In a negative start to the week, the Pakistan Stock Exchange (PSX) witnessed a downturn as the Pakistan stocks decline by 404.12 points amid political uncertainties.
On May 22, 2023, the stock market concluded with a closing value of 41,195.06 points, reflecting a decrease of 404.12 points compared to the previous closing value of 41,599.18 points on May 19, 2023.
The trading session on May 22, 2023, saw a bearish sentiment gripping the PSX as investors grappled with concerns related to the country’s political landscape. The uncertainty surrounding the political situation weighed heavily on market sentiment. Investors remained wary of potential policy changes that could impact the business environment and market stability.
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Adding to the negative sentiment was the prolonged delay in the resumption of the IMF Program. The IMF program plays a crucial role in stabilizing the country’s economy and attracting foreign investment. The delay raised concerns about the government’s ability to address economic challenges effectively. Investors were apprehensive about the impact this delay might have on fiscal reforms, financial assistance, and overall economic stability.
Sectors contributing to the performance include Commercial Banks (-105.4 points), E&Pās (-59.9 points), Technology & Communication (-44.7 points), Fertilizer (-26.5 points), and Power Generation & Distribution (-25.1 points).
Volumes decreased from 120.4 million shares to 97.8 million shares (-18.8 per cent DoD). The average traded value increased by 79.2 per cent to USD 10.0 million as against USD 5.60 million.
Stocks that contributed significantly to the volumes are WTL, KEL, AIRLINK, BIPL, OGDC.
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