover, The International Monetary Fund (IMF) has rejected Pakistan’s request to keep a door open for borrowing from the central bank and also did not agree on any meaningful accountability of the State Bank of Pakistan (SBP).

The third day of the roll-over week remained under pressure despite attractive valuations. Across the board, selling was witnessed.

 On the institutional front, a cautious stance was recorded due to the concerns of foreign selling spree in the upcoming MSCI re-balancing day.

Sectors contributing to the performance include Banks (-159.0 points), Fertilizers (-123.8 points), Cements (-117.8 points), and Pharmaceuticals (-48.7 points).

Volumes increased from 264.6 million shares to 310.3 million shares (+17.3 per cent DoD). Average traded value also increased by 33.0 per cent to reach US$ 74.0 million as against US$ 55.6 million.

Stocks that contributed significantly to the volumes include TRG, WTL, TPLP, TELE and BYCO.

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